Three quarters of Americans are living paycheck to paycheck with no cushion for the unexpected. And according to a recent survey, one in five Americans believes they will die in debt. Spike and former Fortune 500 business strategist Victor Antonio are on a mission to chip away at these staggering statistics by knocking on the doors of families on the verge of financial ruin and giving them a much needed wakeup call. Antonio will not only help these families face the facts and the bleak future that awaits them if they continue down this path, he will also pinpoint the underlying issues and ultimately supply the tools needed to empower them to get back in the black. Ten one-hour episodes of Life or Debt debut starting Sunday, March 13 at 10PM ET/PT on Spike. Financial troubles can affect any family, from the affluent to the blue-collar middle class, to a young family just starting out. But oftentimes these monetary issues can be solved with some expert guidance, tough love and a change in approach. That's where Antonio, a personal finance consultant and former CEO, comes in with an innovative solution. Antonio believes family finances should be run like a business and that by streamlining operations, identifying hard line goals and executing reasonable action plans, families can avoid financial ruin.
Runtime: 60 minutes
Life or Debt - National debt of the United States - Netflix
The national debt of the United States is the public debt carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies. The terms national deficit and national surplus usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. A deficit year increases the debt, while a surplus year decreases the debt as more money is received than spent. There are two components of gross national debt: Debt held by the public, such as Treasury securities held by investors outside the federal government, including those held by individuals, corporations, the Federal Reserve System, and foreign, state and local governments. Debt held by government accounts or intragovernmental debt, are non-marketable Treasury securities held in accounts of programs administered by the federal government, such as the Social Security Trust Fund. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of various government programs that have been invested in Treasury securities. In general, government debt increases as a result of government spending, and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year. In practice, Treasury securities are not issued or redeemed on a day-by-day basis, and may also be issued or redeemed as part of the federal government's macroeconomic management operations. Historically, the US public debt as a share of gross domestic product (GDP) has increased during wars and recessions, and subsequently declined. The ratio of debt to GDP may decrease as a result of a government surplus or due to growth of GDP and inflation. For example, debt held by the public as a share of GDP peaked just after World War II (113% of GDP in 1945), but then fell over the following 35 years. In recent decades, aging demographics and rising healthcare costs have led to concern about the long-term sustainability of the federal government's fiscal policies. The aggregate, gross amount that Treasury can borrow is limited by the United States debt ceiling. As of April 30, 2018, debt held by the public was $15.3 trillion and intragovernmental holdings were $5.7 trillion, for a total or “National Debt” of $21 trillion. Debt held by the public was approximately 77% of GDP in 2017, ranked 43rd highest out of 207 countries. The Congressional Budget Office forecast in April 2018 that the ratio will rise to nearly 100% by 2028, perhaps higher if current policies are extended beyond their scheduled expiration date. As of December 2017, $6.3 trillion or approximately 45% of the debt held by the public was owned by foreign investors, the largest being China (about $1.18 trillion) then Japan (about $1.06 trillion).
Life or Debt - International debt comparisons - Netflix
Sources: Eurostat, International Monetary Fund, World Economic Outlook (emerging market economies); Organisation for Economic Co-operation and Development, Economic Outlook (advanced economies)IMF, 1China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand 2Afghanistan, Armenia, Australia, Azerbaijan, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, People's Republic of, Fiji, Georgia, Hong Kong SAR, India, Indonesia, Japan, Kazakhstan, Kiribati, Korea, Republic of, Kyrgyz Republic, Lao P.D.R., Macao SAR, Malaysia, Maldives, Marshall Islands, Micronesia, Fed. States of, Mongolia, Myanmar, Nauru, Nepal, New Zealand, Pakistan, Palau, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Sri Lanka, Taiwan Province of China, Tajikistan, Thailand, Timor-Leste, Tonga, Turkey, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, Vietnam
Life or Debt - References - Netflix