Many Americans believe that our annual budget deficits, and/or our accumulated national debt, are out of control, and that — painful though it will be — we must make substantial cuts to one or both right now. Perhaps you know people who think this way, or have yourself wondered whether there is not some truth to these beliefs.

This short (about 20 minutes) video will give you a well-reasoned, evidence-based way to think through these issues. University of Michigan Emeritus Professor of Economics Tom Weisskopf discusses the economics and politics of the “fiscal cliff” and “debt ceiling” debates in ways we can all understand.

With this week’s government shutdown and potentially another upcoming debt ceiling face-off, this is essential viewing:

Video produced by University of Michigan LSA-ISS Media Center Productions. Copyright University of Michigan, 2013.