12 replies to this topic

[pallidin]

HOW do we get out of this?

Any and all thoughts are appreciated.

[pallidin]

Oh, I forgot to add. Here is a real-time site for the continuing US debt...

http://www.usdebtclock.org/

Give it a few seconds to fully load.

[Colonel Rhuairidh]

Well, the answer is obvious. Borrow more.

[Wickian]

I'm pretty sure about half of the debt is owed to Americans and domestic institutions, so they won't bother to pay that back.

The other half is split up between various countries, China and Japan having about 10% or so each.

I honestly don't see any politicians making any changes.  They'll just keep kicking the can down the road until a collapse(or start a few wars and demand debt forgiveness as a terms of surrender if we win) since they personally won't be effected by it.

[Jeremiah65]

Suggestions?  Wipe out all foreign debt, seal the borders and restart manufacturing here in the now isolated USA.

But seriously...there is nothing that can be done.  The debt cannot ever be paid off.  As another poster said, a huge amount of it is owed to ourselves but rather than pay that back, we give money to people that hate us...that makes perfect sense...

Different administrations, for instance, have borrowed huge sums of money from the Social Security fund and now they are crying that it is going to go bankrupt in a few years...well maybe if they stopped stealing from it and paid back what they took....just a thought.

For round number talking purposes...(these are not accurate so don't freak out)...we spend about 3.5 trillion dollars a year.  We take in 2.5 trillion dollars a year...so each year, we are adding roughly a trillion to the overall national debt.  Even if we stopped the deficit spending completely and then only spent 1.23 to 1.3 trillion a year...it would take more than 20 years to pay it off with the 1.25 of remaining money...and that is at todays interest rates.  When the economy starts improving and interest rates go back up...the Lion's share of our revenue is going to be going toward the interest on the debt.  This means...we are going to have to borrow more...and have to pay more interest.

When people that are fiscally conservative say this madness is unsustainable...it's true.  It's not going to be pleasant when suddenly the debt interest equals every dime of incoming revenue...we wil borrow more and the debt increases and the interest increases...and soon...boom...total collapse.

It is inevitable and I don't care what kind of fantasy math you are using...it cannot be sustained like this.

Edited by Jeremiah65, 06 March 2013 - 02:41 PM.

[Scorpius]

This remenids me of "ZEITGEIST: THE MOVIE (2007)".  It foreshadow's the inevitable collapse if I remember correctly.

http://www.zeitgeistmovie.com/

[Clyde the Glyde]

We'll know more next year. If the Dems take the House and hold onto the Senate, I forsee a civil war. ( Or something close to it )

[Frank Merton]

Debts of the US can be handled several ways, since it remains the world's main reserve currency.  It will probably generate some inflation and a spurt of economic growth via continued money creation and quiet devaluation.  This is how the WW2 debt, which was proportionally much worse, was handled.

[the1truebat]

Get an accountant.
Seriously, get a team of accountants to run the numbers. Not Government accountants, real accountants.

Edited by the1truebat, 07 March 2013 - 03:28 AM.

[shaddow134]

Never,for every 3 dollars spent the treasury is only taking in 2.Thats spending one Trillion dollars more a year than the US is taking in.These figures are quoted by Rep. Paul Ryan and if they are true then it is quite staggering.

http://dailycaller.c...-on-time-again/

I'm not a conspiracy theorist but one wonders wether the Dollar is being driven into the ground intentionally.

Edited by shaddow134, 07 March 2013 - 04:39 AM.

[tapirmusic]

Lets spend a few trillion dollars to construct a monument to the future:  A massive middle finger that our children and their children can remember us by.

[Mr Right Wing]

pallidin, on 06 March 2013 - 08:24 AM, said:

HOW do we get out of this?

Any and all thoughts are appreciated.

$16.68 trillion at the moment which is slightly over $147,000 of debt per citizen.

Welcome to the new soon to be Weimar Republic.

[MiskatonicGrad]

imho what I think would help some real goverment accoutability as to how the money is spent this whole pork stuff your friends pockets spending has got to stop and how many meaningless jobs are there in goverment? the private sector evidently thinks a ton with the way the stock market took off after the goverment threatened to cut some.