Page 1 of 5

20 trillion in debt

Posted: Wed Sep 13, 2017 9:15 pm
by BrangusUSA
Read where the USA just passed the 20 trillion dollars in debt mark. $62,000. For each man, woman and child in the USA. Does anyone really think we as a country will ever be able to pay that back? What happens if we default? Can't help but think that we are putting all that on our future generations. :shock:

Re: 20 trillion in debt

Posted: Wed Sep 13, 2017 9:32 pm
by Caustic Burno
BrangusUSA wrote:Read where the USA just passed the 20 trillion dollars in debt mark. $62,000. For each man, woman and child in the USA. Does anyone really think we as a country will ever be able to pay that back? What happens if we default? Can't help but think that we are putting all that on our future generations. :shock:


All debt has to be serviced sooner or later.
The Federal government has two income sources print more money or taxes both have there problems.
We would come a lot closer to balancing the budget with a national sales tax. That gets every dollar put in circulation on the half that pay no taxes. Secondly we need a constitutional amendment that the government must operate under a balanced budget.

Re: 20 trillion in debt

Posted: Wed Sep 13, 2017 9:45 pm
by Highpoint
With lower taxes regan brought down debt and increased monies for the government thru growth. The growth jump went to 7 and if we even were close to that the debt would drop fast. We have been at 1 or below. It is always better to get tax money from wages of millions more people than just a few.

Re: 20 trillion in debt

Posted: Wed Sep 13, 2017 9:51 pm
by Ryder
IMO the average person does not understand or care that this is real.
If they do sort of admit it they think, "it wont happen in my lifetime," or, "the government will find a way to solve the problem".

I think it will probably end in default. Then it is every man for himself. :help:

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 12:25 am
by Nesikep
Is the sale of stock taxed? at all? Until the trillions moved around the stock markets are taxed there will be continued volatility, and that doesn't do anyone any good!

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 4:36 am
by True Grit Farms
You have to quit spending. Look how much money hurricane Harvey and Irma is going to cost the taxpayers. The taxpayers shouldn't be responsible for personal property. No one owes me anything and I don't owe anyone anything, just stay the heck out of the way is all I want. It seems like everyone is dependent on the government for assistance.

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 2:37 pm
by Bright Raven
BrangusUSA wrote:Read where the USA just passed the 20 trillion dollars in debt mark. $62,000. For each man, woman and child in the USA. Does anyone really think we as a country will ever be able to pay that back? What happens if we default? Can't help but think that we are putting all that on our future generations. :shock:


Theoretically, the United States can repay its national debt. That comes with the assumption that our economic capabilities do not deteriorate and the nation does not take on more obligations. The United States has not defaulted on its debt. Interest on the debt is paid in a timely manner. The United States is retiring debt, however, new debt is accumulating faster than older debt is being retired. Thus, the National Debt is growing.

Debt is essential to the economy of the United States to maintain the current national standard of living. Our current standard of living is not supported by our gross domestic product. It is supported by a steady flow of borrowed money from domestic and foreign lenders. Without that infusion of borrowed money, the standard of living in the United States would decrease significantly.

As an example, the United States is the primary provider of care for the elderly. This includes housing, medical care and subsistence.

The United States does not have the economic productivity to meet the obligations that we as a nation aspire to fulfill.

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 2:45 pm
by skyhightree1
True Grit Farms wrote:You have to quit spending. Look how much money hurricane Harvey and Irma is going to cost the taxpayers. The taxpayers shouldn't be responsible for personal property. No one owes me anything and I don't owe anyone anything, just stay the heck out of the way is all I want. It seems like everyone is dependent on the government for assistance.


I thought that's what insurance was for because I think if you didn't have insurance your on your own. I think gov't should regulate and make sure the insurance companies pay what the insured was insured for.

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 2:49 pm
by Caustic Burno
True Grit Farms wrote:You have to quit spending. Look how much money hurricane Harvey and Irma is going to cost the taxpayers. The taxpayers shouldn't be responsible for personal property. No one owes me anything and I don't owe anyone anything, just stay the heck out of the way is all I want. It seems like everyone is dependent on the government for assistance.



I agree no matter if it is hurricane,fire earthquake you name the natural disaster the government bails them out.
It's expected .
The line for FEMA is :bs:

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 3:00 pm
by Stocker Steve
BrangusUSA wrote:Read where the USA just passed the 20 trillion dollars in debt mark. $62,000. For each man, woman and child in the USA. Does anyone really think we as a country will ever be able to pay that back? What happens if we default?


Two options - - negotiate to pay only part of it back, or pay it "all" back with worthless inflated paper money.

Bad things happen to trade and to savings when a country defaults. No trust...

The "beauty" of our national Obamedicare for All plans is that more and more of the cost is picked up by the federal government, who does not have to have a balanced budget. :shock: So health care is free. :banana: Free stuff seems very popular recently.

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 3:12 pm
by dun
A billion here, a billion there, pretty soon it adds up to real money. Senator Everett Dirksen

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 3:38 pm
by ALACOWMAN
Caustic Burno wrote:
True Grit Farms wrote:You have to quit spending. Look how much money hurricane Harvey and Irma is going to cost the taxpayers. The taxpayers shouldn't be responsible for personal property. No one owes me anything and I don't owe anyone anything, just stay the heck out of the way is all I want. It seems like everyone is dependent on the government for assistance.



I agree no matter if it is hurricane,fire earthquake you name the natural disaster the government bails them out.
It's expected .
The line for FEMA is :bs:
that's fact, the lines these folks stand in for handouts..as long as it available...and there's bloodsuckers.. It won't end...

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 3:49 pm
by Bestoutwest
True Grit Farms wrote:You have to quit spending. Look how much money hurricane Harvey and Irma is going to cost the taxpayers. The taxpayers shouldn't be responsible for personal property. No one owes me anything and I don't owe anyone anything, just stay the heck out of the way is all I want. It seems like everyone is dependent on the government for assistance.



Shouldn't the insurance companies be on the hook as well? Why is there a delineation for flood vs. fire? Destruction to a home is the same b/c in the end it's uninhabitable. For medical insurance they didn't charge me b/c my foot surgery was "elective" vs. emergent. If you're paying insurance, you ought to get something out of it.

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 3:56 pm
by sim.-ang.king
Caustic Burno wrote:
True Grit Farms wrote:You have to quit spending. Look how much money hurricane Harvey and Irma is going to cost the taxpayers. The taxpayers shouldn't be responsible for personal property. No one owes me anything and I don't owe anyone anything, just stay the heck out of the way is all I want. It seems like everyone is dependent on the government for assistance.



I agree no matter if it is hurricane,fire earthquake you name the natural disaster the government bails them out.
It's expected .
The line for FEMA is :bs:

It use to be the church and local communities that would pay to help those in need. Now people just let their new god, the government, solve all of their problems. But like all false gods, this one will fail.

Re: 20 trillion in debt

Posted: Thu Sep 14, 2017 4:26 pm
by shaz
We need a MAJOR increase in productivity. If we could grow the GDP 4% and not take on any more debt then we may see some breathing room.

Has anyone noticed that unemployment feel dramatically but the GDP didn't grow to reflect it?