U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-30-2013, 05:48 AM
 
1,758 posts, read 2,173,097 times
Reputation: 1198

Advertisements

U.S. Tax revenue: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $ 1,650,000,000,000
National debt: $14,271,000,000,000
Recent [April] budget cut: $ 38,500,000,000

Letís remove 8 zeros and pretend itís a household budget:

Annual family income: $21,700
Money the family spent: $38,200
New debt on the credit card: $16,500
Outstanding balance on the credit card: $142,710
Budget cuts: $385
Reply With Quote Quick reply to this message

 
Old 10-01-2013, 11:12 AM
 
5,609 posts, read 3,665,509 times
Reputation: 5427
Government spending is not personal family spending.
Reply With Quote Quick reply to this message
 
Old 10-01-2013, 02:43 PM
 
8,883 posts, read 3,934,744 times
Reputation: 1720
Families are currency users, our Federal Gov't is the currency issuer. This means debt has entirely different meanings and implications at the Federal level.
Reply With Quote Quick reply to this message
 
Old 10-01-2013, 03:16 PM
 
Location: Carmichael, CA
2,009 posts, read 3,016,804 times
Reputation: 3204
Quote:
Originally Posted by Hoonose View Post
Families are currency users, our Federal Gov't is the currency issuer. This means debt has entirely different meanings and implications at the Federal level.
Yes, at the family level, they can file for bankruptcy and start over.

At the Federal level, they'll just expect your grandchildren to pay for it.
Reply With Quote Quick reply to this message
 
Old 10-01-2013, 03:43 PM
 
8,883 posts, read 3,934,744 times
Reputation: 1720
Quote:
Originally Posted by cb73 View Post
Yes, at the family level, they can file for bankruptcy and start over.

At the Federal level, they'll just expect your grandchildren to pay for it.
At least you understand that no one should ever have to take a haircut on our National Debt.

My kids will pay their debts and taxes concurrent with their lives as I have with mine. I have paid nothing for my parents debt or their war. I have no grandkids...yet.
Reply With Quote Quick reply to this message
 
Old 10-01-2013, 04:07 PM
 
Location: TX
795 posts, read 1,222,358 times
Reputation: 783
It's less about currency, and more that sovereign and credit card debt/spending are not even remotely comparable.
Reply With Quote Quick reply to this message
 
Old 10-01-2013, 11:15 PM
 
4,173 posts, read 2,938,352 times
Reputation: 2629
Has anyone else noticed there has been a shift in the way people perceive the national debt on this forum over the past few years? It used to be that the majority would have bought into the OP's basic premise.
Reply With Quote Quick reply to this message
 
Old 10-01-2013, 11:32 PM
 
Location: Vallejo
14,067 posts, read 16,081,530 times
Reputation: 12641
Quote:
Originally Posted by shaker281 View Post
Has anyone else noticed there has been a shift in the way people perceive the national debt on this forum over the past few years? It used to be that the majority would have bought into the OP's basic premise.
I think there's always been the two extremes.

My entire adult life has been deficit spending like there's no tomorrow. Eventually you just get burnt out caring about it. And then you become Greece. We live in a different times. It's much more "ask not what you can do for your country, but what your country can do for you." Sad maybe, but that's the reality. Unless it impacts me here and now, I don't care that much. I've done the expat thing before and would be perfectly happy to go back to it again. I keep in contact with a couple companies in the UAE/Qatar and Asia. They're frequently looking for people since the turnover rate is pretty high.
Reply With Quote Quick reply to this message
 
Old 10-02-2013, 02:20 AM
 
4,173 posts, read 2,938,352 times
Reputation: 2629
Quote:
Originally Posted by Malloric View Post
... Eventually you just get burnt out caring about it. And then you become Greece...
Funny!
Reply With Quote Quick reply to this message
 
Old 10-02-2013, 09:09 AM
 
8,883 posts, read 3,934,744 times
Reputation: 1720
Quote:
Originally Posted by shaker281 View Post
Has anyone else noticed there has been a shift in the way people perceive the national debt on this forum over the past few years? It used to be that the majority would have bought into the OP's basic premise.
People are finally learning. The MMT/MR community is making waves and gains.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top