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Old 10-05-2015, 02:29 PM
 
Location: Cabot, AR
144 posts, read 32,409 times
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Because more is owed than dollars in circuation
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Old 10-05-2015, 04:26 PM
 
3,530 posts, read 2,180,751 times
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Quote:
Originally Posted by Obliohasapoint View Post
Because more is owed than dollars in circuation
But that doesn't mean anything. There's no reason you couldn't hypothetically have a trillion dollar economy with only a single printed dollar bill, if that dollar bill gets spent fast enough. Well, I guess the speed of light might be the eventual hard limit in transfer speed.
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Old 10-06-2015, 12:18 PM
 
9,861 posts, read 13,955,066 times
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Well, there was that one guy that actually did it. Of course, he had the gut, the will, and the power.

When The U.S. Paid Off The Entire National Debt (And Why It Didn't Last) : Planet Money : NPR
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Old 10-06-2015, 12:35 PM
 
17,645 posts, read 12,253,083 times
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Originally Posted by ukrkoz View Post
Well, there was that one guy that actually did it. Of course, he had the gut, the will, and the power.

When The U.S. Paid Off The Entire National Debt (And Why It Didn't Last) : Planet Money : NPR
The gut and will power? Maybe just a simple lack of understanding economics and long term impacts of your choices
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Old 10-06-2015, 12:55 PM
 
5,804 posts, read 2,972,930 times
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We have a bought Congress and extracted wealth.
Anchor goes ballistic explaining the debt and corruption dilemma.

https://m.youtube.com/watch?v=vUrWIr...ature=youtu.be
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Old 10-07-2015, 03:06 AM
 
Location: Oregon, formerly Texas
5,245 posts, read 3,408,000 times
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The budget of a country like the USA is not a family budget. It does not need to "balance" its books. No countries other than micro-states like Monaco and failed states that have no credit whatsoever operate with zero debt.

What the U.S. should strive for is to have a debt-to-gdp ratio more like Germany, which does require some streamlining. The U.S.'s biggest (by far) unfunded obligations are health care related. If the U.S. solved its health care problem it would also solve its budget problem.
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Old 10-08-2015, 12:47 AM
 
24,760 posts, read 26,848,973 times
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Originally Posted by Reynard32 View Post
Both of these programs are in surplus and will continue to be for years to come. They are not contributing to deficits. That does not mean that the programs should not be shored up so as to more easily meet future demands. It does mean that claims that these should be the focus of budgetary reform are deceitful partisan nonsense.
SS & Medicare taxes that don't get spent on these programs is just spent on something else. There is no true surplus.
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Old 10-08-2015, 12:56 AM
 
24,760 posts, read 26,848,973 times
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Quote:
Originally Posted by redguard57 View Post
The budget of a country like the USA is not a family budget. It does not need to "balance" its books. No countries other than micro-states like Monaco and failed states that have no credit whatsoever operate with zero debt.

What the U.S. should strive for is to have a debt-to-gdp ratio more like Germany, which does require some streamlining. The U.S.'s biggest (by far) unfunded obligations are health care related. If the U.S. solved its health care problem it would also solve its budget problem.
Germany's debt to GDP ratio is better than ours, but not by a big margin. It's still something like 78% of GDP. Nothing to brag about. They do pay ultra low interest rates on their debt (even lower than ours in the U.S.), so that helps. Debt to GDP of 78% is still too high, IMO. By contrast, the U.S. is now over 100% of debt to GDP. We're in the danger zone, but no one wants to hear that.

United States Government Debt to GDP | 1940-2015 | Data | Chart | Calendar

Switzerland would be more like it. Theirs is around 34% of GDP and they also pay practically no interest on it. At one point earlier in the year, their interest rates were actually negative.

Switzerland Government Debt to GDP | 1982-2015 | Data | Chart | Calendar

I absolutely agree with you on health care costs. The tragedy of the whole thing is that we, the citizens, have much more control over our health care costs than we admit. Like I said, healthier lifestyles would cut our costs by 50%, if not more. But so many are just sitting around waiting for a magical savior "out there" to fix things for them so that they don't have to take any action on their own.
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Old 10-09-2015, 05:13 PM
 
1,589 posts, read 882,015 times
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Originally Posted by mysticaltyger View Post
SS & Medicare taxes that don't get spent on these programs is just spent on something else. There is no true surplus.
LOL! Do you know what fiduciary responsibilty is? Meanwhile, there are no funds in any of your bank accounts either. Those balances you think you own were all long ago spent by the bank for its own purposes. All you have is their word that they will pay you back if you ask nicely for the money.
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Old 10-09-2015, 05:27 PM
 
1,589 posts, read 882,015 times
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Quote:
Originally Posted by mysticaltyger View Post
Germany's debt to GDP ratio is better than ours, but not by a big margin. It's still something like 78% of GDP.
What percentage of Germany's debt is in the form of intragovermental holdings? A better comparison would be with regard to debt held by the public. That's currently $13,046.7 billion or about 73% of our Q2 real GDP of $17,913.7 billion.

By the way, health care systems are supposed to care for people. Period. We don't deny them care because they like a second helping of mashed potatoes.

Last edited by Reynard32; 10-09-2015 at 05:38 PM..
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