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Old 05-14-2018, 07:24 AM
 
9,351 posts, read 11,193,896 times
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Quote:
Originally Posted by YuMart View Post
Obviously there is a lot of greed and corruption that hinders it, but do you think even if all of the politicians were great, honest, wholesome people, the U.S debt could ever be fully paid off? Or do you think we're too far gone and America will be destroyed before it could pay off 100% of its debt?

It's really mind boggling how much debt we are in yet we spend money worse than a teen girl who won the lottery. Uhh...Shouldn't you pay off all your debts BEFORE spending it on anything else?
Sure:

Start selling condos in national parks, stop supporting the rest of the world and start reducing public aid.......or just default on the current debt!
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Old 05-14-2018, 07:51 AM
 
3,770 posts, read 1,683,884 times
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The $ will devalue, imports will get more expensive, exports will be cheaper for other countries to buy; for us, fewer goods, higher prices. That's how the debt will be paid.
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Old 05-14-2018, 09:50 AM
 
8,302 posts, read 3,473,226 times
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Quote:
Originally Posted by cttransplant85 View Post
We can't pay it but we can outgrow it. If we can sustain 3-4% growth like we're seeing now than the debt is manageable but if we go back to the 1-2% growth of the past 10 years we are in big trouble. A 25 trillion dollar debt in a 25 trillion dollar economy is significantly better than a 23 trillion dollar debt in a 20 trillion dollar economy.
In 10 and 100 years we will be having the same conversations. A larger economy and large national debt.


https://mythfighter.com/2009/11/24/f...ing-time-bomb/
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Old 05-14-2018, 09:51 AM
 
8,302 posts, read 3,473,226 times
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Quote:
Originally Posted by cebuan View Post
$20-trillion debt is about $150,000 per wage earner. What did you buy with your share, that remains to be paid off? Ten percent of the debt is the vandalism spree in Iraq and Afghanistan, still going on and counbting. Were you for or against that? It costs about a million dollars per person in health care to keep the average American alive. Let us know when you've had enough (stopped debting), we'll pull the plug.
Our burden is current taxes, not the national debt.
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Old 05-14-2018, 10:00 AM
 
2,683 posts, read 2,751,768 times
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The fact that it has never tried to pay it off should give you the answer, .
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Old 05-14-2018, 10:04 AM
 
8,302 posts, read 3,473,226 times
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Quote:
Originally Posted by ncole1 View Post
There is not enough U.S. currency to pay it all off. We would have to use seigniorage. And in turn, this would lead to rapid inflation, which penalizes whoever is holding the cash and fixed-rate bonds.

Why would I and millions of other people and other entities, likes businesses, banks, other financials, communities and nations want to trade in all our US Treasury investments for USD?

Why would anyone be better off if our Federal SS holdings were stored as USD instead of Treasuries?

Why would the Fed want to hold USD instead of its Treasury holdings?

The Fed would have to conjure up $20T of new USD and then trade them for a like amount of Treasuries. Just like they did with QE. And QE created little inflation because the bulk of the new money sat/sits as excess bank reserves.

What are millions people, businesses and other entities then to do with their USD? They had preferred to hold/invest them, not spend them. So we would all be forced to spend more? Then inflate more?

It's all a silly notion with massive negative connotations.
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Old 05-14-2018, 11:38 AM
 
Location: Texas Hill Country
8,915 posts, read 4,857,653 times
Reputation: 7703
Well, never say never.

After all, we thought Russia was broke after the Soviet Union but then they found energy.

Ever play the game Overlord (or Supremacy)? In that game, you could put up solar power satellites and pay with energy.

What if the US figures out how to do that for the world? After all, as technology goes, we might.....now how we manage things is something else.

Never say never.
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Old 05-14-2018, 12:03 PM
 
9,138 posts, read 3,741,259 times
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Quote:
Originally Posted by TamaraSavannah View Post
Well, never say never.

After all, we thought Russia was broke after the Soviet Union but then they found energy.
they also had a bankruptcy too...

and the soviet union fell apart
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Old 05-14-2018, 01:03 PM
 
Location: Mt. Lebanon
1,793 posts, read 1,829,467 times
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No. And we will not going to be the greatest country ever. Actually we are not.
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Old 05-14-2018, 01:27 PM
 
Location: Northern Maine
9,527 posts, read 14,325,308 times
Reputation: 9019
Hoonose imagines:
"Our burden is taxes, not national debt."

In 1918 you could buy a cow with a $20 gold piece. Today you can buy a cow with that very same gold piece, but a $20 bill will buy you four pounds of good hamburg. These are facts. The real value of the cow and gold have not changed. The value of the $20 bill has plummeted.

What Hoonose and 99% of Americans do not realize is that inflation is a tax and it is entirely intentional. There's the problem. Illiteracy is sad, but innumeracy is EXPENSIVE.
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