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As long as my home can be sold for more than what I paid for it 12 yrs ago, it'll look better for me because in 10 yrs I will be retired and moved to a much warmer climate.
whatever either of those numbers might be...
how many hours of work does each number represent?
First off, I only want realism here. No sensationalistic doom and gloom scenarios. And here's why...
Then perhaps you should first define "Fiscal Cliff", you know, so everyone's on the same sheet of music.
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Originally Posted by 69Charger
I personally feel the debt is unable to be paid off, but they can buy years with increased taxation, monitizaion and money printing, and other accounting tricks they have yet to drop.
The federal debt is presently 1/4th of World GDP. Within 10 years, it will reach 1/3rd of World GDP and by about 2040 or so, it will be 1/2 of World GDP.
The ability or desire of foreign entities to purchase US debt will be seriously impeded.
Quote:
Originally Posted by 69Charger
So what does this mean for a future America?
High Inflation. I predict double-digit Inflation to negatively impact the US in about 8 years, circa 2025.
The country will look about the same financially as it does today, more or less.
The majority of the debt is primarily owned by our own bondholders. It's money we lend to ourselves. It is not, I repeat NOT a problem.
The reason countries like Greece have a problem is because it's debt is majority owned by outside entities AND it does not control its own currency.
Governments, large companies, or even rich individuals like Trump himself, do not use debt the way normal people use debt. Never have, never will.
Tell, me, what assets of the United States would be foreclosed upon? Who would enforce the foreclosure? The only way this becomes problematic is if foriegners hold the debt and a country is willing to actually "foreclose" (read: invade & confiscate) your country's land. This was the case for Germany in the Weimar period when it couldn't pay its debts and France decided to take their payment from Germany's coal producing areas near the border.
Again, it's like a rich person. If you've got money coming in and you're servicing your debt, it doesn't matter how much debt you've got. When it comes to a country, the debt is only problematic depending on what other countries do.
Tell, me, what assets of the United States would be foreclosed upon?
Who would enforce the foreclosure?
That isn't the model that is of concern... or of much consequence.
What we need is to impose the governance on ourselves for the benefit of our children.
Of course that would also require a major shift in governance generally...
to avoid recreating the debt like the last time we had an unfunded war.
I believe the mathematicians are most concerned about Federal healthcare spending, growing at $640 billion per year. It's current $3 Trillion per year, will be over $6 Trillion per year by 2021. Thats half the Federal budget.
One thing I can predict with some confidence is all those rows and rows of quarter-million, look-alike houses built on some of the world's richest farmland out by the big box stores will be in run down condition due to the fact that they were made with poor quality materials.
But the soil will be long gone, sold to China.
Eventually, barring some kind of reduction of population, we will be see stacks and stacks of high rise cubicle apartments taking their place and there will be a long waiting list to gain one.
There's my gloomy prediction.
My more hopeful prediction is that some sort of disaster sets the modern world back a couple of hundred years, we decentralize, form small, interdependent communities and relearn the value of pride in one's work, humility, cooperation and decent moral values.
Edited to add. No "Mad Max." But it is unrealistic to believe that this country will exist in its current state forever. We have several natural disasters pending, the very realistic possibility of a devastating epidemic, and a not unreasonable possibility of being attacked whether any of us want our comfortable lives disrupted or not. Any of those things could, but probably won't, happen within the next ten years.
but who is the $19Trillion (or so) owed to?
(btw everyone give a big Thank you for this to the shrub... OK?)
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Very IRRATIONAL considering OBAMA is the one it's doubled under!
10 years from now:
Well since the POTUS can't MAKE things happen (CAN BLOCK OTOH)
More of the same.... long slow slide.
OP: funny that your basic premises "no modern gov will collapse, just not going to happen" is COMPLETELY flawed and baseless.
(Please note I'm NOT saying we'll be eating dog food in 10 years.)
But looking at just say.... Spain in the 1900's....
Yea, that's a VERY BAD thing to assume.
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