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According to many sources, our national debt is over 17 trillion dollars. Other breakdowns show each person in the country, man, woman, and child would owe roughly 55 thousand dollars to pay this debt off. Doesn't matter if your part of the 1%, or a "lower class."
There appears to be no end in sight. No real monies going into reducing this debt. In fact, the way things are now going, the debt is going to substantially continue to increase. Very few persons want to do anything about it.
What should be done and what do you believe will happen if nothing is done?
Americans of all political parties must keep pushing the information of the National Debt to the first page of American consciousness. We suffer from the mental condition of out of sight out of mind. For example, when President Obama took office in Jan 2009 the debt was around 10.6 trillions, just recently in Oct of 2013 it has jumped to 16.7 trillion, an increase of over 57%. And of course his programs are going to send it even further as he has no money for many projects already underway. Both parties are to blame for this tragedy.
According to many sources, our national debt is over 17 trillion dollars. Other breakdowns show each person in the country, man, woman, and child would owe roughly 55 thousand dollars to pay this debt off. Doesn't matter if your part of the 1%, or a "lower class."
There appears to be no end in sight. No real monies going into reducing this debt. In fact, the way things are now going, the debt is going to substantially continue to increase. Very few persons want to do anything about it.
What should be done and what do you believe will happen if nothing is done?
Nothing should be done and nothing will happen if nothing is done. America has never paid its debts. We inflate it away and grow our economy to make it irrelevant. Same will happen again.
Nothing should be done and nothing will happen if nothing is done. America has never paid its debts. We inflate it away and grow our economy to make it irrelevant. Same will happen again.
The US borrows, it pays off; borrows, pays off; borrows, pays off; on and on.
Saying that the US never pays its debts is wrong. You are assuming that the debt the US has incurred now is the same debt it incurred during the Revolution. It's not.
The way the U.S pays it's debt is nothing but a ponzi scheme. Since 1973 the U.S currency isn't backed by anything, it called "fiat currency" it isn't even money because money means it has value. The whole damn global market runs this way and the government decides how much their currency is worth, it's quite a scheme.
The government borrows money from the federal reserve, in turn the U.S sells government bonds to countries and individuals to help pay for the money borrowed, these bonds are backed up using borrowed money in which the government has to sell more bonds, so on and so on. Once you can not find any country or individuals to buy these worthless bonds, the whole system collapses upon itself.
The US borrows, it pays off; borrows, pays off; borrows, pays off; on and on.
Saying that the US never pays its debts is wrong. You are assuming that the debt the US has incurred now is the same debt it incurred during the Revolution. It's not.
You are misinterpreting what I said. The debt always grows. Very rarely does it ever go down -- once every 50 years maybe. I thought the OP was inferring that we should reduce our debt -- which, as I said, we never do. If he was stating that we should slow the rate of growth, I withdraw my statement.
The way the U.S pays it's debt is nothing but a ponzi scheme. Since 1973 the U.S currency isn't backed by anything, it called "fiat currency" it isn't even money because money means it has value. The whole damn global market runs this way and the government decides how much their currency is worth, it's quite a scheme.
The government borrows money from the federal reserve, in turn the U.S sells government bonds to countries and individuals to help pay for the money borrowed, these bonds are backed up using borrowed money in which the government has to sell more bonds, so on and so on. Once you can not find any country or individuals to buy these worthless bonds, the whole system collapses upon itself.
I'll take some of that worthless "money" off of you if it's really nothing to you.
Don't worry, I have an old crock pot I can trade for it. It's not exactly worthless, but I'll take the hit.
Nothing should be done and nothing will happen if nothing is done. America has never paid its debts. We inflate it away and grow our economy to make it irrelevant. Same will happen again.
Wrong. We devalue our currency to make it appear smaller and rob those from whom it was borrowed.
It's theft, not "nothing".
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