America land of debt (1 Viewer)

[presluc]

This is not news everybody knows America is in debt.
I heard on another thread that it's okay to be in debt.
However how much in debt is the question?

I mean how much debt will America accumulate until the American people say that's ENOUGH, WE DON'T WANT TO OWE ANY MORE., FIX IT OR FIND A NEW ZIP CODE.

How many generations is it going to take to pay what America owes now 2 ,3,5 maybe?

Is this progress for are nation
Is this preparing for a better future for America?
Or is it just higher debt.

I blame this on no particular political party nor labor, nor business, I BLAME THEM ALLeace

Ladies and Gentlemen I await your comments or views on this subject.

 

[WCH]

Not an economist but, I'd say we can never pay off this much debt, no matter how high taxes go or how many tariffs we charge.

 

[Captain Adverse]

[

This is not news everybody knows America is in debt.
I heard on another thread that it's okay to be in debt.
However how much in debt is the question?

I mean how much debt will America accumulate until the American people say that's ENOUGH, WE DON'T WANT TO OWE ANY MORE., FIX IT OR FIND A NEW ZIP CODE.

How many generations is it going to take to pay what America owes now 2 ,3,5 maybe?

Is this progress for are nation
Is this preparing for a better future for America?
Or is it just higher debt.

I blame this on no particular political party nor labor, nor business, I BLAME THEM ALLeace

Ladies and Gentlemen I await your comments or views on this subject.

TOTAL U.S. DEBT: $59.6 trillion U.S. National Debt Clock : Real Time

The Gross Federal Debt is $16,738,168,990,385. Debt to the Penny (Daily History Search Application)

Of that debt held by the public (i.e. all federal debt held by individuals, corporations, state or local governments, foreign governments, and other entities outside the United States Government less Federal Financing Bank securities.) is: $11,922,852,502.219
by intragovernmental holdings (i.e. Government Account Series securities held by Government trust funds, revolving funds, and special funds; and Federal Financing Bank securities.) is: $4,915,316,48,166

Federal Tax Revenue: $2.8 trillion

Total consumer debt is over $2.8 trillion. Consumer debt is soaring. That’s good news (for now).

Including:

Student loan debt close to $1 trillion.

Credit card debt $847 billion (609.8 million credit cards held by American consumer averaging $4,878 of credit debt per U.S. Adult Credit card statistics, debt statistics, industry facts)

Add $13 trillion in mortgage debt (includes home and business mortgages) U.S. National Debt Clock : Real Time

etc., etc., etc.

I'm not an economist, nor a statistician....I admit I suck at math lol; but if the figures above are even partly correct then I'd say we are sliding down a slippery-slope to imminent economic collapse.

 

[DDD]

[

TOTAL U.S. DEBT: $59.6 trillion U.S. National Debt Clock : Real Time

The Gross Federal Debt is $16,738,168,990,385. Debt to the Penny (Daily History Search Application)

Of that debt held by the public (i.e. all federal debt held by individuals, corporations, state or local governments, foreign governments, and other entities outside the United States Government less Federal Financing Bank securities.) is: $11,922,852,502.219
by intragovernmental holdings (i.e. Government Account Series securities held by Government trust funds, revolving funds, and special funds; and Federal Financing Bank securities.) is: $4,915,316,48,166

Federal Tax Revenue: $2.8 trillion

Total consumer debt is over $2.8 trillion. Consumer debt is soaring. That’s good news (for now).

Including:

Student loan debt close to $1 trillion.

Credit card debt $847 billion (609.8 million credit cards held by American consumer averaging $4,878 of credit debt per U.S. Adult Credit card statistics, debt statistics, industry facts)

Add $13 trillion in mortgage debt (includes home and business mortgages) U.S. National Debt Clock : Real Time

etc., etc., etc.

I'm not an economist, nor a statistician....I admit I suck at math lol; but if the figures above are even partly correct then I'd say we are sliding down a slippery-slope to imminent economic collapse.

Well that cannot stand. Consider all your debts cleared!

 

[imagep]

[

TOTAL U.S. DEBT: $59.6 trillion U.S. National Debt Clock : Real Time

The Gross Federal Debt is $16,738,168,990,385. Debt to the Penny (Daily History Search Application)

Of that debt held by the public (i.e. all federal debt held by individuals, corporations, state or local governments, foreign governments, and other entities outside the United States Government less Federal Financing Bank securities.) is: $11,922,852,502.219
by intragovernmental holdings (i.e. Government Account Series securities held by Government trust funds, revolving funds, and special funds; and Federal Financing Bank securities.) is: $4,915,316,48,166

Federal Tax Revenue: $2.8 trillion

Total consumer debt is over $2.8 trillion. Consumer debt is soaring. That’s good news (for now).

Including:

Student loan debt close to $1 trillion.

Credit card debt $847 billion (609.8 million credit cards held by American consumer averaging $4,878 of credit debt per U.S. Adult Credit card statistics, debt statistics, industry facts)

Add $13 trillion in mortgage debt (includes home and business mortgages) U.S. National Debt Clock : Real Time

etc., etc., etc.

I'm not an economist, nor a statistician....I admit I suck at math lol; but if the figures above are even partly correct then I'd say we are sliding down a slippery-slope to imminent economic collapse.

Can you point to a time where there was no debt in the USA?

There has never been a time where there was no private debt, and only one year when there was no federal debt. By the way, that one year, our economy went into a depression.

Debt is actually perfectly normal in a capitalistic free market economy. It's a free market mechanism for temporarally correcting the maldistribution of income and wealth. those who happen to have more than they need loan to those who have less than they need. Many a great fortune has been made using OPM (other peoples money). Do you simply not believe in capitalism?

As far as government debt, it's caused by either not printing enough money, or not taxing enough. We correct this budget defficentcy by either forcibly tax away wealth from our population, or we voluntarally borrow it away. I prefer the latter.

Every single year of this countries existence, with the likely exception of that one year, people have been predicting that our government or economy would collapse due to debt. Keep predicting that, you never know, even a stopped clock is correct twice a day.

 

[Captain Adverse]

Can you point to a time where there was no debt in the USA?

There has never been a time where there was no private debt, and only one year when there was no federal debt. By the way, that one year, our economy went into a depression.

Debt is actually perfectly normal in a capitalistic free market economy. It's a free market mechanism for temporarally correcting the maldistribution of income and wealth. those who happen to have more than they need loan to those who have less than they need. Many a great fortune has been made using OPM (other peoples money). Do you simply not believe in capitalism?

As far as government debt, it's caused by either not printing enough money, or not taxing enough. We correct this budget defficentcy by either forcibly tax away wealth from our population, or we voluntarally borrow it away. I prefer the latter.

Every single year of this countries existence, with the likely exception of that one year, people have been predicting that our government or economy would collapse due to debt. Keep predicting that, you never know, even a stopped clock is correct twice a day.

Can you point to a time where there was no debt in the USA?

Absolutely NO debt? Of course not, because at any time in the history of property ownership debt can accrue. But we are not talking about that, we are talking about a period where the majority of citizens carried such a major debt load without access to equivalent collateral.

That didn't exist prior to...I'd say the first mass-marketing of personal credit cards back in the early 70's. This was followed by our nation leaving the precious-metal standard and going to whatever they call this "print as much money as we want based on voodoo economics" crap which affected purchasing power, then added "easy-access" student loans on top like a cherry.

Beyond that, were have the innate corruption of our "Investment Banking" system with as many hidden faults (proven in the "recession" of 2008) as in the old Stock Market that led to the "Crash of 29." Nothing has changed either, we just "bailed" them out.

Finally we have propaganda being used to make our unemployment problems seem relatively minor, despite the fact that even using those figures we only have enough jobs for one out of every four people currently looking for work.

Never in our entire history as a nation have we had such an imbalance of combined debt as we do today. Nothing to do with a broken clock, although even if that is your position...all it need take is to be right one of those two times.

 

[presluc]

Not an economist but, I'd say we can never pay off this much debt, no matter how high taxes go or how many tariffs we charge.

Then we are to stay in debt forever, America land of debt.

I remind you sir of history Revolutionary war didn't exactly come out of that rolling in money
1929 wan't exactly rolling in money there either both .
These and many other times left America in debt .
These and many other times America at least managed to pay down the debt, not sit around and accumulate more.
Not talking about individuals talking about America a nation. in debt.eace

 

[presluc]

[

TOTAL U.S. DEBT: $59.6 trillion U.S. National Debt Clock : Real Time

The Gross Federal Debt is $16,738,168,990,385. Debt to the Penny (Daily History Search Application)

Of that debt held by the public (i.e. all federal debt held by individuals, corporations, state or local governments, foreign governments, and other entities outside the United States Government less Federal Financing Bank securities.) is: $11,922,852,502.219
by intragovernmental holdings (i.e. Government Account Series securities held by Government trust funds, revolving funds, and special funds; and Federal Financing Bank securities.) is: $4,915,316,48,166

Federal Tax Revenue: $2.8 trillion

Total consumer debt is over $2.8 trillion. Consumer debt is soaring. That’s good news (for now).

Including:

Student loan debt close to $1 trillion.

Credit card debt $847 billion (609.8 million credit cards held by American consumer averaging $4,878 of credit debt per U.S. Adult Credit card statistics, debt statistics, industry facts)

Add $13 trillion in mortgage debt (includes home and business mortgages) U.S. National Debt Clock : Real Time

etc., etc., etc.

I'm not an economist, nor a statistician....I admit I suck at math lol; but if the figures above are even partly correct then I'd say we are sliding down a slippery-slope to imminent economic collapse.

I'm afraid we are in the same boat , for I am no economist and I too suck at math , but I know common sense and history.

In the early 1920's America based it's economics on ticker tape and promises of money.
This became a house of cards and came crashing down in 1929.
They didn't call it the Great Depression for nothing.

Today America bases it's economics on plastics IOU'S and promises of money.
This too is but a house of cards , and unless this policy is changed it to will crash , not a matter of if, a matter of time.eace

 

[presluc]

Well that cannot stand. Consider all your debts cleared!

How by more outsourcing of jobs , more free trade, lower tax revenue unemployment from the unskilled worker to the College Grad?eace:

 

[presluc]

Can you point to a time where there was no debt in the USA?

There has never been a time where there was no private debt, and only one year when there was no federal debt. By the way, that one year, our economy went into a depression.

Debt is actually perfectly normal in a capitalistic free market economy. It's a free market mechanism for temporarally correcting the maldistribution of income and wealth. those who happen to have more than they need loan to those who have less than they need. Many a great fortune has been made using OPM (other peoples money). Do you simply not believe in capitalism?

As far as government debt, it's caused by either not printing enough money, or not taxing enough. We correct this budget defficentcy by either forcibly tax away wealth from our population, or we voluntarally borrow it away. I prefer the latter.

Every single year of this countries existence, with the likely exception of that one year, people have been predicting that our government or economy would collapse due to debt. Keep predicting that, you never know, even a stopped clock is correct twice a day.

To owe some money is debt to owe what America owes is a hole getting deeper.

Hate to bust your bubble there pal, but check your history again.
America is a Capitalist country couldn't be anything else.
However , last I looked Capitalism runs on MONEY not IOU'S, not DEBTS , not LOANS , CAPITALISM RUNS ON MONEY, CASH , DEAD PRESIDENTS.

If you are into settling deficiencies what about the trade deficiencies was you going to forcibly tax that away or borrow it away?

Since 2000 this nation America has gone higher in debt across the board records of debt in America has been broken and will again.
Budget settings get higher printing money with no foundation is like building your house on a beach at the edge of the ocean , it may look pretty but first high tide it won't look prettyeace