U.S. Defecit

Mad Hatter · 05-23-2008, 07:43 AM

The U.S. deficit is now at 53 trillion dollars including Medicare, Social Security etc., and 75% of the dept. is held by foreign countries. It is growing by 2 trillion a year. How will that ever get paid?

cubbieman · 05-23-2008, 08:12 AM

cut spending, and if there aren't $2 trillion worth of places that could be run more efficiently, raise taxes as a last resort, but politicians won't pull their head out of their asses long enough to do that

samuel · 05-23-2008, 08:30 AM

Quote:

Originally Posted by Mad Hatter

The U.S. deficit is now at 53 trillion dollars including Medicare, Social Security etc., and 75% of the dept. is held by foreign countries. It is growing by 2 trillion a year. How will that ever get paid?

Deficit is what we are short on the budget.I believe you are thinking of national debt which is money owed to banks and foreign countries,money the government borrowed.That is really about 9 trillion,but that is pretty bad. sam.

Pred · 05-23-2008, 08:48 AM

Oh how I love da sheeple... You people need to do some research on how a "central bank" works, why our country declared our independence in the first place, and the irony of it when compared to today. It's hard to get out of debt when the only place you can get money from to pay back your loan shark is from the loan shark. We could pay it back with gold, but our government ordered all gold in the country seized back in the 30's..... Maybe you should go back and look at the panic of 1907, who caused it, and who "got out" of the market just a short period of time before the crash of 1929.

patrick70 · 05-23-2008, 08:54 AM

America needs to cut out foreign aid,we send out tens of billions of dollars a year.Also there's too many people on public assistance,for too long.

Bravo · 05-23-2008, 08:58 AM

Quote:

Originally Posted by Mad Hatter

How will that ever get paid?

It won't. We will fall, like the Romans, the Soviets. The rest of the world will have so much invested in us, that they will in effect take over our country without firing a shot. They may not physically be here, but they will economically control us. With their money, they will be able to do what they want with us. Without their money, we will be nothing.

I'm talking namely about China and the United Arab Emirates. They will literally buy us out.

Welcome to the United Republic of Chirabican Emirates.

nathangdad · 05-23-2008, 08:59 AM

Of course this is a phenominal amount we can never repay as long as
we continue massive expenditures such as Iraq with debt rather than taxation and correction of the trade imbalance.

A not so hidden cost is the influence over American policy and freedom of action all this debt held by foreign governments gives to foreign leaders.
A leader of America may talk tough and rattle the sword but it is a rough road to anger a nation you may need to buy the next billion in Treasury Dept. debt issue.

jimkim · 05-23-2008, 10:09 AM

Do any of you ever go to the citizens against govt. waste site? Citizens Against Government Waste: Commentary
Check out the earmarks.

Rave · 05-23-2008, 10:59 AM

I was reading an article in Newsweek,about the comeing post-American world.
It was interesting to say the least. Unfortunitly it could have been avoided for a long time if it were'nt for the surgeing corruption in our gummint/business.
Ah,well,every dog has it's day.

smokey · 05-23-2008, 12:35 PM

This is all horse hockey, who do we owe,NOBODY what are they going to do when we dont pay,NOTHING. Money is just a way of keeping score,it is nothing more than that. America's infastructure is to far along to collapse without war in the homeland. Taxes have got to the point, that they are a tool the gov.uses to keep people from gainning wealth. The working class people in the USA, work because nobody else will.The only way America will ever get out of debt is another TEA PARTY.

Cyrano · 05-23-2008, 12:42 PM

It would not hurt if all the countries we have loaned money to over the years would PAY UP. As far as I know, the only country that ever paid off a debt to us in full is Finland. Half the time, when we've loaned money to some foreign government, they pay part of the debt and then just tell us they won't pay anyomore, and we have to "forgive" the debt, like a credit card company with a nonpaying cardholder. Unlike the credit card companies, however, the US government is stupid enough to loan these foreign countries money again a year or two later!

I've had fantasies for ages, mostly involving South American countries, in which places like Argentina have to sign whole provinces over to the United States to pay off what they owe us.tTen Americans move in; and when they have enough American citizens living there, petition to be annexed by the United States.

Mad Hatter · 05-23-2008, 12:59 PM

Let me clarify. The U.S. deficit is 53 trillion which includes the approx. 9 trillion of current dept (75% being held by foreign interests). The rest is what the U.S. is short to be able to supply Medicare and Social Security benefits to the baby boomer generation.. Reps from the The Peter G. Peterson Foundation - Our Mission organization were on CNBC this morning and said that our country's dept is a far greater problem than anything else going on right now..They are trying to get the government to understand this and change policy right away.

05-23-2008, 07:43 AM	#1
Mad Hatter Senior Member Join Date: Oct 2007 Location: Connecticut Posts: 712	The U.S. deficit is now at 53 trillion dollars including Medicare, Social Security etc., and 75% of the dept. is held by foreign countries. It is growing by 2 trillion a year. How will that ever get paid? Last edited by Mad Hatter; 05-23-2008 at 07:59 AM.

05-23-2008, 08:48 AM	#4
Pred Banned Join Date: Aug 2005 Location: Kentucky Posts: 3,873 Blog Entries: 3	Oh how I love da sheeple... You people need to do some research on how a "central bank" works, why our country declared our independence in the first place, and the irony of it when compared to today. It's hard to get out of debt when the only place you can get money from to pay back your loan shark is from the loan shark. We could pay it back with gold, but our government ordered all gold in the country seized back in the 30's..... Maybe you should go back and look at the panic of 1907, who caused it, and who "got out" of the market just a short period of time before the crash of 1929. Last edited by Pred; 05-23-2008 at 08:50 AM.

05-23-2008, 08:59 AM	#7
nathangdad Senior Member Join Date: Nov 2007 Posts: 2,905	A not so hidden additional cost Of course this is a phenominal amount we can never repay as long as we continue massive expenditures such as Iraq with debt rather than taxation and correction of the trade imbalance. A not so hidden cost is the influence over American policy and freedom of action all this debt held by foreign governments gives to foreign leaders. A leader of America may talk tough and rattle the sword but it is a rough road to anger a nation you may need to buy the next billion in Treasury Dept. debt issue.

05-23-2008, 10:09 AM	#8
jimkim Senior Member Join Date: Mar 2008 Location: Near the Little Ocmulgee river in GA Posts: 2,288 Blog Entries: 15	Do any of you ever go to the citizens against govt. waste site? Citizens Against Government Waste: Commentary Check out the earmarks. __________________ "Igitur qui desiderat pacem, praeparet bellum."

05-23-2008, 10:59 AM	#9
Rave Senior Member Join Date: Mar 2002 Location: Tampa Posts: 7,046	I was reading an article in Newsweek,about the comeing post-American world. It was interesting to say the least. Unfortunitly it could have been avoided for a long time if it were'nt for the surgeing corruption in our gummint/business. Ah,well,every dog has it's day. __________________ USAF '62-'66 .

05-23-2008, 08:12 AM	#2
cubbieman Senior Member Join Date: May 2007 Location: Alaska Posts: 1,550	cut spending, and if there aren't $2 trillion worth of places that could be run more efficiently, raise taxes as a last resort, but politicians won't pull their head out of their asses long enough to do that

05-23-2008, 08:54 AM	#5
patrick70 Senior Member Join Date: Apr 2008 Location: FLORIDA Posts: 295	America needs to cut out foreign aid,we send out tens of billions of dollars a year.Also there's too many people on public assistance,for too long.

05-23-2008, 12:35 PM	#10
smokey Senior Member Join Date: Aug 2007 Location: NC Posts: 110	This is all horse hockey, who do we owe,NOBODY what are they going to do when we dont pay,NOTHING. Money is just a way of keeping score,it is nothing more than that. America's infastructure is to far along to collapse without war in the homeland. Taxes have got to the point, that they are a tool the gov.uses to keep people from gainning wealth. The working class people in the USA, work because nobody else will.The only way America will ever get out of debt is another TEA PARTY.

05-23-2008, 12:42 PM	#11
Cyrano Senior Member Join Date: Oct 2007 Location: New York Posts: 2,980	It would not hurt if all the countries we have loaned money to over the years would PAY UP. As far as I know, the only country that ever paid off a debt to us in full is Finland. Half the time, when we've loaned money to some foreign government, they pay part of the debt and then just tell us they won't pay anyomore, and we have to "forgive" the debt, like a credit card company with a nonpaying cardholder. Unlike the credit card companies, however, the US government is stupid enough to loan these foreign countries money again a year or two later! I've had fantasies for ages, mostly involving South American countries, in which places like Argentina have to sign whole provinces over to the United States to pay off what they owe us.tTen Americans move in; and when they have enough American citizens living there, petition to be annexed by the United States.

05-23-2008, 12:59 PM	#12
Mad Hatter Senior Member Join Date: Oct 2007 Location: Connecticut Posts: 712	Let me clarify. The U.S. deficit is 53 trillion which includes the approx. 9 trillion of current dept (75% being held by foreign interests). The rest is what the U.S. is short to be able to supply Medicare and Social Security benefits to the baby boomer generation.. Reps from the The Peter G. Peterson Foundation - Our Mission organization were on CNBC this morning and said that our country's dept is a far greater problem than anything else going on right now..They are trying to get the government to understand this and change policy right away. Last edited by Mad Hatter; 05-23-2008 at 05:44 PM.