How much in debt are you.

[brainsee]

Let's say I gave you $50 for some goods. Why do I give a shit what you do with it?

From what I have seen in your last two replied, it would seem that you have given up on trying to make sense. How about you just stop replying to me.

 

[Toddsterpatriot]

From what I have seen in your last two replied, it would seem that you have given up on trying to make sense. How about you just stop replying to me.

Don't be angry just because I point out your confusion.

 

[sparky]

It dawns on me how much an outcast I am in a debt driven economy...~S~

 

[brainsee]

It dawns on me how much an outcast I am in a debt driven economy...~S~

Our country isn't driven by debt. It is dragged down by debt. We would be in a much better place without it.

 

[Captain Caveman]

I was talking to my brother today. Who is a real Trumptard. We were talking about the national debt. He seemed to think that Trump could fix it. But we owe so much, it is impossible. Our trade deficit is around 34 trillion dollars. But the U.S. also has around another 200 trillion in unfunded obligations. To me, I don't see much difference between a debt and an obligation. So you may as well say that the U.S. is around 234 trillion in debt. There are around 335 million people in the U.S. That means that each person in the U.S. is in debt for around $698,000! Another problem with that is that there are only around 128 million working age adults in the U.S. Which would make paying off such an impossible figure even more impossible.

Also, there are varying estimates as to what our yearly trade imbalance is with China alone. I have seen estimates that ranged from 257 billion to about 420 billion. So each year we go even deeper into debt by that much just from "trade" with China. Which of course makes paying off such an impossible debt even more unlikely.

As you can guess from what I said earlier, I am definitely not a Trump supporter. But Biden's solution to this problem seems to be to let as many lowlife invaders from south of the border into the U.S. as he can. Maybe what we need is an amoral, psychopathic, would be dictator with delusions of grandeur as president. It seems to me that we couldn't do much worse.

I honestly thought first time round, Trump would have reduced the debt, but he didn't. And the US has no one with the ability to do so, because if Trump didn't, then no one else could.

I was discussing the Trump tax cuts with a friend who worked in the financial industry (tis is UK). He said that the cuts would stimulate the economy and Trump is banking on government income to increase from this, but like every country, COVID knocked that on the head.

So we'll never know that if it wasn't for COVID, would the debt have come down under Trump. Definitely won't under Biden, but Trump might get a second bat at it.

 

[brainsee]

I honestly thought first time round, Trump would have reduced the debt, but he didn't. And the US has no one with the ability to do so, because if Trump didn't, then no one else could.

I was discussing the Trump tax cuts with a friend who worked in the financial industry (tis is UK). He said that the cuts would stimulate the economy and Trump is banking on government income to increase from this, but like every country, COVID knocked that on the head.

So we'll never know that if it wasn't for COVID, would the debt have come down under Trump. Definitely won't under Biden, but Trump might get a second bat at it.

As I said, what each and every American owes between the national debt and unfunded obligations is way too high to pay off.

 

[sparky]

Our country isn't driven by debt. It is dragged down by debt

True brainee one

But i would venture that comes down to which side of the fractional fiat farce one is on....

~S~

 

[Toddsterpatriot]

As I said, what each and every American owes between the national debt and unfunded obligations is way too high to pay off.

And unfunded assets.

 

[Mexicano]

If you want to buy oil, you can use whatever currency your country uses. The rest of what you have to say is equally nonsensical. When it comes to how the financial system works, I have seen experts try to explain it. It is so complex, even they couldn't do it. Now, getting back to the point of my thread, every American owes around $698,000.00. That is combining national debt and unpaid obligations.

No of course not! Up until 2022 Saudis traded oil exclusively in USD. Then they used those USD to buy goods and services from the U.S.
I will repeat this the whole economy is a set of interleaved balance sheets. All fiat money originates as some kind of liability which also creates an asset in the other side of the balance sheet.
How else do you think fiat money is created lad ?

 

[Mexicano]

Maybe this might interest you.

Pgpf
pgpf.org › top-10-reasons-why-the-national-debt-matters
Top 10 Reasons Why the National Debt Matters

The problem is not the debt by itself, the problem is it is used to sustain the financial system, instead of improving the infrastructure or increasing industrial production.

There is a lot wrong with the link you provided. I can only agree with point 7. A solid fiscal foundation leads to economic growth.

 

[westwall]

I was talking to my brother today. Who is a real Trumptard. We were talking about the national debt. He seemed to think that Trump could fix it. But we owe so much, it is impossible. Our trade deficit is around 34 trillion dollars. But the U.S. also has around another 200 trillion in unfunded obligations. To me, I don't see much difference between a debt and an obligation. So you may as well say that the U.S. is around 234 trillion in debt. There are around 335 million people in the U.S. That means that each person in the U.S. is in debt for around $698,000! Another problem with that is that there are only around 128 million working age adults in the U.S. Which would make paying off such an impossible figure even more impossible.

Also, there are varying estimates as to what our yearly trade imbalance is with China alone. I have seen estimates that ranged from 257 billion to about 420 billion. So each year we go even deeper into debt by that much just from "trade" with China. Which of course makes paying off such an impossible debt even more unlikely.

As you can guess from what I said earlier, I am definitely not a Trump supporter. But Biden's solution to this problem seems to be to let as many lowlife invaders from south of the border into the U.S. as he can. Maybe what we need is an amoral, psychopathic, would be dictator with delusions of grandeur as president. It seems to me that we couldn't do much worse.

None

 

[westwall]

True. We have a fiat currency. But even then our national debt has consequences. Next, I already said that our national debt is to high to pay off. But even if we did, it would do nothing to exports. If some other country wants to buy something from us, as long as it is the same price, they will continue to do so. Unless they can get whatever cheaper someplace else.

The US will default, the debt holders will get really pissed off, and a whole bunch of people will die.....and then the cycle will repeat.

 

[Mexicano]

As I said, what each and every American owes between the national debt and unfunded obligations is way too high to pay off.

Brainsee, allow me to introduce you to the GDP formula :

GDP = Household consumption + investment (capex) + government spending + exports - imports.

So, assume you cut government spending to decrease the level of deb: GDP falls--> You get a recession.
If instead, you increase taxes on firms, you can probably expect a bit of inflation ( depending on how big is the hike).
If you increase taxes on personal income, then you also decrease household consumption.

So the only way around it is to either decrease imports or increase exports. In almost any other case you get either a recession or inflation.

 

[brainsee]

And unfunded assets.

If you have some asset, and it is truly yours, it isn't unfunded.

 

[Toddsterpatriot]

If you have some asset, and it is truly yours, it isn't unfunded.

How much are my future Social Security payments?

 

[brainsee]

No of course not! Up until 2022 Saudis traded oil exclusively in USD. Then they used those USD to buy goods and services from the U.S.
I will repeat this the whole economy is a set of interleaved balance sheets. All fiat money originates as some kind of liability which also creates an asset in the other side of the balance sheet.
How else do you think fiat money is created lad ?

I don't know what currency the Saudis accepted for oil. You may be right. But I don't see what difference it would make. Euros can be converted into dollars. The yen can be converted into dollars, etc. So they could use any currency to buy U.S. goods and services. But they aren't only buying U.S. goods and services. They are buying our ass. Taking legal ownership of American property. As for a fiat currency, look up Mefo bills. Hitler used them to take a ruined German economy and turn it into the greatest economy in the world.

 

[brainsee]

None

Maybe not directly to you. But in the larger picture, quite a lot. To the tune of around $698,000 dollars.

 

[brainsee]

Brainsee, allow me to introduce you to the GDP formula :

GDP = Household consumption + investment (capex) + government spending + exports - imports.

So, assume you cut government spending to decrease the level of deb: GDP falls--> You get a recession.
If instead, you increase taxes on firms, you can probably expect a bit of inflation ( depending on how big is the hike).
If you increase taxes on personal income, then you also decrease household consumption.

So the only way around it is to either decrease imports or increase exports. In almost any other case you get either a recession or inflation.

I don't see what you said has to do with what you quoted me as saying. What Americans owe is just too high to pay off. And not only are we not paying it off, we are going in the opposite direction with all of our trade deficits. As for inflation, do what Nixon did. Put a wage and price freeze into place.

 

[brainsee]

How much are my future Social Security payments?

That isn't an asset.

 

[westwall]

Maybe not directly to you. But in the larger picture, quite a lot. To the tune of around $698,000 dollars.

Only if I choose to allow the government to loot me.