US Debt

[danielpalos]

In 2007, the top 20% wealthiest possessed 80% of all financial assets.[19] In 2007 the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%. Thus, the top 20% of Americans owned 85% of the country's wealth and the bottom 80% of the population owned 15%. In 2011, financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 43%, the next 19% of Americans owning 50%, and the bottom 80% owning 7%.[20] However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 35% to 37%, and that owned by the top 20% of Americans grew from 85% to 88%. The Great Recession also caused a drop of 36% in median household wealth but a drop of only 11% for the top 1%, further widening the gap between the top 1% and the bottom 99%.[18][20][21]--https://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States

 

[Admiral Rockwell Tory]

Government is constantly paying off debt, the problem is that it's accumulating new debt faster than it's paying off old debt because the growth in spending exceeds the growth in income (which forces it increase net borrowing).

You're correct though, can't go on forever, eventually the accumulation becomes so large that debt service outstrips the economy's ability to pay it and default becomes the only option, either through explicit default or implicit default (hyper-inflation), both scenarios are nightmarish.

To mangle on old James Caravel phrase:

"It's the spending stupid"

Maxing out a new credit card to pay off the old credit card is not paying off any debt.

Our national economy is completely different than a credit card or personal debt. I suggest you learn the different

Okay for you financially challenged liberal pea brains I'll make it simple, what social program would you rather spend the several hundred BILLION dollars a year on, that's currently being spent on interest on the national debt?

The debt serves an economic purpose so I wouldn't exchange the debt for a social program. Let me ask you... who gets those "interest" payments? Where does that money go?

China for one, any more questions.

Americans get far more of those payments than China.

 

[Slade3200]

Maxing out a new credit card to pay off the old credit card is not paying off any debt.

Our national economy is completely different than a credit card or personal debt. I suggest you learn the different

Okay for you financially challenged liberal pea brains I'll make it simple, what social program would you rather spend the several hundred BILLION dollars a year on, that's currently being spent on interest on the national debt?

The debt serves an economic purpose so I wouldn't exchange the debt for a social program. Let me ask you... who gets those "interest" payments? Where does that money go?

China for one, any more questions.

Americans get far more of those payments than China.

BluesLegend isn't answering anymore because he apparently doesn't understand how the nations economy works. Too bad he doesn't have the humility to admit he was wrong and ask questions to better educate himself.

 

[BluesLegend]

Our national economy is completely different than a credit card or personal debt. I suggest you learn the different

Okay for you financially challenged liberal pea brains I'll make it simple, what social program would you rather spend the several hundred BILLION dollars a year on, that's currently being spent on interest on the national debt?

The debt serves an economic purpose so I wouldn't exchange the debt for a social program. Let me ask you... who gets those "interest" payments? Where does that money go?

China for one, any more questions.

Americans get far more of those payments than China.

BluesLegend isn't answering anymore because he apparently doesn't understand how the nations economy works. Too bad he doesn't have the humility to admit he was wrong and ask questions to better educate himself.

Go ahead dumb ass tell us all how $20 trillion debt our kids and grand kids will be stuck with is patriotic.

 

[Slade3200]

Okay for you financially challenged liberal pea brains I'll make it simple, what social program would you rather spend the several hundred BILLION dollars a year on, that's currently being spent on interest on the national debt?

The debt serves an economic purpose so I wouldn't exchange the debt for a social program. Let me ask you... who gets those "interest" payments? Where does that money go?

China for one, any more questions.

Americans get far more of those payments than China.

BluesLegend isn't answering anymore because he apparently doesn't understand how the nations economy works. Too bad he doesn't have the humility to admit he was wrong and ask questions to better educate himself.

Go ahead dumb ass tell us all how $20 trillion debt our kids and grand kids will be stuck with is patriotic.

Don't kick the can to another subject. You made A comment about debt interest and I'm asking for you to display an understanding of what that is and where it goes... "china" is not an intelligent or accurate answer. I believe china gets 7% of the interest payments. So I'll ask again, where does the rest go?

 

[danielpalos]

End the drug war, right wingers.

 

[BluesLegend]

The debt serves an economic purpose so I wouldn't exchange the debt for a social program. Let me ask you... who gets those "interest" payments? Where does that money go?

China for one, any more questions.

Americans get far more of those payments than China.

BluesLegend isn't answering anymore because he apparently doesn't understand how the nations economy works. Too bad he doesn't have the humility to admit he was wrong and ask questions to better educate himself.

Go ahead dumb ass tell us all how $20 trillion debt our kids and grand kids will be stuck with is patriotic.

Don't kick the can to another subject. You made A comment about debt interest and I'm asking for you to display an understanding of what that is and where it goes... "china" is not an intelligent or accurate answer. I believe china gets 7% of the interest payments. So I'll ask again, where does the rest go?

Foreign countries hold a whopping 34% of our debt junior high brain, 34% hello earth to math challenged lib. 25% of the debt is held by the 'rich' who are cashing in normally that pisses you libs off. The Federal government only holds 41% of the debt, of which 16% are IOU's to Social Security which will never see a dime of that stolen money. There now you are a less ignorant liberal, happy?

 

[Slade3200]

China for one, any more questions.

Americans get far more of those payments than China.

BluesLegend isn't answering anymore because he apparently doesn't understand how the nations economy works. Too bad he doesn't have the humility to admit he was wrong and ask questions to better educate himself.

Go ahead dumb ass tell us all how $20 trillion debt our kids and grand kids will be stuck with is patriotic.

Don't kick the can to another subject. You made A comment about debt interest and I'm asking for you to display an understanding of what that is and where it goes... "china" is not an intelligent or accurate answer. I believe china gets 7% of the interest payments. So I'll ask again, where does the rest go?

Foreign countries hold a whopping 34% of our debt junior high brain, 34% hello earth to math challenged lib. 25% of the debt is held by the 'rich' who are cashing in normally that pisses you libs off. The Federal government only holds 41% of the debt, of which 16% are IOU's to Social Security which will never see a dime of that stolen money. There now you are a less ignorant liberal, happy?

We were talking about interest on debt weren't we? You said China gets the majority of those interest payments... You realize that isn't true when they only own 7% right?

You change the subject and throw out a few % breakdowns that don't prove anything except your weak attempt to pivot... And your trying to call me ignorant... haha

 

[The Original Tree]

The President, Congress, and The Treasury can cancel the Debt to The Federal Reserve at any time, and switch us back to Constitutional Currency which are Treasury Notes, backed fractionally by precious metals or other things of value.

Boom.....No more interest.

Negotiate with The Fed or tell them to take a hike.

 

[Slade3200]

The President, Congress, and The Treasury can cancel the Debt to The Federal Reserve at any time, and switch us back to Constitutional Currency which are Treasury Notes, backed fractionally by precious metals or other things of value.

Boom.....No more interest.

Negotiate with The Fed or tell them to take a hike.

Why would doing that be an good thing? How would the economy respond? Do we own the "assets" to back the amount of currency in circulation?

 

[The Original Tree]

It would unleash 13 Trillion Dollars in to The Economy best case scenario.
We have an 18 Trillion Dollar Economy that is 20 Trillion dollars in debt.
The reasonable thing to do is to phase The Fed out, and force them to renegotiate the debt, switch currencies and inform The Fed that we are paying down the Renegotiated Debt and that they can no longer charge Interest on The Principle.
They have made Trillions of Dollars off of The US taxpayer.
Time for them to give something back

 

[danielpalos]

Tax the rich until we have no debt.

 

[memegod]

Tax the rich until we have no debt.

This is the solution
Will never happen tho

 

[Slade3200]

It would unleash 13 Trillion Dollars in to The Economy best case scenario.
We have an 18 Trillion Dollar Economy that is 20 Trillion dollars in debt.
The reasonable thing to do is to phase The Fed out, and force them to renegotiate the debt, switch currencies and inform The Fed that we are paying down the Renegotiated Debt and that they can no longer charge Interest on The Principle.
They have made Trillions of Dollars off of The US taxpayer.
Time for them to give something back

Who are they negotiating the debt with? And how does 13 trillion get released into the economy?

 

[danielpalos]

Tax the rich until we have no debt.

This is the solution
Will never happen tho

Should we try to "goad the rich" into insisting their public servants, only purchase the finest solutions money can buy, for our Republic?

 

[Slade3200]

Tax the rich until we have no debt.

This is the solution
Will never happen tho

Should we try to "goad the rich" into insisting their public servants, only purchase the finest solutions money can buy, for our Republic?

How are the rich receiving interest payments on the debt?