Speaking as one who has taken ECON, Stark's right. If you borrow, you have the [asset] and the lender doesn't. What is different about a person borrowing and a country borrowing is, well.........stark. Countries don't foreclose on or repo other countries. So if we borrow a trillion, we have it and China doesn't. Which means China can't use it to do other things. In turn this could be a good thing. But nobody talks about it.
I don't suppose that you have ever heard of INTEREST, have you. You do know that with the escalating amount of debt this President and his administration is running up, that this country will be lucky to be able to pay the INTEREST on this debt. I think the CBO has estimated that the current budget's INTEREST ON THIS DEBT WILL EXCEED 500 billion. That's without the health care plan. Now that may be just chump change to you, but it's a whole lot of money to the rest of us. When the government is constantly borrowing money, the fed does not have the money to loan to business, small and large, it drives up the INTEREST rates and the REAL JOB CREATORS have no money to create more jobs. That's called supply and demand, when there is not enough supply it creates a demand and the cost of borrowing money increases with increasing interest rates.
When the government decides to just print more money and float it out into the open market, that creates too much supply of those 20 bills and the VALUE of that money goes down, so it takes more of those 20$ bills to buy stuff. THATS INFLATION. That's right around the corner too.
You do know that if we as a country do not get this debt under control, your children and grandchildren will realize a STANDARD OF LIVING that is 30% LESS than the one that YOU ENJOY NOW. They will not own a house as nice as yours, not drive a car as nice as yours, not live as good as you do, not go on vacations as much as you do, not have the opportunities that you do, and NOT HAVE THE HEALTH CARE THAT YOU DO.
You libs claim to care about everyone, including the terrorists that are doing everything in thier power to murder you and every other American. Don't you think it's time to care about what type of America that you are passing on to your own children???????????????