US National debt now OVER $10 TRILLION... to unpayable and beyond>>>>

[thriftybob]

Quote from HeSaidSheSaid:

we should have a law that mandates US president to balance budget or propose a balanced budget during his term in office. economic security is as important as national security!

this type of discipline will impose rules on the president from resckless spending sprees ; yes, Reagan was a good president but as for playing the role of America CEO, he also bankrupted America, judging from financial standpoint, nothing was great about him, and president Bush is also in the same boat!!!

never vote for an amature into office. They just play the game of politics than running a country.

With fiat money, you can't have balanced budgets or the house of cards collapses in a deflation because the deficit is how they increase the money supply enough each year to pay the interest on the existing debt.

So, if you want balanced budgets or reduced debt, it would require honest money to come with it, or it would cause a depression.

 

[Mecro]

Quote from dottom:


You need to understand how national debt works.... it's similar in many ways to your mortgage. You borrow money and agree to pay back a certain amount at certain intervals, i.e. bonds. The cost to pay back US bonds are part of the budget. We don't need a surplus. We just need a *balanced* budget and once the maturity on all the bonds come do (assuming we don't borrow more money for sake of discussion), we will pay off the national debt in much less than 100 years.

You need to understand how debt as money works. Plain and simple, it is IMPOSSIBLE to ever pay off the debt, it was designed that way.

If I lend you 100 units of money that only I can issue, how can you ever repay me 100 units of the original debt plus 5 units interest without borrowing more from me?

 

[Pa(b)st Prime]

You DO NOT LIVE IN AMERICA.

YOU ARE NOT AMERICAN

So STFU.

Quote from arealpissedgoy:

Thank you Bush!


He did such a great job, now let's (s)elect McBush to continue Bush's fine policies.

1 Trillion spent on war benefiting no-bid contracts for his buddies

1 Trillion on bailing out his buddies on wall st.

way to go Bushies!