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

Quote from euclid:

Cash in on the property boom. Sell Alaska back to Russia.
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$253 a square foot? I mean, what are the comps?

Should charge extra for waterfront, mineral rights, oil rights, etc...
 
Only $33,333 per man, woman and child.
Average family income is $50K... approx $12K / person.
Full faith and backing of the USA? exactly what does that mean?
 
Quote from thriftybob:

Amazing how much money these buffoons or crooks can borrow and spend...

http://www.treasurydirect.gov/NP/BPDLogin?application=np

Even if we were to run a $100 billion per year surplus for 100 years, and no interest was paid, we STILL couldn't pay it off!!!!
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Of course we can, and it won't even take 100 years or a budget surplus or any monetary tricks like massive currency devaluation.

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.
 
Quote from PocketChange:

Only $33,333 per man, woman and child.
Average family income is $50K... approx $12K / person.
Full faith and backing of the USA? exactly what does that mean?
More...


We are insolvent. With the crash in GDP we will have for 2009 and the increase in debt to about 12-13 trillion we will be close to a 90%- 100% ratio of Debt/GDP

We wouldn't even qualify to get into the EU as they require a ratio no higher than 65%

Of course
That does not include Medicare, Medicaid and Social Security

These are unfunded mandates and as such are not reported in the Debt.

That would put us about 60 trillion or about 600,000 per household. (The liability is the amount that government needs now, stashed away and earning interest, to generate enough cash to pay future obligations)

bottom line WE ARE FUCKED.
 
Quote from dottom:

Of course we can, and it won't even take 100 years or a budget surplus or any monetary tricks like massive currency devaluation.

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.
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Are you seriously this math challenged?

If you had a balanced budget for the next 100 years, you'd include in those budgets interest on that $10 trillion for each of the 100 years, and at the end of the 100 years you'd still owe $10 trillion.

Not only that, were are lightyears for being able to balance a budget even for 1 year, let alone 100 years. The deficits are structural. Do you understand the meaning of that? It means we have to borrow more each year just to pay the interest on what we owe. In other words, when we pay off bonds, we sell new bonds for at least that amount, plus the interest we had to pay, because we are so hopelessly bankrupt.
 
Quote from thriftybob:

Amazing how much money these buffoons or crooks can borrow and spend...

http://www.treasurydirect.gov/NP/BPDLogin?application=np

Even if we were to run a $100 billion per year surplus for 100 years, and no interest was paid, we STILL couldn't pay it off!!!!
More...

Awww...come on now...its not all that bad. Its not like your great, great, great, great, great grandchildren will be slaves to the Chinese. The slavery of our children and children's children should be over in 3-4 generations tops. Then they can move up to rice and beans for a main course. Lighten up.
 
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