US National Debt

Quote from originalskunk:

The US Treasury publish the national debt figures here:

http://www.publicdebt.treas.gov/opd/opdpenny.htm

The history of the debt from 1950-2000, http://www.publicdebt.treas.gov/opd/opdhisto4.htm shows the true cost of some of the previous adventures that are still being paid off.

As far as I'm aware, the $30-$50 Trillion total that has been mentioned includes the future value of promises like social security and medicare etc.

I dont know how much "too much" is, but I doubt that this is sustainable. Eventually the interest bill alone (even at 1%) will consume 100% of federal income tax receipts.
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Originalskunk: To tell yah how ignorant I have been all this time: My understanding of the national debt is that it started with Nixon and has increased exponentially ever since!

That may either go to show why I am a high school drop out or how misinformed the gov wants to keep the US public.

You mentioned $30-$50 trillion. What is this figure about?

ol
 
Quote from fbbi0:

I hear you. It's really worst than 30 trillion if you consider the following,

The $44 trillion hole?
Recent study says Social Security, Medicare shortfalls could be far bigger than previously thought.
May 29, 2003: 3:46 PM EDT
http://money.cnn.com/2003/05/29/news/economy/social_security_pain/index.htm

Who's gonna pay for it? Soon if not already, the total GDP won't be enough to even service the debt. House o cards?
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No worries, the old farts who are getting us into this hole know they'll probably be dead before it all collapses. [disclaimer...I'm an old fart]
 
Quote from MackieMesser:

No worries, the old farts who are getting us into this hole know they'll probably be dead before it all collapses. [disclaimer...I'm an old fart]
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Ya, my economics teacher was laughing about it on friday. How he can do whatever he wants and will retire with full social security benefits cared for by my generation, sucks :( By the time my generation retires (in about 50 years), the gov't won't be helping much with the cost.
 
Quote from ig0r:

Ya, my economics teacher was laughing about it on friday. How he can do whatever he wants and will retire with full social security benefits cared for by my generation, sucks :( By the time my generation retires (in about 50 years), the gov't won't be helping much with the cost.
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If your depending on social security for retirement then all I can say is, dude, you better start making some money. Don't depend on social security. It was never meant to be a retirement vehicle. It was meant to be a social program to help the poor and helpless. Are you in that category?
 
Quote from Maverick74:

If your depending on social security for retirement then all I can say is, dude, you better start making some money. Don't depend on social security. It was never meant to be a retirement vehicle. It was meant to be a social program to help the poor and helpless. Are you in that category?
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No, I'm 16 years old :) But there definately exists such a category and people in it are in trouble, lol.
 
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