USA national debt

Discussion in 'Off Topic' started by worsleyweb, 13 Feb 2019 at 12:59 AM.

  1. worsleyweb

    worsleyweb

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    Is apparently at 22 trillion?

    Can someone explain to me?

    Who do they owe it too?
    Will they ever pay it back?
    Is it a worry?
    Is capitalism just a game of printing money?

    And can a mod please move to off topic?
     
  2. TonyM

    TonyM

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    Not me unfortunately. Or fortunately.
     
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  3. Daz_Blue

    Daz_Blue

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    Trump took over when it was 13.5 trillion and promised to act to reduce it ....he started by giving tax cuts to billionaires ....the best way to reduce a debt .....duhhhhhhhhhh
     
  4. better dead than red

    better dead than red

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    Tax cuts don't increase debt. Out of control spending by the U.S. Congress is what is driving the debt.

    Sovereign or national debt is made up of two parts.
    1. Debt owed held by the public. The public are those that purchase it's bonds, domestic and foreign purchasers.

    2.intragovernmental debt or debt it owes to other government departments. For example, the U.S. government is raiding American citizens Social Security retirement accounts for funds. SS retirement has been paid for by taxes from American's pay cheques. Supposedly, it would be paid by with interest upon retirement in monthly payments. The money will soon run out because the government has been stealing it to fund other things.
     
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  5. SkyBlueTX

    SkyBlueTX

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    “The United States government has continuously had a fluctuating public debt since its formation in 1789, except for about a year during 1835–1836, a period in which the nation, during the presidency of Andrew Jackson, completely paid the national debt.”

    There’s your answer on whether it will ever be paid.

    Two centuries of relentlessly spending more than the take from taxes, necessitating more borrowing. This is regardless of the political party in control of Congress or the Presidency. No fiscal discipline because it’s OPM to them.
     
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  6. ChicagoBlue

    ChicagoBlue

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    Not quite.

    Truman and Clinton ran a BUDGET SURPLUS, which serves to REDUCE the National Debt, but clearly not eliminate it, because it is an accumulation of centuries of deficit BUDGETING.

    While it is easy to say it is government spending run amok, it is elected politicians that agreed to that spending but then did not do the hard work of collecting enough taxes to cover it. “I’ll gladly pay you Tuesday for a hamburger today!”

    So, in modern America, which is it? Spending or taxes? They already agreed to the spending, and now want even more for the Border Wall, but then the same people just cut $2T in taxes to the wealthiest individuals and corporations, which is what is used to ay for that spending. Methinks the answer is obvious, don’t you?! However, Republicans believe in a system of “starve the beast,” which leads to a crisis and then, they hope, CUTS TO SPENDING PROGRAMS! So compassionate, those conservatives!

    And, don’t forget, there are some very wealthy people in America who own large swaths of Treasuries, and thus they MAKE MONEY from the debt, while usually also avoiding the taxes that pay for the interest they receive! Brilliant scam, huh?!
     
    Last edited: 13 Feb 2019 at 3:28 AM
  7. ChicagoBlue

    ChicagoBlue

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    More than you ever wanted to know....

    http://www.theusdebtclock.com/



    FOR COMPARISON PURPOSES:

    http://www.nationaldebtclock.co.uk/
     
    Last edited: 13 Feb 2019 at 3:26 AM
  8. SkyBlueTX

    SkyBlueTX

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    My post was accurate as stated. The few years of budget surpluses are in the great minority and only a drop in the proverbial bucket of total national debt. Both current parties are culpable and as stated this problem goes back to the beginning.
     
  9. GoatsDomeWax

    GoatsDomeWax

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    45 Minutes, but interesting. And it applies to all but a few countries
     
  10. ChicagoBlue

    ChicagoBlue

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    Haha!

    You said your post was “accurate as stated,” then immediately went on to tell me the times it wasn’t accurate (albeit in the “great minority” and a “drop in the proverbial bucket,”), which is exactly what I posted....WHICH MAKES YOUR INITIAL POST ALMOST ACCURATE, or if you prefer...”not quite” accurate.

    And, I really don’t care to be pedantic, but you were (a little ) wrong. So, I gently corrected and I even posted the actual numbers, but you persisted, which can’t be allowed to stand.
     

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