just how rich is the U.S.?

Question

how can the U.S. be the richest country in the world, and still be in billions of dollars in debt?

Answer 1

The US national debt now stands at $8.4 trillion dollars while the trade deficit has ballooned to $800 billion nearly 7% of GDP


And we have not had as many homeless people since the great depression--at least then there was some tolerance for shanty towns.

Answer 2

Take a macroeconomics class in college - you've got a lot to learn.

Here's a basic first lesson for you:

The U.S. GDP is the highest of any single country in the world. Because of our booming economy, the U.S. government is able to easily borrow money from the public and foreign entities (such as through treasury bonds) to help finance its spending budget. We are able to pay the money back and constantly do. The problem is that we continue to borrow.

It's like taking out a loan at the bank. Millionaires and billionaires do it all the time. They may have a lot their money tied up in assets. That doesn't mean they don't have the capacity to pay it all back at once. Obviously if the U.S. had to, however, the economy would crumble into a depression. The current estimate of the U.S. national debt is somewhere around $8.4 trillion. The goal is to restrict govt. spending to the point of having surpluses each year. Pay down the debt over time. It could eventually happen.

Answer 3

rich?!

yeah... we are in debt until democracy comes crashing down when other countries decide that they have enough power to get rid of it. We're trying to spread democracy now in Iraq and because of that, we fell into debt that we will never ever get out of.The United States will one of these days maybe not soon but soon enough get run over by another country and we will fall like the past empires did when they tried spreading their power. We're not the richest country in the world, if the U.S. ever stopped the imports/exports from places like China the U.S. would be dead in a matter of seconds.

Answer 4

We are just comfortable with a heavy debt load... it's no big deal, lots of countries have big debts... it's how global economies work.

Don't worry - we're good for it... all that debt is backed by the full faith and credit of the US Government - and they have never defaulted on a loan.

Having the biggest and best military in the world don't come cheap you know.

Cheers!

Answer 5

We are more in debt than rich. I have credit card bills. I had to have a super soaker. I had to have these jeans that were 200 dollars. I am an idiot and I am in debt. But the US is the whole worlds sugar daddy, and we are effed up in debt. Can it be reversed??? Ask Bono. he seems like he can fix everything with everyonelses money but his.

Answer 6

Well, someday we will have to pay the piper.

Can any live on pure debt alone? No, someday you will have to pay up. I think its bad we have so much debt.

Other countries and their citizens are poor but they dont have the debt we have. So who is really the better off? Being poor and owning no one or being rich but owning it all?

Answer 7

We are $3 Trillion in debt.

Answer 8

True riches aren't measured by money. Creativity, morality, freedom, and any idea or belief that empowers people are the real criteria that define riches.

Answer 9

I feel i am a a very rich man ...... I have the love of the woman of my dreams,and the love of my children.I dont make very much money,so im not wealthy but my life is full.

Answer 10

It has much stuff.

Sort of like buying a huge mansion and numerous expensive stuffs completely off a credit card.