Does anyone else thing that the US debt is unbelieveable?

Question

http://www.brillig.com/debt_clock/

Does anyone know what the interest rate is on that?

The debt allowment set by congress is up to nine trillion. How far will they raise the debt amount and what will happen when the interest rate exceeds the total budget?

Answer 1

To illustrate the mentality of money managers in government, there was a politician who onece said, "a million here and a million there, and pretty soon, you're going to be talking about some REAL money". The U.S. Govt. can do this, because like all other governments, IT IS NOT THEIR MONEY THEY ARE SPENDING. It is the taxpayer's. They don't sometimes refer to the IRS, as the ETERNAL Revenue Service for nothing.

Answer 2

Hey Turbo, while we're at it we can eliminate our unconstitutional standing army and go to a much smaller and purely reserve force (a "well-regulated militia", but with tanks and fighter jets). MUCH cheaper by far, I'd say that would lop about 25% off our spending without even making a dent in our ability to defend the country. Besides, how many times do we need to nuke the world over before we have enough in our stockpile? 10? 50? 100?

Now ask yourself how many law enforcement agencies do we need? Do we really need 7 different agencies at the federal level doing overlapping jobs? How many spy agencies do we need? Can we reduce the 12 we have now to just 2 or 3 and still be just as ineffective as we are at preventing things like 9/11? How do our draconian drug laws affect our spending on prisons and enforcement? How much foreign aid does Israel or anyone else need us to hand them? There goes another 10% off the budget.

After that, THEN we can start chopping social programs...OR we can encourage corporations to come back to the US and actually provide jobs. OR we can empower people to have their own businesses and discourage foreign competition...you know, when we hand China money so they can loan it back to us to pay for the above items. People with jobs don't use welfare. People with real jobs pay taxes. People with mall jobs, Wal-mart jobs, and McDonald's jobs don't pay taxes and eat up a little welfare.

Answer 3

I don't think it's as big a deal as everyone makes it out to be. Government debt is mostly guaranteed bonds, which will pay back. The aggrivating thing about it is the taxes that will follow. How else will they pay back the debt?

Basically, the government borrows money by selling bonds, then spends it on a bunch of social programs to help the people out because they don't have enough money because they are paying far too much in taxes (get a good look at your paycheck sometime) which are of course raised because they have to pay back those bonds that were issued to raise money to help people....

AAAHHHHH!

Answer 4

I think the debt is outrageous, and all the people in Congress - both Democrats and Republicans should be held accountable and voted out of office. It's irresponsible, and they keep doing it to get themselves re-elected.

On the bright side of things ... who whould you rather be, the country that is in debt by trilllions of dollars, like the US, or the country that's owed trillions of dollars of debt, like China? I personally think the debt is a pretty huge stick the US can use to control China. If they don't cooperate, the US could "freeze" Chineese assets, and not pay them the debt.

Answer 5

This is not an answer for ur question.it is a personal message for u:
u think that the islam is the religion of terrorism and it is religion come from the devil,right??????
i would like to know why do u say that?????????
if u will say ''i say that coz of the media and the terrorism islamic bombs which we see everyday''
i will say''sorry,i will not complete the conversation with u coz the ppl who make their own opinion from the media are close minded ppl and i do not like to make a conversation with a colse minded person since there is no use talking to u or trying to make u understand (sure that if u are close minded person)''
if u say'' i say that coz the quran present verses which calling for terrorism such like.....&.......)
i will know that u abused verses from the holy quran or u missunderstand the meaning of them and in this cases i will say''we can have an open conversation to make u understand everything''
by the way if u hate the islam for no reason then i will not be able to help u .

Answer 6

It is no way to run a country. This current President has increased the national debt 1/3 in his time with us. It is treason against the American people and their children to sell them into such debt. The current war can not be afforded so they borrow on the side to prosecute it. It is unbelieveable and disgusting.

Answer 7

the US will always be in debt because we continue to elect ppl who have money to run our country. Think if we elected, a lower or middle class president, he or she would know how to budget the deficit cause they have been budgeting all their lives. Everyone would have jobs, there'd be insurance for all, no poverty and there would have never been war cause they would have paid a little on the debt to all that we owed and kept the peace. So if we want to fix the deficit we have to fix the ppl we elect (the rich) and elect the ('poor')

Answer 8

Bush and his controllers are trying do shrink government by bankrupting it. Soon all government spending will be reduced to military and police functions (including courts and prisons) with the multi trillions of debt being paid off by the middle class to the rich public debt holders. At that point we will have to change the name of the country to SQUATAMALA.

Answer 9

It could easily be paid down in a few years if we eliminated all the unconstitutional spending.

Since all welare, social security, medicare, medicaid, pork barrel projects, education, HHS, etc are all unconsitutional outlays, based on current tax receipts, we'd have well over $1 trillion surpluses, and the debt could be paid off pronto.

Let's do it! Works for me! Who's with me?

Answer 10

This debt is ridiculous. I don't think it can ever be resolved.

If China called in their Treasury Notes at this time the only alternative would probably be war.