Do you have 7 TRILLION dollars laying around? If not, do you think you children and grandchildren will?

Question

we are in debt people.
this all belongs to China!
www.votetoimpeach.org

Answer 1

Good point. In the 1960s a collection of essays by economists on public finance was published under the title "Public Debt and Future Generations". The essence of the question is to what extent the national debt is a burden on this generation's successors -- children and grandchildren. The answers given accepted that while domestic debt (federal bonds held by Americans and American entities) might have serious impact on incentives, investment, etc., only debt held by foreigners meant that goods and services produced by the economy would actually have to be exported.

To retire domestic debt would mean a transfer of wealth between and among Americans. Taxation and welfare payments (social security, etc.) could minimize hardship.

Government and commercial debt held abroad, unless it leads to greater productivity (i.e., is invested in infrastructure) or is repudiated or the dollar is devalued, does impoverish future generations.

In order to avoid devaluation, the Fed will have to raise interest rates, perhaps substantially, over time. Families with ARM mortgages will be hurt; pensioners with savings may be helped. But depreciation of the currency -- and inflation -- will hurt all those on fixed incomes. There will be great transfers of wealth, probably to those already wealthy. (Indeed, tax "reform" has already helped to accomplish this, with the richest 1/10 of 1% of the US population approaching levels of relative wealth not seen since the days of the robber barons at the end of the 19th Century.

For the rest: buy your wheelbarrow now! And take notice: the countries that hold American debt inevitably have (undue) influence over American political decisionmaking. Not only does China hold American debt, but it manufactures most of its goods. The USA is the home of patternmakers (the poly-talented people who make the models from which manufacturing equipment is tooled for the final produc to bge made), But for the rest, manufacturing jobs have vanished and US workers are being polarized: rich professionals and poor service workers.

This is reflected in house prices: high prices in cities where there are jobs, often in financial services and the other professions. And where -- with women now in the workforce and professionals marrying each other rich families choose to live.

And there is rural America and the rust belt, left in relative poverty.

So: not only do future generations have to pay off the foreign debt, but unless the tax system is changed and estate tax remains in force, it will be only one sector of the population who pay it -- the middle classes and the salaried professionals. The very rich, who earn their money from capital gains and "unearned" income and who inherit from dynasty trusts, will not.

Answer 2

I don't have any children or grandchildren but if I did, I'm sure that eventually they'll have trillions of dollars. Of course it won't be worth anything and the debt will have grown considerably...

Answer 3

I've just checked all my pockets and my wallet to but I guess my hubby must have found my money so now after he goes to sleep I will have to get all my 7 plus trillion back cause I surely don't trust him with my money any more then I trust Bush with our money or future.
And as for blaming China, guess again my bud cause it's been Bush who has had his hands in all of our pockets for nearly 6 years already and no one is even trying to stop him from stealing money from our children or grandchildren either so where is their future now?
You bet we are in debt and I don't believe we can ever get out again because of how Bush spends and spends all of our hard earned money just so he can play his terrorist games on other countries.
Don't blame other countries for Bush's stealing tactics, okay.

Answer 4

haha, 7 trillion, try more like 40. The accounting they do to calculate that 7 tril debt would be illegal if you were running a business.

Also, the majority of our debt is in fact to international banks and the federal reserve, not other countries.

For example, all of our income tax goes to paying off the INTEREST we owe the federal reserve.

Foot note: The federal reserve is neither federal (Privately owned) nor does it have a "reserve". (At it's start it backed it's money 40%, with gold. Now it's more like 1% if that.)

What this means is a private company is making insane profits on loaning the U.S. government money that they don't have.

In my experience, this is called fraud. But no...banks get all sorts of special treatment. Welcome to the new world order.

Answer 5

Were in 45 Trillion. Its a secret. The world econemy will collapse.

Answer 6

i dont think Paris Hilton even has 1 trillion dollars.

Answer 7

7 Trillion?? almost...maybe if I keep saving I will.

Answer 8

I just went there, thankyou, I will pass this e-mail address along to my friends family and co-workers

Answer 9

stupid question but yes i just happen to have 7 trillion dollars sitting in my house let me check.........yep i left it on the kitchen counter





RealDumbAss you are

Answer 10

Well, according to Cheney, "deficits don't matter."

Or to paraphrase, "numbers are confusing, and won't cost us any votes as long as we keep talking about terrorism."

The irresponsibility is sickening.