2006-11-18 14:09:08 · 11 answers · asked by Dr.O 5 in Politics & Government ➔ Other - Politics & Government
A dollar is dollar it cannot be destroyed it has to be in some bodies hand.
2006-11-18 14:33:12 · update #1
China - communist one party dictatorship - manufacturer for America.
Saudi Arabia - Theocratic Monarchy - supplier of oil to America
Great isn't it?
Americans don't save money they borrow it. Each individual is partly to blame.
2006-11-18 14:21:22 · answer #1 · answered by HarryRightsguy 2 · 1⤊ 0⤋
A lot of the US debt is owned by other countries like China.
Where did it go? An easier question might be where DIDN'T go. :)
Basically, our government is funded by taxes. Our elected representatives then decide how best to utilize these funds. Or rather, in fanatasy land that is how it would work.
Instead, the money goes where the politicians want it to go. Everyone is pulling for a chunk of change to go to their supporters. This is known as ear-marking and pork barrel spending.
Of course, chunks are set aside for things like military and such. Then it is up to those branches of the government to figure out how to spend it.
Alright you say, but the government can't spend more than what it gets in taxes right? Wrong. Congress controls the purse strings, so to speak. So if they need more money than the pull in for something like Iraq, then they borrow it just like you or I would.
And like you and I taking out a loan, they have to pay that debt back.
So why are we in so much debt? Like I said, Congress controls the money. Our government keeps borrowing. So now we have a debt approaching 5 trillion dollars.
How do we fix the problem? Well, we either drastically cut spending, drastically raise taxes, or do some of both.
But in order to make any headway, fiscal responsibility should be a top issue. But with headline grabbers like gay marriage and Iraq, this is often an after thought.
Right now, there is $17000 of debt for every man, woman, and child in the US. Endevors like Iraq (half a trillion and counting) only make this grow faster. Cutting taxes AND endevors like Iraq make this grow alot faster.
~X~
2006-11-18 22:27:12 · answer #2 · answered by X 4 · 1⤊ 0⤋
People forget the financial status of our government is tied to the earning power of stocks. Since the stock market indicators were moving at 10 to 20 percent a year during the Clinton era, it was easier to keep the government coffers full.
After George W, Yahoo's favorite politician, took the helm and the stock market tanked, government accounts went down with it, creating debt as the government can't curb its spending at a moment's notice like a single household can.
Yes, George and friends spend a lot of money on silly things like wars and spying on liberals, but huge losses in the market helped with some of that debt.
2006-11-18 23:22:52 · answer #3 · answered by Action 4 · 0⤊ 0⤋
It's both "here" in the United States and "outside" being spent out of the US. We have lived beyond our means for decades, spending tax dollars we didn't have to fund wars, welfare, Medicare and every other dollar sucking government program known to man. (I know that makes me sound like a conservative, although I am not!).
We also spend millions or is it billions servicing that debt, much of it to investors in other countries.
Bear in mind, much of those tax dollars have a good effect, paying for medical care, research and development and other necessities.
2006-11-18 23:06:19 · answer #4 · answered by Shelley 3 · 0⤊ 0⤋
voodoo economics. The government spends more than it takes in. and it takes in plenty. The government sets a very bad example with all the borrowing by evidence of consumer debt being at an all time high. Of course, "real income" down each of the last 5 years doesn't help.
2006-11-18 22:47:59 · answer #5 · answered by truth seeker 7 · 1⤊ 0⤋
By golly, no one really knows where it went to, but one safe guess is most have gone to the so-called contractors like Halliburton, aka Cheney. Most went in the pockets of the supposed to be leaders of the new Iraq who, by the way are making sure they do nothing to resolve the secterian killings there. Why? Because then the US will pull out and all that billions of dollars will stop coming from the US.
2006-11-18 22:21:14 · answer #6 · answered by me_worry? 4 · 2⤊ 1⤋
The chinese have the largest dollar reserves in history (900 billion)
2006-11-19 02:18:57 · answer #7 · answered by brainstorm 7 · 0⤊ 0⤋
Jeffy told me to be honest
with the the American people & tell them
that we're spending LOTS for my civil war
in Iraq...and then we both laugh...
Taxsuckers!
Heh Heh!
2006-11-18 22:35:40 · answer #8 · answered by Anonymous · 1⤊ 1⤋
It went to Iraq and tax cuts.
2006-11-18 22:22:24 · answer #9 · answered by Mojo Seeker Of Knowlege 7 · 2⤊ 1⤋
at leats half of it went to Israel
2006-11-18 22:19:47 · answer #10 · answered by moe 3 · 2⤊ 1⤋