Federal government sector-$8.7 Trillion
State and local government sector-$2 Trillion
Un-funded Social Security-$7 Trillion
Un-funded Medicare-$37 Trillion
Household Sector debt- $12.8 Trillion
Business Sector debt-$9 Trillion
Financial Sector debt-$14.2 Trillion
Other (extra foreign debt in addition to such included in numbers above sectors) $1.7 Trillion
http://mwhodges.home.att.net/nat-debt/debt-nat-a.htm
2007-05-26 12:24:22 · 6 answers · asked by Go For Broke 3 in Social Science ➔ Economics
Should our national keep borrowing until they stop us?
2007-05-26 12:24:58 · update #1
We don't have to worry about paying off the debt, because the debt can be deflated just as it has been done in the past. The value of US dollars will go down as inflation continues, thus the debt will shrink. I don't know what will happen in the future, but theoretically, if things continue the same way, then one day, people will pay a trillion dollars for a hamburger. By that time, our federal debt will be a lot bigger, of course, but our debt which we have today will be reduced to 8 hamburgers only.
The cost of the Civil War was 6 billion dollars. Today, a war costs a lot more money not because wars are more expensive, but because a dollar is worth less today than it did in the 1800s. We may think that the Iraq war costs a lot of money, but 100-200 years from now, that money which was spent on the Iraq war will seem like nothing.
2007-05-26 12:31:34 · answer #1 · answered by frozen555 5 · 0⤊ 0⤋
It is not the absolute value of the debt that makes the case but its maturity and its ratio to other indicators, such as debt/export (a 200% is maximum accepted generally), debt/gross domestic product, and other. Besides, you ARE already paying the debt (yuor taxes). Another point is the maturity of the debt, I guess it is NOT you, but your children will pay the debt (correspondingly, you're paying your parents' debt).
2007-05-27 08:28:12 · answer #2 · answered by ArArAt 3 · 0⤊ 0⤋
That is the current plan. I do not expect that the world will finance us forever. If the Democrats win the Presidency, there may be a surprise.
Our debt is a black hole to the world's credit.
We used to lead in research and development but now do not. We have a giant military, mostly occupied in a useless, endless war.
Not good.
2007-05-26 19:31:52 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Our grandchildren will be paying it off. When Clinton was in office, we had no national debt.
2007-05-26 19:33:13 · answer #4 · answered by shermynewstart 7 · 0⤊ 1⤋
Get rid of Bush.
2007-05-26 19:35:46 · answer #5 · answered by ATLien 2 · 0⤊ 1⤋
Bomb the **** out of the middle east
2007-05-26 19:31:59 · answer #6 · answered by gsxrter1994 3 · 0⤊ 1⤋