The "richest" country in the world? With a 9 Trillion dollar debt!?

Question

So america is suposed to be the richest country in the world... if not close to the richest country in the world... We have a high standard of liveing, pay a HELL of alot in taxes every year to the goverment... so why do we have a 9 trillion dollard debt?!?!? Thats $30,000 in debt for every man woman and child in this country!!! Its truely underminding our economy, we have not had a balanced budget since nixon if I remember correctly!

Why why oh why have the politions for the last few decades let this go on? Why do we still not have a balanced budget?

Answer 1

That's an oxymoron. If we were the richest nation in the world, we would not be in the red. The richest country in the world would not have a 9,000,000,000,000 dollar debt. We are in fact the poorest nation in the world. I for one, think it's time the government stop helping the less fortunate, before this debt catches up with us, and we become the less fortunate. Getting out of debt, should be our #1 priority.

Answer 2

Yes, the debt is very high. HOWEVER - keep some things in mind:

The US's GDP was $13.21 trillion in 2006. This exceeds the national debt. I have $400,000 in debts between my mortgage and college loans for my kids, but I have more than $600,000 in assets (house, cars, 401K)... so I have a net worth of around $200K. I am "richer" than someone with no debt but who owns little.

We also have a very large debt owed to us from other countries which offsets most if not all of this.

The economic value of the country is extremely high. Our country is worth FAR more than it's in debt.

That said, yes we spend WAY too much. We have for many years. Some of it I agree with, but most of it I don't.

As someone earlier pointed out - our assets and liabilities exceed $40 trillion. Yes our debt is high, but our net worth is higher still.

If you have 40 trillion in assets but 9 trillion in debt, you have a net worth of 31 trillion dollars in the BLACK.

THAT is what makes us the richest country in the world.

EDIT check this out from wikipedia...

Since the money supply is reduced when the U.S. Government pays down its debt, the unintended result of a government surplus could be a deflationary recession as the money supply contracts in the reverse of the process of monetization described above.
This occurred immediately prior to every depression in U.S. history:
1817-1821: U.S. Federal debt reduced 29%. Depression began 1819.
1823-1836: U.S. Federal debt reduced 99%. Depression began 1837.
1852-1857: U.S. Federal debt reduced 59%. Depression began 1857.
1867-1873. U.S. Federal debt reduced 27%. Depression began 1873.
1880-1893: U.S. Federal debt reduced 57%. Depression began 1893.
1920-1930: U.S. Federal debt reduced 36%. Depression began 1929.
1998-2001: U.S. Federal debt reduced 9%. Recession began 2001

Answer 3

We pay FAR less taxes percentage wise compared to most other countries so I wouldn't complain.

and the deficit. Come on it's a meaningless number at this point. it may as well be a make believe number like a gazillon or something. who cares.

Answer 4

now you know how self-deluded americans are when they keep claiming US is the richest country in the world.

Answer 5

Clinton had a couple of balanced budgets, and Johnson got one passed.

But yeah, we spend way too much.

Answer 6

we are far from the richest, most free, or most equitable country. But most Americans still think they are.

Answer 7

billy gates is the richest man and australia has the riches recources and u.s.a has the riches cash

Answer 8

watch this movie...it's pretty crazy. It is like 2 hours long, but worth the watch!

Hope this works!

http://video.google.com/videoplay?docid=5547481422995115331&hl=en

Answer 9

Not fair that every kid born today will have a $19,000 debt. 30 years of conservative economics.

Answer 10

Republicans don't want to raise taxes, Democrats don't want to cut spending.