Elephant in the room

[IXLR8]

When we are as a country paying $10,000,000,000 (10 billion U.S. Dollars) a week in interest on the national debt, why is no one concerned?
That is a Mexico wall a week.

Or ?

 

[toddnjoyce]

I offset it with the fact we produce $38B/week in GDP (as of 2018).

 

[IXLR8]

That’s only $28B/wk after paying interest...

 

[Mohawk600]

billions into trillions is like cents into hundreds of dollars.......economists and bankers just don't fret over the statistical difference and proportion of the numbers. Only REAL PEOPLE worry.

 

[oldag]

Sooner or later, the debt will come home to roost. No person, business or country can continue to spend more than it takes in forever.

 

[avvidclif]

Tell that to congress and see how far it gets!

 

[toddnjoyce]

Sooner or later, the debt will come home to roost. No person, business or country can continue to spend more than it takes in forever.

There’s a theory that a point comes when the debtor is in a position of power over the lender.

Thomas PM Barnett is one of the stronger proponents of this theory. In essence our debt problem is a bigger problem for the Chinese (who buy most of our debt) than for us.

If we choose not to repay it, it hurts us but destroys China.

 

[jrbfishn]

I have mentioned the same thing when someone mentions China attacking us. Given the amount of our debt they buy and whet they own and sell here, it could very well be economic disaster. Especially if they lose. That would be a very big risk. Even winning could cost them more than they would gain.

Sent by an idjit coffeeholic from my SM-G892A using Tapatalk

 

[EZ-E]

Tell that to congress and see how far it gets!

I bet if the working man took the day off to protest in the streets like in Ferguson we'd get our point across

 

[oldag]

There’s a theory that a point comes when the debtor is in a position of power over the lender.

Thomas PM Barnett is one of the stronger proponents of this theory. In essence our debt problem is a bigger problem for the Chinese (who buy most of our debt) than for us.

If we choose not to repay it, it hurts us but destroys China.

But when those countries stop buying our debt, the only choice left is to print money. And history is full of hyperinflation examples, which is what will result...

 

[avvidclif]

I bet if the working man took the day off to protest in the streets like in Ferguson we'd get our point across

Do you really think congress pays any attention to the working man? You know Joe Blow, who your representatives are supposed to represent.

I have some ocean front property in Arizona I want to talk to you about.

 

[WT_Foxtrot]

Concerning because with the rising debt that no elected official seems to be concerned with combined with the rhetoric coming from the left lately will eventually result in asset seizure of land, homes, cash and various private property by the feds to satisfy the debt for the "greater good" of the country.

 

[toddnjoyce]

But when those countries stop buying our debt, the only choice left is to print money. And history is full of hyperinflation examples, which is what will result...

While true, that requires a void to be filled and there’s not really another currency available as a global reserve.

Some believe sovereign wealth funds may fill that void, but I’m not sold.

History does show the void will be filled somehow.

 

[Darkpriest667]

It's real simple. The baby boomers are bankrupting the United States. I've provided the data in SEVERAL threads on this forum and others.

Social security, Medicare, and Medicaid are 63% (will be 65% this year) of the budget and rising. They are insatiable monsters that, in the next ten years, will become 80%+ of the budget not including the interest on the continued borrowing we make to pay for them. They must be cut.. PERIOD. They are not sustainable and they never should have been approved but multiple generations have kicked the can down the road. By 2030 we will be insolvent. There is no avoiding it. The math doesn't lie.

 

[Vaquero]

Glad I'll start getting mine in a few years.
Seeing as how I've been paying in for 40 years.

 

[easy rider]

It's real simple. The baby boomers are bankrupting the United States. I've provided the data in SEVERAL threads on this forum and others.

Social security, Medicare, and Medicaid are 63% (will be 65% this year) of the budget and rising. They are insatiable monsters that, in the next ten years, will become 80%+ of the budget not including the interest on the continued borrowing we make to pay for them. They must be cut.. PERIOD. They are not sustainable and they never should have been approved but multiple generations have kicked the can down the road. By 2030 we will be insolvent. There is no avoiding it. The math doesn't lie.

So are you making an argument that it's the baby boomers' fault for being born?

 

[diesel1959]

No, I'm making the point that FDR and the New Deal were fûcking wrong. And Helvering ought to be overturned.

 

[easy rider]

No, I'm making the point that FDR and the New Deal were fûcking wrong. And Helvering ought to be overturned.

True, but isn't that the way of all social programs? It looks good on the surface, but it doesn't take into consideration all the what ifs.

 

[oldag]

I would have loved to have the option for the past five decades to have put my social security tax into a private retirement investment. But I was not given that option.

 

[Darkpriest667]

So are you making an argument that it's the baby boomers' fault for being born?

No its your generation's fault for continuing to vote in politicians that would not cut the entitlements. That your generation has REPEATEDLY threatened to oust any politician who even spoke of doing so. My dad was a politician. It was considered political suicide to even mention social security in any way other than "yes we'll continue to fund it and expand it." Any other position was known to be a good way to end your career. THIS WAS THE POSITION OF BOTH REPUBLICANS AND DEMOCRATS. YOURE ALL GUILTY AS SHIT FOR DOING IT.

You all will be dead before the rooster comes home or too old and senile to give a damn. The Xers and Millennials will be left with your mess. Odds are we will all have to forfeit these entitlements while still paying the TAX to fund the debt they created.