Oweing $16 Trillion

[lamboguy]

we couldn't pay $9 trillion before Obama got elected, we now owe $16 trillion that we can't pay that will be $20 trillion in about 2 years that we can't pay. between Bush and Obama there were deals made to China that allows them to sell us their crummy goods and lend us back the money with interest. we all know that there is going to be a day when the people that we owe money to will demand that they get paid. what happens then?

[thaskalos]

I wish people would lend me money that they knew I couldn't pay back...

[Tom]

Originally Posted by thaskalos

I wish people would lend me money that they knew I couldn't pay back...

You have part of your wish - you are responsible for that 16 trillion.
How much money is that for every legal citizen?

[thaskalos]

Originally Posted by Tom

You have part of your wish - you are responsible for that 16 trillion.
How much money is that for every legal citizen?

The way it was explained to me...the "American way" is to borrow today and to pay it back "tomorrow".

Since we all know that there will never be a shortage of "tomorrows"...what's there to worry about?

[elysiantraveller]

Originally Posted by thaskalos

The way it was explained to me...the "American way" is to borrow today and to pay it back "tomorrow".

Since we all know that there will never be a shortage of "tomorrows"...what's there to worry about?

Your successors... Whether they be kids, nieces, nephews, etc.

Your generation is the "there's always tomorrow generation." The younger ones aren't wired that way.

[Hoofhearted]

This, I think, is the enormous issue of our time -- the one issue that is not being addressed sufficiently by our leaders. The issue of inter-generational debt.

We are leaving a scandalous legacy of debt to the next generation. A child born today will begin life with an debt exceeding 1.5 million dollars on his head through no fault of his own.
We are practicing wholesale theft of our children of the next generation -- and they will curse us for it. We are spending ( borrowing) for our own pleasure but postponing and passing on the cost of same to our children.

Until us, any current generation would pass on an inheritance and legacy to the next; however, we are passing on an insurmountable mountain of indebtedness to the coming generations that will bust and break them.

[johnhannibalsmith]

Originally Posted by Hoofhearted

This, I think, is the enormous issue of our time --....

Wait, haven't you heard, it's vaginal interference and Tiananmen Square Garden becoming the White House!

Good post.

[mostpost]

Originally Posted by Hoofhearted

This, I think, is the enormous issue of our time -- the one issue that is not being addressed sufficiently by our leaders. The issue of inter-generational debt.

We are leaving a scandalous legacy of debt to the next generation. A child born today will begin life with an debt exceeding 1.5 million dollars on his head through no fault of his own.
We are practicing wholesale theft of our children of the next generation -- and they will curse us for it. We are spending ( borrowing) for our own pleasure but postponing and passing on the cost of same to our children.

Until us, any current generation would pass on an inheritance and legacy to the next; however, we are passing on an insurmountable mountain of indebtedness to the coming generations that will bust and break them.

Where the heck do you get that $1.5M number from. If that were accurate our national debt would be over $450T.

[JustRalph]

Originally Posted by mostpost

Where the heck do you get that $1.5M number from. If that were accurate our national debt would be over $450T.

I guess you're ok with the real number huh?

220k

[Hoofhearted]

Originally Posted by mostpost

Where the heck do you get that $1.5M number from. If that were accurate our national debt would be over $450T.

I'm not quite sure I follow your maths.
The USA birthrate hovers around the 14 per thousand of population year-in/year-out.
So, in a national population of approx 310 million that would give an annual "new baby" figure of 4.2 million newborns at each year's end.

Anyway, I took the $1.5 million figure from:
"Children born today will inherent a per capita share of the national debt exceeding $1.5 million, a new study reveals.
Republican analysts on the Senate Budget Committee used figures from the Congressional Budget Office to calculate the relative share of the national debt–currently $16 trillion and counting–among different age groups."
http://5440fight.com/2012/02/23/stud...national-debt/

[elysiantraveller]

Originally Posted by Hoofhearted

This, I think, is the enormous issue of our time -- the one issue that is not being addressed sufficiently by our leaders. The issue of inter-generational debt.

We are leaving a scandalous legacy of debt to the next generation. A child born today will begin life with an debt exceeding 1.5 million dollars on his head through no fault of his own.
We are practicing wholesale theft of our children of the next generation -- and they will curse us for it. We are spending ( borrowing) for our own pleasure but postponing and passing on the cost of same to our children.

Until us, any current generation would pass on an inheritance and legacy to the next; however, we are passing on an insurmountable mountain of indebtedness to the coming generations that will bust and break them.

Good post...

My generation is about 10-15 years away from being in power... we will probably just inflate our way out of the problem and really @#$% the older generations...

[lamboguy]

everyone wants their children to have a better life in the best country that the world has ever known.

there has never been an empire or any sovereign state to exist longer than 75 years with a fiat currency. our currency has been on a complete fiat basis since 1971 when Nixon closed the gold window.

[so.cal.fan]

I don't believe a country can declare "bankruptcy".......however.......
they can DEFAULT. That is the only way we get the 16T down to sustainable amount.

So.....we tell China, Europe, Russia, Japan and any other country we owe:
We tell them "Sorry, we can't pay you" You never paid us back anything you owed, so we can't and we won't pay you.
Don't we still have the biggest fleet of aircraft carriers on the planet? Nothing they can do.
DEFAULT and DE-GLOBALIZE. That is what will happen eventually.

[johnhannibalsmith]

Originally Posted by so.cal.fan

...
DEFAULT and DE-GLOBALIZE. That is what will happen eventually.

And our country would probably destroy itself whether we have the biggest ships and most planes or not. Americans can't handle the thought of cutting PBS funding, a day of postal service, or waiting three days for gasoline after a natural disaster. Good luck dealing with the internal mess that would result from having nobody borrow from, useless currency, total economic collapse, and no trade.

Our house of cards is a little too fragile to endure that kind of process and not become a game of fifty-two pick-up.

[TJDave]

Originally Posted by so.cal.fan

Don't we still have the biggest fleet of aircraft carriers on the planet? Nothing they can do.

Fiat money my ass.