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11-07-2012, 07:03 PM
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#31
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Registered User
Join Date: May 2004
Location: New Hampshire
Posts: 14,507
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Some may even recall a few years ago someone wanted to start a civilian service to enlist a body of people to aid in the event rioting was more than what local police could handle. Anyone remember this? The logic was what, help a union guy have a stress free job? Seriously what was the intent of this idea?
Here is a clue, let us just imagine that instead of 20 trillion in debt four years from now, the all knowing Congress spends more than 4 trillion and our debt is more like 25 trillion. Exactly when does hyperinflation starts cutting into us with $4 bread or $8 gasoline? Or a more general question about hyperinflation and when?
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11-07-2012, 07:38 PM
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#32
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Registered User
Join Date: Mar 2001
Location: Sierra Madre, California
Posts: 4,419
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Yes, I saw that JR
I wonder if people will riot here when the taxpayers run out of money to support them. We now live in an entitlement/socialist society.
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11-08-2012, 04:45 AM
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#33
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Veteran
Join Date: Oct 2009
Posts: 25,607
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Quote:
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Originally Posted by 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?
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You can't get blood from a stone, i cant imagine that anyone who 'lent out' that kind of cash ever expects to get it back. I mean, whoever is lending 7T knowing the USA is already 9T in the hole probably made a horrendous wager that is not likely to ever be cashed.
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11-08-2012, 05:54 AM
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#34
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Registered User
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,810
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if anyone has ever played in a raked poker game you will know that the rake eventually gets ALL the money from the players at the table and it all goes to the house. the players all go broke and then the game ends.
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11-08-2012, 07:04 PM
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#35
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Work Rider
Join Date: Oct 2008
Location: Ireland.
Posts: 151
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Quote:
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Originally Posted by Stillriledup
i cant imagine that anyone who 'lent out' that kind of cash ever expects to get it back.
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Oh, I think they know they will get it back ! The U.S. government simply cannot default on their own issued bonds and securities.
But, a big but, I also think that just like the "Wise Guy" down on the corner who prefers letting the loan ride indefinitely in favour of the regular "vig" he gets, that the Chinese are happy to take the interest rather than demand the repayment of the loan.
And that interest is an enormous annual sum being sucked out of the economy. Like previous years, The USA this year will pay around $400 Billion interest on its debt.
And like previous years also, no payment will be made on the loan capital.
But hey, no worry .............. let the next generation fret about that issue.
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11-08-2012, 09:43 PM
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#37
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Veteran
Join Date: Oct 2009
Posts: 25,607
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Quote:
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Originally Posted by Hoofhearted
Oh, I think they know they will get it back ! The U.S. government simply cannot default on their own issued bonds and securities.
But, a big but, I also think that just like the "Wise Guy" down on the corner who prefers letting the loan ride indefinitely in favour of the regular "vig" he gets, that the Chinese are happy to take the interest rather than demand the repayment of the loan.
And that interest is an enormous annual sum being sucked out of the economy. Like previous years, The USA this year will pay around $400 Billion interest on its debt.
And like previous years also, no payment will be made on the loan capital.
But hey, no worry .............. let the next generation fret about that issue.
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Its unfortunate that Geo Bush II got us to this point...hopefully Pres Obama can fix that mess.
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11-08-2012, 09:55 PM
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#38
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Registered User
Join Date: Oct 2004
Posts: 14,036
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Quote:
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Originally Posted by Stillriledup
Its unfortunate that Geo Bush II got us to this point...hopefully Pres Obama can fix that mess.
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... catching anything?...
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11-08-2012, 10:04 PM
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#39
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Veteran
Join Date: Oct 2009
Posts: 25,607
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Quote:
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Originally Posted by elysiantraveller
... catching anything?...
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I dont get it.
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11-09-2012, 03:58 PM
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#40
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Registered User
Join Date: Feb 2003
Location: NE Ohio
Posts: 16,487
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Quote:
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Originally Posted by Stillriledup
I dont get it.
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Debt when Obama took office: $9 trillion
Debt now: $16 trillion
Who got us there??
The media keeps harping about the cliff while the real problem is the debt. IMO we won't ever attack the debt until we go over some kind of cliff. And the longer we wait, the bigger the cliff will be.
Obama can say he inherited a big mess. That's true. But his successor will be inheriting a big mess.
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11-09-2012, 04:06 PM
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#41
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Registered User
Join Date: Jan 2007
Posts: 18,962
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Trivia Fact
Quote:
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Originally Posted by Valuist
Debt when Obama took office: $9 trillion
Debt now: $16 trillion
Who got us there??
The media keeps harping about the cliff while the real problem is the debt. IMO we won't ever attack the debt until we go over some kind of cliff. And the longer we wait, the bigger the cliff will be.
Obama can say he inherited a big mess. That's true. But his successor will be inheriting a big mess.
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Good post. 
Here's a trivia fact:
It took 232 years for U.S. Governments to pile up just over $9 trillion in debt.
It took only 4 years for Obama to make that debt $16 trillion.
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11-09-2012, 04:32 PM
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#42
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Work Rider
Join Date: Oct 2008
Location: Ireland.
Posts: 151
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Quote:
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Originally Posted by Greyfox
It took only 4 years for Obama to make that debt $16 trillion.
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I would contend that the cost of two financially ruinous wars contributed substantially to that increased debt.
Neither war, of course, started by Obama himself .................... but at least he is trying to end both.
The sums involved for both the Iraq and Afghanistan wars are quite staggering.
http://costofwar.com/
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11-09-2012, 04:41 PM
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#43
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Registered User
Join Date: Jan 2007
Posts: 18,962
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Quote:
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Originally Posted by Hoofhearted
I would contend that the cost of two financially ruinous wars contributed substantially to that increased debt.
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Contend what you want.
The Fact is under Obama that National Debt increased 60%.
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11-09-2012, 04:58 PM
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#44
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Work Rider
Join Date: Oct 2008
Location: Ireland.
Posts: 151
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You, sir, are blinkered by your Obamaphobia .................. and cannot see the broader picture.
That is all.
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