How much money does the US gov't really have?

[zoiks]

I don't have to much knowledge in this area but it'd be interesting to know. Our politicians seem to be handing out money back and forth to a lot of corporations/entities. I know that we're in a greater debt than ever. Where does the government/congress get or borrow the money from? Do we have unlimited money lying in banks or in underground caverns somewhere?
It's weird since our politicians sometimes talk about debt when they want to argue their point, yet they seem to infer that they have limitless cash when bailing out the car companies/banks etc.

 

[FelixDeCat]

None really, just borrowing power. And that can be spun and twisted in so many ways. But if Americas debt rating gets downgraded that might bring the out of control borrowing under control.

Until then however, who knows when it will stop.

 

[Zim Hosein]

How much money does the US gov't really have?

You mean how much debt right?

 

[SSSnail]

Unlimited, they own the print press.

 

[LS21]

this is how much money "we" have:
http://www.brillig.com/debt_clock/

 

[Chunkee]

there was a great special on our debt, based on the book IOU America? on CNN yesterday...it is enough to make you wretch. I for the life of me do not understand why we as citizens keep taking it. I guess too many people think pork barrel spending is still humorous.

it is appalling what has become of the mindset.

 

[amdhunter]

Over $9000 - infinity...the USSA can print as much money as they need.

 

[SpanishFry]

funding wars is cheap, paying for entitlement programs is where the real debt comes in.

ETA: pictar

 

[Stiganator]

..

 

[AnonymouseUser]

Originally posted by: SSSnail
Unlimited, they own the print press.

Wrong. We borrow.

 

[LegendKiller]

Originally posted by: Stiganator
roughly -10 trillion.

Imagine how much the dollar would be worth if we didn't have such an ass ton of debt.

It'd be worth about as much as it is now.

 

[SSSnail]

Originally posted by: AnonymouseUser

Originally posted by: SSSnail
Unlimited, they own the print press.

Wrong. We borrow.

Borrow from whom?

Oh wait, they borrow from the people right? :roll: Or is it someone else that owns out debt? Tell me who's gonna collect if we default...

 

[tranceport]

Originally posted by: amdhunter
Over $9000 - infinity...the USSA can print as much money as they need.

Who is the USSA?

You are ignorant if you think the USA prints money to spend it. Wouldn't it all be wire transfers?

 

[Eli]

Originally posted by: SSSnail

Originally posted by: AnonymouseUser

Originally posted by: SSSnail
Unlimited, they own the print press.

Wrong. We borrow.

Borrow from whom?

Oh wait, they borrow from the people right? :roll: Or is it someone else that owns out debt? Tell me who's gonna collect if we default...

Other nations.

 

[SSSnail]

Originally posted by: Eli

Originally posted by: SSSnail

Originally posted by: AnonymouseUser

Originally posted by: SSSnail
Unlimited, they own the print press.

Wrong. We borrow.

Borrow from whom?

Oh wait, they borrow from the people right? :roll: Or is it someone else that owns out debt? Tell me who's gonna collect if we default...

Other nations.

ORLY? So to whom other nations owe their money? Apparently, everybody have debts...

I love this game, where everybody knows everything.

 

[RESmonkey]

They just write it off.

 

[speg]

I believe China is the largest creditor.

Edit: My bad, looks like Japan just beats out China.

 

[Eli]

Originally posted by: SSSnail

Originally posted by: Eli

Originally posted by: SSSnail

Originally posted by: AnonymouseUser

Originally posted by: SSSnail
Unlimited, they own the print press.

Wrong. We borrow.

Borrow from whom?

Oh wait, they borrow from the people right? :roll: Or is it someone else that owns out debt? Tell me who's gonna collect if we default...

Other nations.

ORLY? So to whom other nations owe their money? Apparently, everybody have debts...

I love this game, where everybody knows everything.

😕

Well, as of Oct 2008, we owe China 652 billion, Japan 585 billion, the UK 360 billion....

I don't claim to know how it works, just answering your question.

 

[UncleWai]

Any other countries with the kind of debt the US, their currency inflation will off the roof.
The US dollar is still relatively strong, I don't get why all the bitching for the US citizens.
It's the foreign countries holding the US debt that should have the right to bitch.

 

[Sacraster]

mostly china and japan.
here's link

http://en.wikipedia.org/wiki/United_States_public_debt

 

[FelixDeCat]

Originally posted by: UncleWai
Any other countries with the kind of debt the US, their currency inflation will off the roof.
The US dollar is still relatively strong, I don't get why all the bitching for the US citizens.It's the foreign countries holding the US debt that should have the right to bitch.

Maybe because its backed by "the full faith and credit of the United States of America" therefore we are obligated to pay it all back. Yeah, that kind of makes me want to "bitch" about it. 😉

 

[iamwiz82]

Originally posted by: SpanishFry
funding wars is cheap, paying for entitlement programs is where the real debt comes in.

ETA: pictar

$2.7 Trillion, or 27,517,423,398,073,100,000.00 Zimbabwean dollars. 😛

 

[Fayd]

Originally posted by: UncleWai
Any other countries with the kind of debt the US, their currency inflation will off the roof.
The US dollar is still relatively strong, I don't get why all the bitching for the US citizens.
It's the foreign countries holding the US debt that should have the right to bitch.

are you kidding? foreign countries LOVE having us as a debtor, because we're virtually guaranteed to pay it all back. because the US is so huge, and so powerful, if the US came close to defaulting on loans other countries would give us bridge loans. this is a guaranteed.

US citizens have a right to bitch, because the larger the US debt is, the more of the tax revenue is spent towards interest on that debt. and because of that, the government is required to tax the citizenry more to cover the interest.

 

[FoBoT]

the gubberment can do both, they do borrow money when they sell debt (treasury bills, bonds etc)
but they can also just add $ to the money supply, i.e. "print more money"

 

[Atheus]

Originally posted by: SpanishFry
funding wars is cheap, paying for entitlement programs is where the real debt comes in.

LOL damn those terminally ill children and their sense of entitlement! More war! More war!

NOTE:

The above is sarcastic and should be read as 'fuck off and die slowly' or similar.