America's debt is nearing 7 Trillion dollars. Can someone please explain to me why this is not such a big deal because I hardly ever hear anything about this. Is it good or bad? Does it really matter because we are the United States of America with the world's largest economy? Someone school me please. Thanks.
The national debt...how serious is it?
- Thread starter duke
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Schadenfroh
Elite Member
- Mar 8, 2003
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It depends on your viewpoint. Different economists say greatly diffrent things.
If there was no national debt the US dollar would be worth so much that other countries couldn't afford to import our products, food, technology etc. This would lead to declining exports, massive layoffs, recession and, eventually, a depression.
That's extremely simplified but it will give you the general idea.
This would make a great topic of conversation/debate.
If there was no national debt the US dollar would be worth so much that other countries couldn't afford to import our products, food, technology etc. This would lead to declining exports, massive layoffs, recession and, eventually, a depression.
That's extremely simplified but it will give you the general idea.
This would make a great topic of conversation/debate.
If I remember correctly the debt is somewhere near 5 trillion dollars. ($5,000,000,000,000)
I read in a economic break down of the average tax dollar that about 15 cents on each tax dollar goes to repaying the debt.
if you are rich then you love the government getting heavier into debt because they have to issue more treasury bonds at higher interest rates than other commodities.
if you are poor then the debt is bad because all the money wasted on repaying the debt is taking away from social services, military, and various other aid.
Schadenfroh: We cannot just print more money because any form of currency is Fiat (look it up) money and therefore the more you print the more worthless it becomes. Back before modern economic theory, during the colonial days each state printed their own money to pay off the debts of the American Revolution:
As a result banks went bankrupt and closed often, and some currencies were worth more used as toilet paper. That is why Andy Jackson created the BUS ... (bank of united states) to centralize these problems and give more control to printing.
I read in a economic break down of the average tax dollar that about 15 cents on each tax dollar goes to repaying the debt.
if you are rich then you love the government getting heavier into debt because they have to issue more treasury bonds at higher interest rates than other commodities.
if you are poor then the debt is bad because all the money wasted on repaying the debt is taking away from social services, military, and various other aid.
Schadenfroh: We cannot just print more money because any form of currency is Fiat (look it up) money and therefore the more you print the more worthless it becomes. Back before modern economic theory, during the colonial days each state printed their own money to pay off the debts of the American Revolution:
As a result banks went bankrupt and closed often, and some currencies were worth more used as toilet paper. That is why Andy Jackson created the BUS ... (bank of united states) to centralize these problems and give more control to printing.
Really? The debt must eventually be paid, no? It just boggles my mind. My credit card company would hunt me down if I miss just one payment.
I would beg to differ on that theory. However there's no point in going into a long drawn out debate here since no one really cares...
(goes and works on supply and demand curves right now)
Jackson vetoed the chartering of the 2nd BUS. The 1st BUS was created in 1791, pushed by Hamilton
Jeff7
Lifer
- Jan 4, 2001
- 41,596
- 20
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08/27/2003 $6,788,645,666,601.51
08/26/2003 $6,792,309,952,142.68
08/25/2003 $6,789,437,055,838.61
Woo went down for once!
08/26/2003 $6,792,309,952,142.68
08/25/2003 $6,789,437,055,838.61
Woo went down for once!
and then the American Econmeny and the American Dollar loses all value and dies, the end of america
Dogg
Didn't we have a chance to use the profits gained in WWII to pay off our debts but instead chose to finance rebuilding efforts in Europe/Japan? If I am wrong please correct me.
CubicZirconia
Diamond Member
- Nov 24, 2001
- 5,193
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I don't have a link, nor do I indend to look one up. But I've always been told this is basically propaganda. The debt isn't being paid off. The government would like you to think it is though. Notice how the National debt gets larger every year, not smaller.
it seems like no one on atot that has replied so far really knows precisely about this national debt.
who is it owed to? some say other countries, some say people.
will it be paid back? some say it is, some say it isnt.
etc. im interested in getting the real scoop on this. who is it owed to, and does the US even care?
who is it owed to? some say other countries, some say people.
will it be paid back? some say it is, some say it isnt.
etc. im interested in getting the real scoop on this. who is it owed to, and does the US even care?
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