Well color me shocked: USA Today Headline

[GTaudiophile]

I am for one happy that millions of Americans, awakening in hotels across the country or otherwise, will pick up today's USA TODAY and read the headline: US OWES $62 TRILLION!

This amounts to a glorious $534,000 per household!

I don't know about you, but I love a good rude awakening, a good slap in the face, a dash of cold reality!

If there was discontent before that GOVT spending is out of control, I can only hope that headlines like these will only add fuel to the fire.

CUT, BABY CUT!

 

[PokerGuy]

Haven't you gotten on board the "spending ourselves into prosperity" train yet?? What's wrong with you?

$534k in debt/future liabilities per household. That's just mindblowing.

 

[Zebo]

That's low, does not include states and local govt.

 

[Genx87]

This is America, we all want to be millionaires.

 

[fskimospy]

The story of course barely mentions that this is the net liability that includes everyone who is in the programs/working from here until the end of their lives. ie: for the next 40-50 odd years.

Sensationalist headline is sensationalist.

 

[drebo]

This is America, liberals keep telling us we can be millionaires without actually doing any work.

Fixed that for you.

 

[fskimospy]

Fixed that for you.

Well if all those evil 'libruls' tell us that all the time, I'm sure you can find plenty of quotes saying that. I'll be here waiting.

 

[PokerGuy]

The story of course barely mentions that this is the net liability that includes everyone who is in the programs/working from here until the end of their lives. ie: for the next 40-50 odd years.

Sensationalist headline is sensationalist.

Yes, of course that's true, but just like when you see the debt per capita, it's an eye opener. The amount of debt and future liabilities is truly staggering, no matter how you look at it.

 

[drebo]

Well if all those evil 'libruls' tell us that all the time, I'm sure you can find plenty of quotes saying that. I'll be here waiting.

The sentiment is in everything they do and everything they say. Every bit of taxation, wealth redistribution, spending...everything.

Your pretending not to see it isn't fooling anyone.

To be fair, though, a lot of stupid people also believe it and are also partly to blame.

 

[fskimospy]

Yes, of course that's true, but just like when you see the debt per capita, it's an eye opener. The amount of debt and future liabilities is truly staggering, no matter how you look at it.

Right, but that net liability is about 4x our GDP going forward. If you made $50,000 a year and had a $200,000 debt (total, including interest) to pay off over the next half a century, inflation included, that's really not that big a deal.

 

[fskimospy]

The sentiment is in everything they do and everything they say. Every bit of taxation, wealth redistribution, spending...everything.

Your pretending not to see it isn't fooling anyone.

To be fair, though, a lot of stupid people also believe it and are also partly to blame.

Ahhh, now I see. So no liberal ever says it, but there's a SECRET CODE that they are using that tells all Americans that they will be millionaires while sitting on their asses. How devious of them! You know what it's called when you think you can see secret codes being sent out by other people to conspire against you? It's called being batshit insane.

If there's one thing I would wish for this forum it would be for people to stop trying to divine what other people think. No matter who it is, apparently those politically opposed to you are party to some sort of Grand America Destroying Conspiracy. It's like I'm sitting at an electronic VFW bar.

 

[zsdersw]

"Debt holiday, or else the US will nuke your countries into the Stone Age."

..I'm sure more than a few people have thought something like that.

 

[Modelworks]

The solution is to require any spending a politician does is to be paid in pennies that the politician himself must carry to the bank .

 

[rudder]

Right, but that net liability is about 4x our GDP going forward. If you made $50,000 a year and had a $200,000 debt (total, including interest) to pay off over the next half a century, inflation included, that's really not that big a deal.

Unless, of course, you cannot keep your spending under $65,000 every year.

 

[Fear No Evil]

Unless, of course, you cannot keep your spending under $65,000 every year.

ZING. I think if you say 'But Boooosh' before going $15,000 more into debt each year though it cancels it out.

 

[CPA]

Hey, we can just take the stance of the Greek citizenry: "Stop paying our creditors". I'm sure that will work just fine.

 

[BlahBlahYouToo]

does this mean that I, as a fiscally responsible individual saving earnestly for my retirement, will be penalized as by then my money will become practically worthless?

 

[Jaskalas]

Are you going to be 'shocked' when this number raises to $70 trillion? Eye opener... as if it was not already. The meaning has not changed.

 

[Fear No Evil]

does this mean that I, as a fiscally responsible individual saving earnestly for my retirement, will be penalized as by then my money will become practically worthless?

Not only that, but they will likely find a way to tax that money even more.

 

[Scotteq]

Been tracked for some time: http://www.usdebtclock.org/

 

[BlahBlahYouToo]

Not only that, but they will likely find a way to tax that money even more.

well that's just wonderful.

 

[Atreus21]

Question about National Debt.

What exactly is it? To whom do we owe this money?

What would happen if we suddenly, without printing money, paid it off?

 

[etrigan420]

Not only that, but they will likely find a way to tax that money even more.

But how are they going to do that? Aren't our Conservo-Repulica-Tea Party saviors going to drop our tax rate to 0 and pay for everything that way?

 

[Munky]

Sensationalist or not, the debt is only getting worse every year, with no means to pay it off or even reduce it. Eventually, the Chinese will wisen up and stop lending us credit. And then Greek fire comes to the US.

 

[Acanthus]

Sensationalism.

You can't possibly know population trends, tax rates, spending, GDP growth and social welfare growth under such a huge time frame. You can only see problems with immediate trends.

You can't predict either way what is going to happen with debt.