saw this on another blog... thought it was funny so , thought I might share
Some dude said: I can hear my son when he grows up…
“Why didn’t you do anything to stop this…?!?!”
… and my answer will be,
“Well, there was this guy named ernesto on this blog I used comment on that told me not to worry…”
in a few weeks the debt surpasses 100percent of the GDP as well
...Have a Merry Christmas !
Yep, and the little sucker is just moving right along...
Eh, no need to worry. As long as we keep spending and printing, things will be fine
Remember, the federal government owns about $7 trillion of its own debt. It would be like my wife taking money from a savings account and depositing the money in the checkbook and saying we have a debt owed to the saving account.
Government accounting. Ya gotta love it.
Now that actually perks me up somewhat.
@ Keith tax , still depreciates the currency either way(loss of purchasing power) a poverty trap to poor and middle class now too ...6 percent of that 7 trillion still goes statutory disbursement to Fed stockholders year over year and it makes it tougher for the Fed to control inflation once it surpasses the gdp mark.. it's like a multiplier...under 100 percent and inflation is easier to target.. over 100 percent is a battle to keep inflation targets under control and can lead to hyperinf... well i won't go there just yet
most of the seven trillion is owed to old retired people so even though its owed to its own people, there will be a time when they have to look those old folks in the eye and tell they cant actually pay it to them...the young have nothing to look forward to in the future
its worse than just pretending that the govt owes itself, so no worry
Again... Merry Christmas!
That's nothing compared to the actual total of America's full debt. When all said and done, it's closer to 100 Trillion is what's owed.
Yes, exactly and most will be unpayable in the future without continuously adding to the govt credit card... print, print, print... until the money becomes as worthless as a Zimbabwe dollar. It's a continuous cycle that's snowballing... or about to once it falls over the edge... that edge is when it surpasses 100 of GDP...http://www.usdebtclock.org/ ... suspect that line will be crossed when both hit about 15 T ,55 B,000,000,000 mark !
You guys get to complain about it. I have to work with those idiots.
Here's how the U.S. and Europe got into their current economic and political predicaments:
"In both Europe and the United States, the current public debt woes are attributable to mistakes made by political leaders going back more than a decade. In both cases the magnitude of the debt problems has only become evident for all to see recently, by which time it was too late for the straightforward policy solutions that were viable options before.
"It is hard to judge whether it is Europe or the United States that has screwed up worse. On the one hand, Europe is now much closer to full-fledged crisis: The debt problems in Mediterranean members are virtually insoluble at current interest rates, are probably pushing Europe back into recession, and could well soon result in one or more countries forced to leave the euro. By contrast, there is no true fiscal crisis here yet; the world's investors are still buying large quantities of U.S. bonds at low interest rates.
"On the other hand, the mistakes by U.S. politicians are more gratuitously self-inflicted than on the other side of the Atlantic. In 2001, all we had to do was continue the fiscal progress that had been made during the 1990s: preserve the budget surplus and move on to address the longer-term problems of Social Security and Medicare in a deliberate and balanced manner. Instead we recklessly enacted massive tax cuts and tripled the rate of growth of federal spending, in ways guaranteed to generate serious fiscal troubles in the decade of the 2010s and beyond. The debt-ceiling showdown last summer was but the latest self-inflicted wound, new evidence that the U.S. political system is not functioning."
http://www.usnews.com/debate-club/who-i … -inflicted
Great for the bankers who all went bust, and got bailed out by the various governments, so that now the banks are all robust and governments are all bankrupt.
Who we owe it to
http://www.ritholtz.com/blog/2011/01/is … e-us-debt/
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And what does it mean for us?
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