So you propose that we ignore the experts and when I point out that ignoring the experts it how we got into so much debt in the first place you change the subject by saying we can't pay off our debt because the Fed owns the notes and when I point out that that doesn't make any sense you revert back to crying about how much debt we are in? What are you going to do next? Suggest we ignore the experts?
What the experts suggest on taxes and spending will never pay off the debt, ever.
What the experts suggest on taxes and spending will never pay off the debt, ever.
Why not?
Or is this just another of your opinions?
Can you explain why the debt should be paid off? Not in terms of an emotional argument, but in terms of an actual economic one.
All of the money in circulation has been borrowed. How are you going to pay off a debt by borrowing more money?
How about national security?
Lets say we go to war with someone big like Russia or China. We need tanks, ships, guns, bullets, planes,,,,.
We have maxed out our line of credit. Where is the money supposed to come from?
China buying our debt gives china a reason to interfere with our government.
If we were debt free, or low debt, china would not be able to interfere with our government.
I don't think you understand how our debt works. There are plenty of people who want to buy US debt, it is just that the interest rate might be higher. Where did you get the silly idea that we need chinese money to keep operating?
You realize that China buys our debt because THEY need to do it, not because we need them to do it, right?
I don't think you understand how our debt works. There are plenty of people who want to buy US debt, it is just that the interest rate might be higher. Where did you get the silly idea that we need chinese money to keep operating?
You realize that China buys our debt because THEY need to do it, not because we need them to do it, right?
While this might be an answer to some question, it isn't an answer to mine.All of the money in circulation has been borrowed. How are you going to pay off a debt by borrowing more money?
I never said we "needed" chinese money.
Now explain to me why we should even have a national debt.
Nice attempt to move the goalposts. You said we needed to pay off the US debt for national security reasons. The reason you gave was wrong.
I asked a simple question, why do we need to undertake your course of action? It should be easy to answer.
While this might be an answer to some question, it isn't an answer to mine.
How are you going to pay off a loan if all you can do is borrow money?
I answered your question, you just did not like the answer.
Right. You have no answer. That's fine.
We do not need to borrow Chinese money for national security reasons.
All these 5th grade credit card analogies, comparing the way government financing works to an out of control teenager with tapped out credit cards are not only incredibly niave and just plain stupid, but they are also very dangerous because they embolden the uninformed to believe a default is OK.
If you really think the answer to the problem is as simple as taking little johnny's credit cards away then you need to back away from the grown ups table and go back to playing with your tinker toys.
I'm not going to try and explain it in detail as the treasury secretary and the President have both done a good job of spelling out the reprocusions of a defualt in the past few weeks, but of course you won't believe the experts because your idiotic grade school interpretation better suits your message that big gub-o-ment and our commie socialist ubummer just wants to spends yo money.
And this is where you do not understand.
1) It was a very exaggerated joke like response, to explain that since our debt KEEPS raising and NEVER falling, at some point, some day, We WILL default. It WILL happen, unless we make MAJOR changes that neither liberal nor conservative group wants that would purposely put the country into a recession.
Texashiker what are you talking about in this thread? Isn't the same as the left hand borrowing money from the right hand?
Can you explain the economic basis for this?
Can you explain the economic basis for this?
Am I wrong in that the debt has continuously climbed for a while now?
Interest is compounded off of principle + interest added, at some point that minimum interest payment will be too much to pay. It is simple math. Also The world is using an honor system when it comes to finances. There is no backing behind money anymore. So regardless, we will hit a point in which everything falls apart unless we strive to fix it now.
Saying we won't default means at some point the debt has to be moving in the opposite direction it has been. And no I will not argue which president increased it the most, because it doesn't matter. It was still increased with them all. All not defaulting now will do, is kick the can down the road for the next time we are about to default. And keep kicking, until we just can't kick no more.
, but the income of the US increases basically every year.
Only because the federal reserve prints money out of thin air.
I hope that this is the case, that the income continues to grow, but it is wishful thinking and nothing guarantees that, especially with more and more choosing to live off the government dole.
No, what I'm saying is that our monthly income isn't enough to cover all of the US's legal obligations.
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I'm not going to try and explain it in detail as the treasury secretary and the President have both done a good job of spelling out the reprocusions of a defualt in the past few weeks, but of course you won't believe the experts because your idiotic grade school interpretation better suits your message that big gub-o-ment and our commie socialist ubummer just wants to spends yo money.
What legal obligations?
Fern