Yup that's how government debt works. Thanks for pointing it out.

Oh? Can we pay this "irrationally pulled-from-my-ass debt" with the "irrationally pulled-from-my-ass income" that every year the news seems to report us as being worth.

Since a stay at home wife is worth $300,000 a year (I mean, she's a chef, a maid, a nanny, a teacher, blah blah blah) and a working husband is worth $300,000 a year (exterminator, accountant, psychologist, blah blah blah) this can be paid off in NO TIME!

Thanks for the useless, made up, factoid.

This is actually real money owed by real people to real people (or the corporations/countries that they own). There's no clean, easy way out, either.

It's inherently dishonest and unethical to think our kids or our kids' kids will pay for this, either. That's what the post-WWII generation/boomers are doing to us now and it sucks.

Ponzi schemes always collapse...and I'm guessing this one will collapse into either hyperinflation or a sick, sick devaluation of the dollar. What are the other, long-term alternatives?

P.S. Elected officials, stop spending more than you take in. The rest of us have to (eventually).

Xaneidolon: This is actually real money owed by real people to real people (or the corporations/countries that they own). There's no clean, easy way out, either.

become soylent green at age 65 will help with medicare and SS obligations, which are the bulk of the $64 trillion.

If it really is that much, the coming wave of hyper-inflation will make it seem like chump change.

Why is anyone even worried any more. We've been in debt since WWII and massive debt since the economic genius of Reagan. Does government debt even really matter for a country of our wealth?

Mrstupid7: Does government debt even really matter for a country of our wealth?

absolutely.

As our country ages, more people take advantage of benefits, but fewer people are of working age to pay for it. Either you cut back on benefits (which won't happen because the elderly vote) or tax more. The more you tax workers and employers, the less they have to spend or expand their business. That becomes a drag on the economy.

Also, having more debt obligations means less government money is available for doing other stuff. Again, unless you want to hike taxes. And if we have too much debt, investors won't make more loans to us because we could default. That would drive up treasury note interest rates to attract investors, meaning we're taking on even more debt.

you can't run a ponzi scheme forever

Mrstupid7: Why is anyone even worried any more. We've been in debt since WWII and massive debt since the economic genius of Reagan. Does government debt even really matter for a country of our wealth?

We have a great ability to take on debt, but not infinite. At some point, people will stop buying, and when that happens the printing presses turn on and the dollar is destroyed. I might add:

Marcus Aurelius: If it really is that much, the coming wave of hyper-inflation will make it seem like chump change.

For sure. But the economic corrosion of hyperinflation is significantly more destructive than the burden of debt.

Wrong-o pal, the rich will pay most of that. I bet my portion is closer to $50k.

Who can we blame ...
The Democrats? nooooo, this has been going on longer than they've held the purse strings.
The Republicans? nooooo, I'm pretty sure they share equal blame with the Democrats.
how about
The collective stupidity of we the people who insist on re-electing self serving morons in to the same seats over and over?

I was told there would be no math

Maybe Obama should start garnishing our wages to pay for our debt.

I better start having more children so each of us in the household is stuck for less.

If the federal government limited itself to the powers allocated to it by the Constitution, I bet our federal budget would be about $1 trillion.

Just think, if we'd just voted Republican, none of this would have happened.

Sure as hell isn't going to be my debt.
Make the irresponsible bastards who created it fix it, but leave my money out of it.

Yah, but China be buying up the debt so drinks be on Mao!

elchip: If the federal government limited itself to the powers allocated to it by the Constitution, I bet our federal budget would be about $1 trillion.

This.,

However, America would look like a very different place. I'm not sure if it would be better or worse.

I wonder what effect banning credit cards would have...

How much debt are the illegal immigrants responsible for?

Cap Ten Oblivious: Make the irresponsible bastards who created it fix it, but leave my money out of it.

They're starting to retire and all of them vote.

whidbey: Just think, if we'd just voted Republican, none of this would have happened.

Sometimes I wish we had voted Republican.

Americans deserve to be punished.

whidbey: Just think, if we'd just voted Republican, none of this would have happened.

McCain and Palin would be saving our country right now from evil terrorists and Democrats who want to raise our taxes. Republicans would not be spending that much like Obama is right now.

Okay, so this is probably a stupid obvious question, and will be roundly mocked but:

How much do other countries owe us?

Xaneidolon: There's no clean, easy way out, either.

Inflation, the dishonest form of bankruptcy.

vernonFL: However, America would look like a very different place. I'm not sure if it would be better or worse.

We'd still have two big ass towers in New York, no "war on terror", you'd probably fill your car up with something other than gasoline though.

Cap Ten Oblivious: Sure as hell isn't going to be my debt.
Make the irresponsible bastards who created it fix it, but leave my money out of it.

If you have money, get it the fark out of the country and into someone else's cash. Gold is good.

Hard to believe we've only had income tax for about 100 years. How did the US make it before then?

I Said: Oh? Can we pay this "irrationally pulled-from-my-ass debt" with the "irrationally pulled-from-my-ass income" that every year the news seems to report us as being worth.

Since a stay at home wife is worth $300,000 a year (I mean, she's a chef, a maid, a nanny, a teacher, blah blah blah) and a working husband is worth $300,000 a year (exterminator, accountant, psychologist, blah blah blah) this can be paid off in NO TIME!

So if I don't get the actual cash for my value I can right that off on my tax forms?

Thanks alot Obamatons! Thanks to your sheer stupidity, you should be on the hook for all of this debt!

Cat Food Sandwiches: Hard to believe we've only had income tax for about 100 years. How did the US make it before then?

Tariffs, and limited gov't.

James F. Campbell: Americans deserve to be punished.



On your knees, biatches!

/do you know how difficult it is to get a SFW pic of a dominatrix?

//hotter than candle wax

Cat Food Sandwiches: How did the US make it before then?

tariffs I believe...

vernonFL: do you know how difficult it is to get a SFW pic of a dominatrix?

Apparently very?

Hey, I don't owe that money!

And if someone said I did, well, I'd just move! Move I say!

Bwa-haha! Canada here I come!

What? Canada won't take me?

Well, I'll just hop the border!

They put up a fence?

Well, they can't watch all of it all the time, I'll just find a quiet area and...

...there we go. Now to find work without anyone noticing.

Hmmm... I can't seem to get a white-collar job without official papers...

...Can I trim your maple trees? Make your little Canadian flags? Wash your snow-mobile's windows? Just ten dollars!

Profit!

/Thanks Mom and Dad.
//Your McMansion made me an illegal.

The government is going to try to inflate away this debt, and in doing so it will destroy the personal wealth of anyone who has any savings. It'd be much better if they were honest, and restructured the debt with our foreign creditors(Its better for them to get 40 cents on the dollar than it is for us to inflate it away). Of course that means that we'll have to stop spending more than we take in from taxes(since restructuring the debt would likely collapse the bond market early).

If the federal government limited itself to the powers allocated to it by the Constitution, I bet our federal budget would be about $1 trillion.

that's just crazy talk. you been hugging gold paint?

Xerxes99: Thanks alot Obamatons! Thanks to your sheer stupidity, you should be on the hook for all of this debt!

The man has to be an evil genius to do that in 4 months. Especially since we're still in the midst of Bush's budget.

huffing. hugging actually sounds fun

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

Huh? The average household only owes $140k in mortgages, car loans, credit cards and other debt? I guess that could be right but seems low.

/Owes over $3 million
/Seriously

Yay, the very confusing "debt obligation" numbers. To keep the such articles scary, it's important to omit the "projected government receipt" numbers.

So what if debt obligations are $6 trillion, $60 trillion, $600 trillion, or whatever. If over the same time frame our government receipt numbers are equivalently $6 trillion, $60 tillion, $600 trillion, etc., then there's no problem.

/Now debt to GDP, that's a meaningful measurement
//Another good measurement is the percent of GDP that goes to interest.

KAVORKA: Huh? The average household only owes $140k in mortgages, car loans, credit cards and other debt? I guess that could be right but seems low.

Could be. There's got to be a significant amount of people who either rent (and therefore have no mortgage), have paid off their house or are at least halfway done paying off their mortgages.

archevilangel: The government is going to try to inflate away this debt, and in doing so it will destroy the personal wealth of anyone who has any savings. It'd be much better if they were honest, and restructured the debt with our foreign creditors(Its better for them to get 40 cents on the dollar than it is for us to inflate it away). Of course that means that we'll have to stop spending more than we take in from taxes(since restructuring the debt would likely collapse the bond market early).

No he won't. You're mad that the Republicans did not win. This will give all Americans equal footing for everyone. Everyone will have the same and no one will have more than the other.

albo: that's just crazy talk. you been hugging gold paint?

I went to Ron Paul's barber shop, stole the hair they trimmed off of him, burnt it, and snorted it.

Xerxes99: Thanks alot Obamatons! Thanks to your sheer stupidity, you should be on the hook for all of this debt!

You know, it's funny, but going by the White House projections, it looks like they have a plan to pay most of that debt back. Post-2013, it looks like they're going off "worst case scenario" (i.e. Obama doesn't get re-elected, and his successor does not keep paying it down).

We're in a recession. You don't save your way out of a recession, you spend your way out. Unfortunately, Bush left us with nothing to spend, so hel-oooooooooooo debt. We'll get it paid off with time.

KAVORKA: .

/Owes over $3 million
/Seriously

Holy shiat. I hope there's a good reason for that.

KAVORKA: The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

Huh? The average household only owes $140k in mortgages, car loans, credit cards and other debt? I guess that could be right but seems low.

/Owes over $3 million
/Seriously

I'd assume that renters bring those numbers down.

HeartBurnKid: We're in a recession. You don't save your way out of a recession, you spend your way out. Unfortunately, Bush left us with nothing to spend, so hel-oooooooooooo debt. We'll get it paid off with time.

In a recession because we spent too much, and now we're going to spend our way out of it? You must've been in the same economics class as Bernanke and Geithner.

Unfortunately, Bush left us with nothing to spend, so hel-oooooooooooo debt. We'll get it paid off with time.

We've never had "extra" to spend. Certainly not in the lifetime of anyone alive today.

Print baby print!

/sarcasm

Cat Food Sandwiches: Hard to believe we've only had income tax for about 100 years. How did the US make it before then?

We accepted the tears of the native population as currency.