U.S bankrupt in T minus....

[Ricky_Hatton]

 

Trillion? :lol: haha

 

 

 

Not sure which part you find funny.. :? The US national debt IS around $9 trillion dollars.

 

 

 

Or maybe you didn't know trillion is a real number as well... 9 trillion dollars= 9000 billion dollars.

 

 

 

If that's still hard to grasp, americans owe over 9000000000 million dollars to other countries. Each citizen of the US is about $30,000 in debt to other nations. That's almost the amount the american economy is worth annually.

 

 

 

None of them, just find it hard to grasp how someone can be in over 1 trillion debt :lol:

 

The UK is aswell smartarse.

 

 

 

haha :lol: wth

[Rebdragon]

Nuclear, what you seem to think is that debt is good. I dont know where you're getting this idea, but I'd like to know. Can you provide some sufficient evidence?

 

 

 

Just because you're rich doesn't mean you have no problems in life. Just because you're a rich country doesn't mean you dont have to worry about anything.

 

I believe he's going off Keynesian Theory, in which government [over]spending is a good thing that keeps the economy stable and growing when used at the right times.

 

 

 

Problem is, the business cycle is so hard to predict, and government fiscal policies take so long to implement, that it's a little easier said than done to properly utilize Keynes' ideas in government when it comes to government spending [other ideas, like manipulating tax and interest rates, do work, it's just spending that can be rather difficult to control].

 

 

 

Overall, we're going to have to deal with this debt one way or another, so it's kind of hard to define it as anything close to a good thing >_>.

[mrpez]

I don't think America will ever be bankrupt. Not until WWIII breaks out over land and oil at least.

 

 

 

Off-topic: In 1895 the American government was in major debt. One single private citizen by the name of J.P. Morgan bailed out the federal government.

[Rebdragon]

I don't think America will ever be bankrupt. Not until WWIII breaks out over land and oil at least.

 

 

 

Off-topic: In 1895 the American government was in major debt. One single private citizen by the name of J.P. Morgan bailed out the federal government.

 

If prices get high enough the world'll just starting ripping oil out of Canada and Utah. The oil in the Middle East is just easier to get to; it's going to be a long while before the possibility of an all-out-World war over oil becomes anywhere near realistic.

[Defender2516]

Debt really is not a problem if American can be indepedent without relying on goods from other nations.

 

 

 

However since this is not the case, people just don't want the dollar anymore because its value is low. Sad, yes, but still true. And its value will continue to decline, however it is only declining faster now due to Bush and his "War on Terror".

[ProZac_Rehab]

I already have a plan.

 

 

 

Get a good business going, then take 50% of my profit and convert it into European Dollars stashed away in a Euro bank.

 

 

 

That way if America ever did hit the big one, I won't be broke.

 

 

 

If America goes down, it takes every other part of the world with it.except maybe antarctica^^

 

 

 

I saw somewhere that some countries have enormous amounts of money invested in American banks (saudi-arabia i think, or some other oil countries) and if they would withdraw part of their money, america would be bankrupt in matter of a few days.

 

 

 

I'm Belgian, and we pay about 40% of our wages in taxes and social security, but we are ensured that we get our social security.Even we are facing problems, because Belgium has a high debt, even thoug we managed to lower it by 30% in 10years. A European treaty is still forcing our country to keep lowering our federal debt.we have to lower our debt with another 30%, and it's becoming hard now without damaging our economy.We can't raise wages because companies will invest less. We can't lower prices, because of the same reason. We can't raise taxes, because it'll damage the consumers. We can't lower taxes to attract more companies, because it'll increase our debt, which isn't allowed.

 

 

 

US presidential election always go about low taxes, but ppl should realise that u'ld be better of paying more taxes, and i mean alot more taxes...It's long term thinking, and i fear most of the politicians, both in US as in Belgium, have a lack of long term thinking capabilities.

 

 

 

Sorry if i'm wrong about this.

[darkmage099]

I already have a plan.

 

 

 

Get a good business going, then take 50% of my profit and convert it into European Dollars stashed away in a Euro bank.

 

 

 

That way if America ever did hit the big one, I won't be broke.

 

 

 

If America goes down, it takes every other part of the world with it.except maybe antarctica^^

 

 

 

I saw somewhere that some countries have enormous amounts of money invested in American banks (saudi-arabia i think, or some other oil countries) and if they would withdraw part of their money, america would be bankrupt in matter of a few days.

 

 

 

No, if America "went down" there would be the rise of a new economic power. The world wont just go into chaos. Yes, some will lose out, but it's not going to spark a world-wide depresson.

[BlueLancer]

Collapsion of american economy:

 

 

 

1. Pension and investment funds abroad lose their value and enrage the investors, some elderly labourers lose almost all of their pension funds

 

 

 

2. Hundreds of millions of people around the world lose the money invested in american stock exchanges

 

 

 

3. The world has one less big economy to export items to. The world doesn't need american products however, since Japan and Europe already have caught up to (and even surpassed) american technology

 

 

 

4. Stock value of all the stocks in all the world's stock exchanges plummet down because people are scared to invest in stocks for a short while

 

 

 

5. The country will be forced to spend some of it's army money on rebuilding a better nation for it's own people. The US already spends more on it's army than the entire world combined spends on their own armies.

 

 

 

No, USA going down wont "take everyone down with them", but it will have huge effects on other people in the world. Loans will become more expensive, products will cost more due to the market gap and loss of a 300 million people market with a PPP of $40,000+ per capita on average.

 

 

 

It would effect every single person from the beggar on the streets of Bangladesh to a white collar worker in Japan, Brazil, Great Britain, France...

[Satenza]

Nuclear, what you seem to think is that debt is good. I dont know where you're getting this idea, but I'd like to know. Can you provide some sufficient evidence?

 

 

 

Just because you're rich doesn't mean you have no problems in life. Just because you're a rich country doesn't mean you dont have to worry about anything.

 

I believe he's going off Keynesian Theory, in which government [over]spending is a good thing that keeps the economy stable and growing when used at the right times.

 

 

 

 

Yes thats what I was going to propose, however Keynesian theory aims to in the long run build a strong economy, constantly having a budget deficit it not really what Keynes as far as I am aware was promoting. Infact his theories were inherently progressive, and relied upon achieving full employment. Glancing at the poverty levels across the USA, and unemployment it would look like Keynesian economics are incredibly misunderstood.

[kidurdude]

i no how we can pay all this money!!!! :P

 

 

 

 

 

MAKE POT LEGAL!!!!! :shock: :P [/b]

[Squidward]

The US has been bankrupt for decades. Their "solution" to solving their extraordinary deficit is massive money supply growth resulting in a soaring inflation, which also leads to a strong devaluation of their dollar.

 

 

 

Agreed.

 

[Rebdragon]

^You do realize that chart is about the hyperinflation in Germany, right?

[Barihawk]

Interesting facts:

 

 

 

The United States has spent 350 billion US Dollars on the Iraq War and occupation since 2001.

 

 

 

The Internal Revenue Service (started by liberals and almost completely unnecessary) spends 500 billion dollars ANNUALLY. That is almost two Iraq Wars per YEAR.

 

 

 

If the US dropped the Federal Income Tax and moved to a generalized 9% Sales Tax (work with the states so they don't overlap) the IRS would not be required, and the US would save 500 billion dollars a year. In addition, everyone would make more money on their paychecks, and people in States that already have the sales tax would not even notice the Federal Sales tax.

[____]

Interesting facts:

 

 

 

The United States has spent 350 billion US Dollars on the Iraq War and occupation since 2001.

 

 

 

The Internal Revenue Service (started by liberals and almost completely unnecessary) spends 500 billion dollars ANNUALLY. That is almost two Iraq Wars per YEAR.

 

 

 

If the US dropped the Federal Income Tax and moved to a generalized 9% Sales Tax (work with the states so they don't overlap) the IRS would not be required, and the US would save 500 billion dollars a year. In addition, everyone would make more money on their paychecks, and people in States that already have the sales tax would not even notice the Federal Sales tax.

Barihawk for President - at least long enough to make that change :-$

[Barihawk]

Another fun fact:

 

 

 

Democrats always criticize Republican Candidates who offer tax cuts as "only giving tax cuts to the Rich).

 

 

 

In fact, these tax cuts affect the Wealthy and Middle class equally.

 

 

 

But what about those shafted poor people who don't get the tax cuts that the Democrats always tell you about?

 

 

 

Simple.

 

 

 

PEOPLE BELOW THE POVERTY LINE DO NOT PAY TAXES, AND HAVE NOT SINCE THE 1930'S!

 

 

 

Oh my God! Democrats lying to us! (Republicans are guilty of it too, but for this example it's mostly Democrats.)

[dangeresque]

The Democrat who comes into office will boast that they "fixed" the economy without lifting a finger.

 

 

 

Once again

[Rebdragon]

reaper, research the topic which you choose to discuss before posting, okay?

 

 

 

If you had done even the smallest amount of research, you would have come to find [at least] two pieces of data that completely render your entire post incorrect, to say the least:

 

 

 

1) The income tax, which you so willingly attack for being mean to the poor and good for the rich, is progressive. The rich do pay more.

 

 

 

Here's a table that'll hopefully explain it to you better than words [note where your hypothetical people fall and redo your math]:

 

 

 

 

 

 

2) The poor don't even pay taxes. Read Bari's posts if you don't believe meh.

 

 

 

As a side-note, I really don't get where you were going with that hypothetical. You're choice of words ['paltry', etc.], combined with the fact that you chose a scenario where one rich person pays magnitudes more than 5,000 average workers combined, serves to do little more than provide a counterargument for your own point. Where exactly were you going with that?