If I were living in America right now, I'd be a little bit concerned

dream431ca

dream431ca

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http://www.brillig.com/debt_clock/

How the hell is the government going to pay all that off? And whats worse, is Bush is going to raise the debt limit to 9 trillion dollars. Also there is this:

The estimated population of the United States is 298,522,389
so each citizen's share of this debt is $28,195.62.

So, in order to pay off this debt, and get the US back into a surplus, each citizen will have to pay close to 30,000 dollars, and in a few more years it's gonna be more than 30,000 dollars.

Just a question to the Americans. Doesn't this concern you at all? After the US reaches it's limit to borrowing money, it's gotta pay it off. Guess what's gonna happen. Taxes will probably go up..a lot, and the unemployment rate will jump sky high.

What are your thoughts on this?
 
dream431ca said:
Taxes will probably go up..a lot, and the unemployment rate will jump sky high.

What are your thoughts on this?
Click to expand...

Yes taxes will go up sooooooo much.... :rolleyes:

Unemployment go sky high? Righhhhhhhhht worry about your own country mate, I am not worried at all. Theres one thing to read about our country another to actually live here.
 
Whoa a debt of 8.5Trillion Dollars(I readying that correctly right?)

Thats a spicey meat ball. Aye,I am also quite glad I don't live in the US at the moment.
 
DiSTuRbEd said:
Yes taxes will go up sooooooo much.... :rolleyes:

Unemployment go sky high? Righhhhhhhhht worry about your own country mate, I am not worried at all. Theres one thing to read about our country another to actually live here.
Click to expand...

It's already happening. And because I live right beside the US I've concerned myself as it will have reprocussions in other countries as well.
 
DiSTuRbEd said:
Yes taxes will go up sooooooo much.... :rolleyes:

Unemployment go sky high? Righhhhhhhhht worry about your own country mate, I am not worried at all. Theres one thing to read about our country another to actually live here.
Click to expand...

No need to be so defensive...
 
It sounds like a lurking time bomb, and the effects could easily be seen globally...

Oh well, increase spending on the military, and come out of debt by pointing the gun at the lenders :O
 
Disturbed, what the hell? That's one huge number you know. I mean seriously. Big. As a house. For a rapper.

Like, big.
 
Horaay I get to pay high taxes when I hit 18. Really happy about that.

Bush needs to stop giving tax cuts and start paying off this debt.
 
There was a documentary on Dutch TV a couple of weeks ago about what would happen if the US went bankrupt because of this huge debt. The repercussions would be felt worldwide. Imagine the Asian financial crisis of the late 90's on a global scale. The Bush administration (and / or the next one) better start adressing this problem, or things will get really nasty.
 
I'm more concerned about the war we're all being led to, like sheep to the slaughter
 
Just so I know how big this is... how much is the UK in debt? Is debt common in Government?
 
and thats why such a huge area shouldnt be governed by one single government.

Im glad im living in Europe, so many different cultures by just a 5 hour car ride and the continent being split up in many countrys makes its easy governmed.
 
Canada kicks ass.
We never have anything bad happen to us, our leaders are smart.
 
Mutley said:
Just so I know how big this is... how much is the UK in debt? Is debt common in Government?
Click to expand...

Debt is very common in government (or business for that matter). There basically aren't any states without it. To give you an indication: ultimo 2005 the UK had a national debt of £525 billion / $1.045 trillion. Per capita national debt is £8750 / $17427.32.
A better way to look at national debt is as a percentage of the Gross Domestic Product. In the UK it's about 40% which is just about acceptible, but in the US it's about to cross the 60% treshold and projections show this rise will further continue.
 
Bush better get his shit together. He's ruining my generation and the future generations hence forth economically.
 
Sorry for being stupid, but what is the actual end result of this, for an average citizen? I haven't seen any repurcussion so far, but of course, I don't follow the financial world or anything.
 
The debt needs to be paid back sooner or later, you can't go on accumulating debt forever.

However it's a delicate process, paying it back too fast could have adverse consequences. Recessions can occur, and we all know what happens then.
 
kirovman said:
The debt needs to be paid back sooner or later, you can't go on accumulating debt forever.

However it's a delicate process, paying it back too fast could have adverse consequences. Recessions can occur, and we all know what happens then.
Click to expand...

It will never be fully paid. It's impossible. Accumulating debts is what we have been doing for a long time now.
 
Yeah, but some effort needs to be put into paying it back. You can't just go and get a debt that's 5 times the GDP.

Like a person for example, you could probably manage to stay £1000 overdrawn for several years, and you could owe hundreds of thousands of pounds on your house. However, you can't just go more and more into debt without any intention to settle it.
 
Well, what the hell. So everyone owes everyone money. Who owes the US money? And how much?
 
kirovman said:
Yeah, but some effort needs to be put into paying it back. You can't just go and get a debt that's 5 times the GDP.
Click to expand...

That would need drastic changes in the economical priorities to reverse the progression of the debt. You can't just grow the taxes epically.
 
Our government needs to stop spending on crap programs and global wars.
 
DiSTuRbEd said:
Yes taxes will go up sooooooo much.... :rolleyes:

Unemployment go sky high? Righhhhhhhhht worry about your own country mate, I am not worried at all. Theres one thing to read about our country another to actually live here.
Click to expand...
I honor your ability to disguise your sarcasm so subtley :O
 
Republicans put us into debt....democrats take us out....lets hope our next president is not a republican or else were all ****ed.
 
Dog-- said:
Canada kicks ass.
We never have anything bad happen to us, our leaders are smart.
Click to expand...

pretty ignorant thing to say, but people are always bashing canada, maybe they will be the last ones to laugh
 
Canada's gonna be the last remaining country after nuclear war.

"What's going on, eh?"
 
DeusExMachina said:
Canada's gonna be the last remaining country after nuclear war.

"What's going on, eh?"
Click to expand...

lol a canada joke. Get it? He used the word "eh" to... nevermind.

I love you Dues.

I'm concerned about the whole world. I want a secure investment for the future, but that pretty much is only gaurenteed by physical strength and will power. So I'm ****ed.
 
Minerel said:
Republicans put us into debt....democrats take us out....lets hope our next president is not a republican or else were all ****ed.
Click to expand...
Wow this is ignorant.

Democrats advocate bigger spending. Bigger spending = bigger debt.
Now yes, Bush did lead us deep into debt, but were we out of debt before he came into office? No.
Sadly, this white house has advocated bigger spending (Iraq and Afghanistan) but only added spending and reduced taxes, and didn't cut anything.
Canada's gonna be the last remaining country after nuclear war.

"What's going on, eh?"
Click to expand...
Australia:
"WTF, mate?"
 
Just elect me as The Supreme Leader of The United States, I'll take care of everything.
 
TheAmazingRando said:
Just elect me as The Supreme Leader of The United States, I'll take care of everything.
Click to expand...

If the US were a tank in BF2, you'd make a great leader.
 
MiccyNarc said:
Wow this is ignorant.

Democrats advocate bigger spending. Bigger spending = bigger debt.
Now yes, Bush did lead us deep into debt, but were we out of debt before he came into office? No.
Sadly, this white house has advocated bigger spending (Iraq and Afghanistan) but only added spending and reduced taxes, and didn't cut anything.
Click to expand...

No but we did have the lowest deficit in a long time while Clinton was in office which is a step in the right direction.
 
Dog-- said:
Canada kicks ass.
We never have anything bad happen to us, our leaders are smart.
Click to expand...

You're joking right? Do you know who our last two Prime Ministers have been?
 
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