Posted on 05/22/2015 5:14:38 PM PDT by fhayek
Did you know that if you took every single penny away from everyone in the United States that it still would not be enough to pay off the national debt? Today, the debt of the federal government exceeds $145,000 per household, and it is getting worse with each passing year.
Many believe that if we paid it off a little bit at a time that we could eventually pay it all off, but as you will see below that isn’t going to work either.
It has been projected that “mandatory” federal spending on programs such as Social Security, Medicaid and Medicare plus interest on the national debt will exceed total federal revenue by the year 2025. That is before a single dollar is spent on the U.S. military, homeland security, paying federal workers or building any roads and bridges. So no, we aren’t going to be “paying down” our debt any time in the foreseeable future. And of course it isn’t just our 18 trillion dollar national debt that we need to be concerned about. Overall, Americans are a total of 58 trillion dollars in debt. 35 years ago, that number was sitting at just 4.3 trillion dollars. There is no way in the world that all of that debt can ever be repaid. The only thing that we can hope for now is for this debt bubble to last for as long as possible before it finally explodes.
It shocks many people to learn that our debt is far larger than the total amount of money in existence. So let’s take a few moments and go through some of the numbers.
(Excerpt) Read more at zerohedge.com ...
An ineligible President assuming the Office of the President of the United States voids its debt. It’s the reason Obama was installed.
Since members of both houses of congress are popularly elected, reelection is job #1. There is no #2.
This is the result of BOTH parties sending America’s businesses to China.
Bring them back.
I completely disagree with the premise of the story.
I would agree if our country continues on its current track, however because of this debt,something has to change.
And it will.
I now have two (little) grandchildren. I just worry about them. What are we leaving them?
Wrong. Devalue the dollar 90% and it becomes no problemo.
Then, the few working people in 2025 will have no problem paying $100,000 a year in taxes to help the oldsters, so that they can eat from “nice” garbage cans. This, I believe, was what happened in Russia, when the monthly pensions that the USSR gave retired people might buy a decent meal out - a month.
Paying off the debt is easy...it fiat money after all...
reissue dollars at 10 cents on the dollar...
Of course Americans will be in poverty, but hey, we’re debt free...
happy days are here again...
Someone’s going to take a bath.
Yes. And what we need to do is spend more.
Denial just ain't a river in Egypt.
whats this we stuff..
Give me a couple
Repudiate the debt. Inflate the money. Financial armageddon.
bump
Not being able to pay off the debt is not news to most of us here, we knew that trillions of dollars ago
The currency goes kaput, or the investments backed by this impossible debt go kaput.
The Hebrew Jubilee looks more and more and more like it was inspired by God... [I am a believer, I’m being sardonic here]
What we have are IOUs written to ourselves. It's a very strange situation.
Anyway, we all know that SS will come to an end. And in practice it will mean most parents will have to move in with their children, which will probably be a good thing. It's the way it was done for generations before the government stepped in.
Everything the government does serves to break down the family --which Marxists rightly regard as the bulwark against the totalitarian state.
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