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 ...
If we had 20% or higher inflation for a few years with debt locked in at 2% rates, then the debt becomes payable.
Everyone miserable, but payable.
at ~7% inflation, by the law of 72, the debt will be halved in 10 years
>>> I don’t play chess, but I thought that was what you were getting at, lol!
Thanks... I feel better now. :)
I went to the U. S. Government web site and pulled down the data. Then I developed my own jobs study spreadsheet using that data.
Thank you.
That someone would be us taxpayers.
Very few people understand how money is created or what Fractional Reserve Banking is. (and you know that).
When money is created out of nothing, that increases the money supply. You do that on a large scale such as keeping interest rates artificially low for a long period of time. It creates housing bubbles, stock market bubbles, etc.
The Constitution mentions gold or silver as acceptable payment for taxes. When was that repealed?
Assets are worthless if you have no buyers. This land will eventually become uninhabitable. Some of our cities already are. Detroit,....
People who run around saying it's based on debt should know.
And if you know what fractional reserve banking is, why would you be surprised that there isn't enough cash to pay back all the loans at once?
When money is created out of nothing, that increases the money supply.
You deposit $1000 in the bank. I take out a loan for $900. The increase in the money supply wasn't created out of nothing, it was created from a deposit.
You do that on a large scale such as keeping interest rates artificially low for a long period of time.
Did Venezuela create inflation by keeping rates too low for too long?
The Constitution mentions gold or silver as acceptable payment for taxes. When was that repealed?
You don't think FRNs are constitutional?
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-— Old people were rare. -—
And children weren’t. Those who deliberately chose to have a minimal number of children may live to regret it.
You're right. But the necessity may become too great.
Half of my extended family lived behind the iron curtain. Generations had to crowd into single-family apartments just to survive.
It may be our future.
The one thing you know about statists is that they want to supplant the family with the State. So while the necessity will likely exist but the strengthening effect on the family unit will work against the Marxist goal of destroying the family unity as a support system. They’ll find some “reason” (read: guilt trip) to convince people not to live with extended family and/or pass laws which forbid it either through the front door or the back door.
For example, a law that states each person is entitled to X square feet of space in their home which has the effect of preventing 10 people in one house. Something along those lines would prevent the reconstruction of the nuclear / extended family bonds.
People had lots of kids, true. They buried Many of them.
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