US: Once again facing unprecedented default on national debt

Associated Press ^ | May 1, 2002 | JEANNINE AVERSA

[FITZ]

Who is the government in debt to? Individual investors.

But who is the government? The taxpayers. We're in debt to hundreds of government social programs which are skyrocketing out of control. We should cut all welfare including WIC, food stamps, Medicaid, HUD, Headstart, etc and we can finish off that debt.

[Dat]

Isn't the title a contradiction in terms?

[CliffC]

You wrote....
Long live the debt. I actually hope it grows.

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Guess how much the Interest per H-O-U-R is on the National Debt...
then GoTo: DEBT!  and see just how much the Interest/HR really is.

Have a good day!

Cliff Cofer - West Des Moines, Iowa

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[zeugma]

Here's a ahameless plug for my national debt page.

I last updated it on 4.10,2002, but it's got a lot of data there. (Which is why it gets updated only every so often).

[survivalforum.com]

Greetings...

That is not true at all...

The government is in debt to much more than us citizen investors, who are you kidding?!

I suggest you do a little research on how much our government owes to countries like Japan, China, Germany and other foreign corporations....I believe you will be surprised.

Talking about the bond market? Here is further evidence regarding my earlier post:

Treasury says U.S. will hit debt ceiling in mid-May
Also today, the Bond Market Association today sent a letter to House Speaker Dennis Hastert, R-Ill., and Senate Majority Leader Tom Daschle, D-S.D., in support of the administration's request to raise the statutory debt ceiling by $750 billion.

"We believe that quick and decisive congressional action to raise the debt ceiling will mitigate market uncertainty and keep the government's borrowing costs as low as possible," the group told the two leaders....

Franklin

[Coop]

US: Once again facing unprecedented default on national debt

If it's unprecedented, how can we once again be facing it?

[KC_Conspirator]

The United States will once again face an unprecedented default on the national debt — this time in mid-May_ unless Congress extends the government's authority to borrow, a request that has been mired in a political fight.

Take a look at the above. How can something happen again if its unprecedented? Either (Choose as many as you like):

A) The writer from the AP is a total idiot.
B) The writer from the AP is a total idiot but the story is true because spending on social welfare handouts remains high.
C) This is nothing but ill contrived propaganda to make the current administration look bad.
D) The writer is screaming "The sky is falling" so his next article will be to repeal the tax cut or have cuts in defense spending.

[FITZ]

If people need help they can get it from charities. It's not in the Constitution that a duty of government is to rob people of their money to support those who can't or won't work. Charity is a Church function and we should keep Church and State separate. Besides ---forced charity isn't charity at all.

[cynicom]

One of these days, that 6 trillion pound gorilla is going to get us. The government has done its utmost to postpone the inevitable, however it will come, the government will default and collapse into chaos.

[cynicom]

tax....

Sam is both young and naive. If he thinks for one minute that with the collapse, there will be anything other than chaos, he is very wrong. I was around when all of this borrowing started, spending ones future for today, is a fools economy.

[gcraig]

We no longer need jobs programs for youth, as there is now a great need for manpower in the military.

Hear hear! Alas, there is no huge quantity of people beating a path to the local recruiter's office, though. People like me are told about the stop-loss, while the rest of America yawns, asking 'We have American's over there?'