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How long will it take to pay off the money owed?

Discussion in 'Political Issues' started by dukeblue91, Nov 9, 2012.

  1. dukeblue91


    Sep 6, 2012
    Raleigh, NC
    Here is something that will help you to put this in perspective.
    If you would pay back $1 every second of the day 24hrs long.
    It would take 31,688 Years to pay back only $1 Trillion back.
    You can do the math how long it will take to pay back 20 Trillion dollars.

    When Oborrow took over our deficit was 9.8 Trillion and now we sit on top of 16 Trillion.
    How can the people not be worried and give him more time to spend more.

    Lets even say that it would kickstart the economy, although I doubt it.
    At that cost it just is not worth it.
    The math is not that hard and anyone should be able to figure this out/
  2. JBnTX

    JBnTX Bible Thumper

    Aug 28, 2008
    Fort Worth Texas
    What makes you think they have any intentions of paying it off?

  3. dukeblue91


    Sep 6, 2012
    Raleigh, NC
    Well yah there is that.
    But admit those numbers are mind numbing.
    Whenever I explain this to someone I just get that glare and stare like I just pulled a rabbit out of my arse.
  4. maxsnafu


    Dec 29, 2006
    Better yet, where are we going to get the 100-200 TRILLION dollars to fund the Baby Boomers' Medicare & Social Security AND continue to pay the 47% (and growing) who don't work at all?
  5. 427


    Nov 23, 2009
    There's not enough money in the world to cover the debt and the unfunded liabilities.
  6. dukeblue91


    Sep 6, 2012
    Raleigh, NC
    Yes it is like we are sitting on a powder keg and everyone around it is lighting up cigars to celebrate.
  7. dukeblue91


    Sep 6, 2012
    Raleigh, NC
    Then the real question becomes how will it end as there are only 2 or 3 ways to end it.
  8. GAFinch


    Feb 23, 2009
    There's no ironclad promise to pay out all that money. They pass a bill reforming the programs and a chunk of the unfunded liability disappears. Four more years of not tackling this, which they absolutely won't now, makes the problem a good bit worse as the debt compounds each year instead of increasing at a flat rate.
  9. RussP

    RussP Moderator

    Jan 23, 2003
    Central Virginia
  10. dukeblue91


    Sep 6, 2012
    Raleigh, NC
    Mr President you have a call from the Peoples Republic of China Collection Agency they want to talk to you about your last month payment.
    What do you want me to do?
    Oh just tell them that i'm very busy right now distributing wealth and will get back to them no later then 2016 and James make sure you stress to them that I'm not ignoring them in any way.
    Now what did I do with that bag of money>
  11. GAFinch


    Feb 23, 2009
    They stopped lending us money a while ago...they only hold about $1 trillion of our money. Most of it is held by the Fed now, which is also printing ~$60 billion/month of our money to inject into the marketplace, and then they "loan" us more money to service the yearly deficit. It's become a giant, circular Ponzi scheme.
  12. dukeblue91


    Sep 6, 2012
    Raleigh, NC
    I have to be honest and say that I did not know that as I thought it was way more then 1 trillion.
    I will have to go and see if I can find something on that.

    Also then the fed should print a additional 1 Trillion and pay back China :supergrin:
    Last edited: Nov 9, 2012
  13. GAFinch


    Feb 23, 2009
    Yeah, it's a very unreported story that I didn't find fully realize until recently. The media talking heads from both parties still talk about China...I don't know if they're unaware also or if they're purposely inflating one problem to cover up the much bigger problem. Like our deficit, the Fed seems to have a larger chunk of unfunded liabilities in the background propping up other financial entities. It's why Ron Paul's call to audit it is theoretically necessary but likely not something we can do without completely collapsing the whole international banking system.
  14. nursetim


    Mar 1, 2006
    liberalville N. M.
    In the interest of fairness, Romney would be in the same position of HAVING to spend. To not do so would have entailed cuts so deep and so wide as to make the Grand Canyon look like a shaving knick, effectively shutting down the government. This would never in a million years fly. So really we will keep borrowing until the schmucks figure out we will never be able to pay them back. I wonder if the debt was monetized, what a loaf of bread would cost? A million dollars? I wonder if we could be trading partners with Zimbabwe?
  15. barbedwiresmile

    barbedwiresmile Unreconstructed

    Feb 3, 2008
    What cannot be repaid will not be repaid. That's Econ 101. (municipal bond yields not withstanding)

    However, the USD status as reserve currency creates a wrinkle. Hence our foreign policy. As long as we can enforce and maintain the petro dollar, we can print with impunity (unlike Greece, France, the UK, etc). This reality is fundamental to an understanding of what drives our foreign policy. Unsustainable over the long term, sure, but sustainable longer than a pure fiat currency.

    Last days of Rome. But remember the fall of Rome manifested over the course of centuries. Plenty of pain left.
  16. FFR Spyder GT

    FFR Spyder GT Ex-Gunslinger

    Apr 27, 2012
    Hog Jaw, Arkansas
    Who cares. :dunno:

    I'm part of the 47%! :tongueout: :rofl::tongueout:


    Posted with TapTalk from my ObamaPhone
  17. Gunnut 45/454

    Gunnut 45/454

    Jun 20, 2002
    Or if every man woman and child gave $1 a year it would take 44 years to pay the dept.
    So lets tax every man women and child equally accross the board $100! For the next ten years and pay it off! No refunds until it's done! I'm sure all those that don't pay taxes will agree right?:rofl: Anyone think Sandra Fluke wound give up sex to pay her share? Naw she'd exspect the Gov. to pay for right! Oh another thing this will be cash only! No checks, credit cards!:supergrin:
    Last edited: Nov 10, 2012
  18. G17Jake


    Sep 13, 2002
    Obama has a plan to tax the wealthy. That will fix everything.
  19. cowboy1964


    Sep 4, 2009
    Not at this instant but it doesn't all have to be funded this instant. The unfunded liability part is spread out over 04 years, 50 years, 60 years, whatever. It's not as bad as it sounds. Not trying to minimize the problem but the U.S GDP is $15 trillion per year. That's $750 trillion in 50 years.
    Last edited: Nov 10, 2012
  20. GAFinch


    Feb 23, 2009
    Georgia's even worse than I imagined. I didn't know it was possible. I'll probably put this in a new thread tomorrow:

    From a former commodities broker. The video series totals 2.5 hours, but I can't emphasize enough how much more educational it is compared to normal economic articles.