Re: This Is One Scary Clock
 

Just about all people in the US if they own a home run on a deficit but that is usually just a 2 to 3 times our anual income. The problem here is that the goverment seems to always run in a deficit and at some point it has to stop.

Re: This Is One Scary Clock
 

[quote=Schneed10;577147]Said the guy who knows squadoosh about economics.[/quote]


Even the guys that know about economics don't know squadoosh about economics.

Edit: You are right I know less than most. At this time I am just going to refrain from making any more comments about the world financial clock, our national debt or economics. Ignorance is bliss and at this point this stuff doesn't scare me. Maybe it should but honestly I don't care.

Re: This Is One Scary Clock
 

I'm surprised it didn't just explode when President Obama signed his Spending Package.

Re: This Is One Scary Clock
 

Government debt = future taxes.

Re: This Is One Scary Clock
 

[quote=Slingin Sammy 33;577067]Except this one is real and has been put into over-drive by the current Administration's budget.

Bush = $ 500B deficit, pretty damn bad

Obama = $ 1.6T deficit (at a minimum), really, really, damn bad.[/quote]

if anybody remembers what happened to the russians after they left afghanistan.they were broke from all the military spending to conduct all their wars and compete against us in the cold war.All that money we spent in the last 6 months to bail out the big banks could have been given to the people to pay down those bad mortgages so people would not leave that house and there would be no need to forclose.But the system is corrupt and broken with few chances of repair.FOOTBALL AND BEER TO ALL AMEN

Re: This Is One Scary Clock
 

[quote=Angry;577244]Even the guys that know about economics don't know squadoosh about economics.

Edit: You are right I know less than most. At this time I am just going to refrain from making any more comments about the world financial clock, our national debt or economics. Ignorance is bliss and at this point this stuff doesn't scare me. Maybe it should but honestly I don't care.[/quote]

If you're going to be blissfully ignorant, just refrain from voting so you don't contribute to the country's problems.

Re: This Is One Scary Clock
 

[quote=BleedBurgundy;577215]Here's a stupid question, but I'm going to ask it anyway. What happens if the US just says, we're not going to pay anybody and anyone who has a problem with that can talk to the Department of Defense? Is our GNP insufficient to pay for our various programs, if you take all lending out of the picture?[/quote]

It's not dissimilar to someone deciding not to pay back a student loan. You can do it, but your credit will take a major hit, and any time you want to borrow money for something ever again you'll pay a much higher interest rate.

If we blow off China, the next time we need to borrow money from someone (and we will) we'll have to pay a much higher interest rate. It would crush us in the long run.

The only way we can go without borrowing money from people is if we cut governmental spending to the point that we're no longer running a deficit. Which is a lot.

Re: This Is One Scary Clock
 

[quote=Schneed10;577342]It's not dissimilar to someone deciding not to pay back a student loan. You can do it, but your credit will take a major hit, and any time you want to borrow money for something ever again you'll pay a much higher interest rate.

If we blow off China, the next time we need to borrow money from someone (and we will) we'll have to pay a much higher interest rate. It would crush us in the long run.

The only way we can go without borrowing money from people is if we cut governmental spending to the point that we're no longer running a deficit. Which is a lot.[/quote]

That's along the lines of what i had assumed, but I know nothing about macro economics. So, given that defaulting isn't a legitimate option, when do we put the breaks on spending? Always kills me that the gov operates like a teenager with their first credit card... Anyway, thanks for the info.

Re: This Is One Scary Clock
 

[quote=Schneed10;577341]If you're going to be blissfully ignorant, just refrain from voting so you don't contribute to the country's problems.[/quote]


There are so many other issues that I am not ignorant about. I pick the ones that matter most to me and I still vote. Even the Almighty Schneed cannot care about absolutely everything. Everyone is blissfully ignorant about something.

Re: This Is One Scary Clock
 

[quote=BleedBurgundy;577343]That's along the lines of what i had assumed, but I know nothing about macro economics. [B]So, given that defaulting isn't a legitimate option, when do we put the breaks on spending?[/B] Always kills me that the gov operates like a teenager with their first credit card... Anyway, thanks for the info.[/quote]Hopefully the American people put the breaks on in fall 2010 by voting fiscal conservatives into office and the Republicans regain control of the House at a minimum.

P.S. I know many of the current crop of Rs has been anything but fiscally conservative so hopefully they get the boot in the primaries (unlikely).

Re: This Is One Scary Clock
 

[quote=Angry;577345]There are so many other issues that I am not ignorant about. I pick the ones that matter most to me and I still vote. Even the Almighty Schneed cannot care about absolutely everything. Everyone is blissfully ignorant about something.[/quote]

Well, I'll put it this way, the debt issue has the potential to put a lot more people out of a job, and make things more expensive to buy. That's as simple as I can put it.

How anyone can care about any issue more than that one (aside from wars) is beyond me.

I don't buy that you don't care. I think it's more that you're intellectually lazy, can't understand how the debt could possibly affect you, and don't want to take the time to figure it out. You better hope someone fixes the problem for you, because if you don't care now, you'll care then.

Re: This Is One Scary Clock
 

[quote=Angry;577345]There are so many other issues that I am not ignorant about. I pick the ones that matter most to me and I still vote. Even the Almighty Schneed cannot care about absolutely everything. Everyone is blissfully ignorant about something.[/quote]
Can I get a REEE-TARDED here?????

Re: This Is One Scary Clock
 

[quote=BleedBurgundy;577343]That's along the lines of what i had assumed, but I know nothing about macro economics. So, given that defaulting isn't a legitimate option, when do we put the breaks on spending? Always kills me that the gov operates like a teenager with their first credit card... Anyway, thanks for the info.[/quote]

Gotta put the brakes on spending ASAP. That involves cutting wasteful programs, extending the Medicare and Social Security ages to 67, etcetera.

Need to get new administration and new congress who won't spend. Don't care if they're Dems or Reps. Just spend less.

Re: This Is One Scary Clock
 

[quote=Schneed10;577341]If you're going to be blissfully ignorant, just refrain from voting so you don't contribute to the country's problems.[/quote]
You mean like the bums off the street and the people the dems have to teach how to vote that they bus in for each election. LOL

Re: This Is One Scary Clock
 

[quote=Schneed10;577342]It's not dissimilar to someone deciding not to pay back a student loan. You can do it, but your credit will take a major hit, and any time you want to borrow money for something ever again you'll pay a much higher interest rate.

If we blow off China, the next time we need to borrow money from someone (and we will) we'll have to pay a much higher interest rate. It would crush us in the long run.

[SIZE=4]The only way we can go without borrowing money from people is if we cut governmental spending to the point that we're no longer running a deficit. Which is a lot.[/SIZE][/quote]

Now your catching on. Here is the answer to the problem.