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How much is your portion of the U.S. debt? O/T

Discussion in 'Off Topic Threads' started by MGeslock, Nov 16, 2009.

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  1. MGeslock

    MGeslock TS Member

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    With congress set to raise the limit on the national debt, let's take a look at just how much money that is.
    With a total statutory debt limit of $12.1 trillion ($12,100,000,000,000) and the U.S. population at 304 million (304,000,000), the debt per American is $39,800.


    The U.S. debt is the total amount of money the government has borrowed (from its people and foreigners) in order to pay for past government spending. Some of the money has been invested in infrastructure like roads and education, while the rest has gone into political pork barrel projects, subsidies or social causes.


    One way to think about the $39,000 is that it is the amount that the U.S. government has been charged on its credit card. If it is able to make more than the minimum payments with increased tax revenue and thus reduce its overall debt, then borrowing can be a good thing. But if it is unable, then the payments become a heavy burden on the government and the next generation.


    Are you ready to pay your portion off?
     
  2. below 0

    below 0 TS Member

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    How can we FIRE the Paper Printing SOB?
     
  3. Setterman

    Setterman Well-Known Member

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    They can have my Social Security (I'll never get to see it anyway)
     
  4. slowdp

    slowdp TS Member

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    The 39.8K is calculating every person breathing. Now figure over 50% are either retired or too young to work and 25% of those working are government workers. That leaves about 1/3 of the population to pay the bills. Why should a government employee pay the debt - others would have to give the government employee the money anyway. Remember too that about 18% (that figure is another discussion) are unemployed. Your part of the debt, if you are one of the working stiffs is more like 157K. We could pay it off in about 30 years at $1000 per month after factoring in interest!

    We be in a heap of trouble.
     
  5. Bisi

    Bisi TS Member

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    And that 12 trillion dollars isn't counting the unfunded liability that is coming up. I've read when the unfunded portion is 50 to 60 trillion!!! That is owed to social security, government retirees, medicare, and now you add free health care. Ouch.

    We are in so much debt, we'll never pay it off and yet we are still charging things to the credit card. Wait until next months statement comes.
     
  6. Kim Little

    Kim Little Member

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    According to the U.S. Debt clock each taxpayer debt is $110,402.00. Kim
     
  7. highflyer

    highflyer TS Member

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    And they are getting ready to take over health care. Not to mention the new energy tax on everything you buy to pay for global warming. Not to worry. The baby boomers didn't have but 1.2 children to collect taxes from in their old age but we have brought in millions of poverty stricken uneducated Mexicans to work for minimum wage and take care of us in our old age. We can tax them.
     
  8. Chango2

    Chango2 Active Member

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    I have a plan. Make all of our incarcerated work mining gold. At the end of the day, each person will be checked for metal via some hi-tech process to insure that gold is not stolen and sipohoned off. We could "Goldfinger" our way out of debt by selling the gold obtained on the world market. Lifers would be sent to work the gold via some cyanide process that would theoretically save more $$ in the long run be reducing jail and housing expenses. Other precious meals and gemstones might also be viable candidates.

    I do think this will not be a "cruel and unusual punishment" any more than picking up trash on the freeway(s).
     
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