This Is One Scary Clock

[firstdown]

I have never seen this before and its scary to watch.

U.S. National Debt Clock : Real Time

[firstdown]

Actually I have seen a dept clock before just not one that breaks it out in details like this.

[KLHJ2]

Another boogeyman in the closet.

[Schneed10]

Originally Posted by Angry

Another boogeyman in the closet.

Except this one is real, and:

- is a major contributing factor in inflation

- is a major contributing factor to rising costs of borrowing money (interest rates go up)

- is the primary contributing factor to reduced yields on short term investments, such as money market funds

Governmental spending is the proximate cause of all of this and must be curtailed or the piper will come calling in the form of much higher taxes.

[Slingin Sammy 33]

Originally Posted by Angry

Another boogeyman in the closet.

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.

[CRedskinsRule]

or for those iphone aficionados:

there's an app for that:
National Debt Clock - iPhone Apps, iPhone 3G apps and iPod touch Applications Gallery appsafari.com

[KLHJ2]

Let me guess, you guys are afraid that the Chinese are going to enslave you when they come to collect the money that we owe them?

Shit, I should be afraid to cross the street too huh?

[Slingin Sammy 33]

Originally Posted by Angry

Let me guess, you guys are afraid that the Chinese are going to enslave you when they come to collect the money that we owe them?

Shit, I should be afraid to cross the street too huh?

I couldn't care less about the Chinese as long as we have smarter, better weapons. However, I do worry about a serious tax increase and the financial burden being placed on my son, nephew, niece and eventual grand children. What is so wrong with the government only spending what it has to spend (Balanced Budget Ammendment). Did you look at the "Interest on the Debt" item, take that away and we can provide health insurane vouchers for millions of people (or smarter, better weapons like killer satellites).

[Hog1]

Originally Posted by Angry

Let me guess, you guys are afraid that the Chinese are going to enslave you when they come to collect the money that we owe them?

Shit, I should be afraid to cross the street too huh?

Still have checks in the checkbook? Must be ok to keep on writing them, right?

[KLHJ2]

Originally Posted by Hog1

Still have checks in the checkbook? Must be ok to keep on writing them, right?

Don't use checks anymore. I know how to balance my budget, bank account, and mattress. I see the national debt is not preventing you from writing personal checks though.

[Hog1]

just..............checking

[CRedskinsRule]

Originally Posted by Angry

Let me guess, you guys are afraid that the Chinese are going to enslave you when they come to collect the money that we owe them?

Shit, I should be afraid to cross the street too huh?

Nah, we will just follow California's example and just give iou's, I am sure China will hold them in good esteem. Did you not notice when China was pushing to get the dollar replaced as the world currency, why do you think they want that? just being silly i guess.

[Schneed10]

Originally Posted by Angry

Let me guess, you guys are afraid that the Chinese are going to enslave you when they come to collect the money that we owe them?

Shit, I should be afraid to cross the street too huh?

Said the guy who knows squadoosh about economics.

[BleedBurgundy]

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?

[CRedskinsRule]

Originally Posted by BleedBurgundy

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?

This is basically what the deficit is. We are spending more than what we take in, hence we borrow to make up the difference. And some reasonable level of deficit spending is not an awful thing, certainly we expect that our country will not suddenly lose it's ability to produce wealth, which is why other countries are willing to lend to us in the first place. The debatable question is what is a reasonable level of deficit spending. And should the country ever be forced to balance its books, even if its only every couple years.

If we did as you suggest, and certainly we could, it would change our role in the world. Do you think anyone would trust the US dollar, buy US goods, or believe that our military was defensive in nature(not that they all do now, but I am speaking of countries like the EU/Japan, those who treat us as good faith partners).

So even though we could, we shouldn't.