Get out your check book

[2ndAmendment]

The Outstanding Public Debt as of 02 Jan 2007 at 05:30:56 PM GMT is:
$ 8 , 5 9 7 , 6 8 0 , 8 7 9 , 4 8 1 . 6 9

The estimated population of the United States is 300,616,074
so each citizen's share of this debt is $28,600.20.

... and going up by the second.

 

[Mikeinsmd]

I vote we cut back spending. Lets start with getting rid of the National Endowment of the Arts then slash a hunk from Welfare. Also aid to these countries that hate us should cease and desist as well.

 

[2ndAmendment]

I vote we cut back spending. Lets start with getting rid of the National Endowment of the Arts then slash a hunk from Welfare. Also aid to these countries that hate us should cease and desist as well.

Of course that will not be the Democratic agenda. Raise minimum wage, raise welfare because of inflation caused by raising minimum wage, raise Social Security benefits because of inflation caused by raising the minimum wage and welfare, cut defense and homeland security spending because of increased costs because of inflation caused by raising the minimum wage, welfare, and Social Security. Raise taxes in order to pay for increased costs because of inflation caused by the minimum wage, welfare, and Social Security. ... And then the Democrats will wonder why the economy tanks and unemployment goes up.

 

[vraiblonde]

Raise minimum wage,

It'll be pretty funny when the Dems raise the minimum wage and workers don't see anymore money in their paychecks because it's all being taken out for taxes.

 

[Kyle]

It'll be pretty funny when the Dems raise the minimum wage and workers don't see anymore money in their paychecks because it's all being taken out for taxes.

Surely, you know that'll be the Republicans fault!

 

[Mikeinsmd]

Get out your check book 01-02-2007 01:05 PM How bout we stop wasting money on this stupid war we're in? Lets' start there.

Good idea. Then in a decade or two, we can all stop work 5 times a day and pray to Allah, the wimmins walk behind us men, our kids can strap live grenades to themselves & walk into pizza huts overseas until the rest of the world thinks like us......

Why didn't I see this sooner??

...oh and towel laundry's will be a booming business!!

 

[Kyle]

I could end the war and the Middle-East problem if they put me in charge for a day.










... Four hours even.

 

[Mikeinsmd]

I could end the war and the Middle-East problem if they put me in charge for a day. ... Four hours even.

Just give me the codes to the football.

 

[RadioPatrol]

Nuke 'em till they glow in the dark, the'll be easier to see @ night ..........

 

[Richard Cranium]

...each citizen's share of this debt is $28,600.20

Are the illegals off this hook as well?

 

[vraiblonde]

Someone explain to me why we care about the national debt? I guess I liken it to my own personal debt - mortgage, car payments, PLUS loan. Most people owe money somewhere, so what's the big deal if a country owes money?

And the next thing is: how does that work? Who do we owe money to and for what? And how does that work with the money other countries owe us?

 

[Larry Gude]

The primary issue...

Someone explain to me why we care about the national debt? I guess I liken it to my own personal debt - mortgage, car payments, PLUS loan. Most people owe money somewhere, so what's the big deal if a country owes money?

And the next thing is: how does that work? Who do we owe money to and for what? And how does that work with the money other countries owe us?

...about debt is the same one for you and me; can you service it and still meet all your other obligations and wants?

Current US national debt is spread over numerous different loans, from short term t bills to longer term bonds, so, a deeper analysis may make some difference, but, for our purposes here, let's say the average is a 10 year treasury note paying 5%.

That means for each of the 300 million of us, we're paying about $100 per person per month to service the interest on each of our $28,000. That is roughly accurate as the feds spend something over $300 billion a year on the interest on the national debt.

So, our house of 4 is $400 a month. For us, that's not to huge a deal. For someone making $30k a year, taking home $1,700 a month, it's a big chunk.

One problem with this debt is that this is not a principal and interest payment, just interest, so, after ten years, my $28,000 note has matured and whoever holds that bond gets their principal back. They were earning interest all along. Now, that 28,000 needs to come from somewhere.

We borrow it.

Further, none of us are actually making this payment. We don't see it directly, so, like employer paid benefits, who cares? It's not real.

Now, it is real in the overall economic picture and that is a whole other discussion.

Another even larger discussion is unfunded mandates and liabilities like Social Security and Medicare. These are obligations, as seen in your annual Social Security statement, of what we owe each other at retirement and this is NOT part of the national debt number.

It is estimated at about $20 TRILLION. So, we can, in effect, add 2.5 times what we are paying on the debt.

 

[Larry Gude]

As to who we owe...

...money to, other nations buy it (China is a huge holder of US national notes), citizens buy it, corporations and institutions buy it. Anyone who wants a relatively low rate of return with extreme safety. The US has GREAT credit!

 

[MMDad]

Almost half of the debt is held by Government accounts, such as Social Security and the Federal reserve.

Almost 1/4 of the debt is held by foreign and international investors. The rest is held by the public through pensions, mutual funds, investors, etc.

More than you ever wanted to know

 

[2ndAmendment]

Are the illegals off this hook as well?

each citizen's share of this debt is $28,600.20.

Illegals are not citizens. Hence the term "illegal."

 

[Larry Gude]

This is one of the...

Illegals are not citizens. Hence the term "illegal."

...reasons neither party has done anything about illegals; they're helping pay the bills.

 

[2ndAmendment]

...reasons neither party has done anything about illegals; they're helping pay the bills.

They also add to the bills. Do they add more than they pay? No way to tell. But illegals are a whole topic by themselves and we have been down that road. As I remember it, we don't agree.

 

[kwillia]

...reasons neither party has done anything about illegals; they're helping pay the bills.

I was listening to FoxNews while getting ready for work this morning and they were reporting that Bush is about to sign allowing illegal immigrants to collect social security upon retirement after contributing a minimum of 18 months. Seems we are making an agreement with Mexico to "acknowledge" the years worked while in Mexico, but of course we will foot the full bill.

 

[Larry Gude]

As I remember...

They also add to the bills. Do they add more than they pay? No way to tell. But illegals are a whole topic by themselves and we have been down that road. As I remember it, we don't agree.

...I moved from not really caring to something closer to your position. At any rate we do agree illegal is illegal.

As for more or less, an illegal that is working and paying SS/Med and paying state and fed w/h and spending any of his take home here in the US, is clearly adding to the overall economy, especially if his SS # is no good and there will never be a claim on that account or if he leaves before collecting on a good one.

Anyone not working and taking benefits is clearly hurting.

The crime in all of this is had Dems and GOP'ers alike simply agreed to control immigration over the last decade, the loss of good manufacturing jobs wouldn't be such a big deal because a guy who used to make $20 an hour making widgets and whose job went over seas would now be making $25-30 an hour as a tradesman.

 

[bresamil]

I was listening to FoxNews while getting ready for work this morning and they were reporting that Bush is about to sign allowing illegal immigrants to collect social security upon retirement after contributing a minimum of 18 months. Seems we are making an agreement with Mexico to "acknowledge" the years worked while in Mexico, but of course we will foot the full bill.

Hmm. But to collect social security they would have to have a REAL social security number, yes?