DJ_KiDDvIcIOUs
Avenger
- Joined
- May 7, 2012
- Messages
- 25,025
- Reaction score
- 11
- Points
- 33
Our national debt is 20 trillion. Our 2016 GDP was 18 trillion. We cant pay off our debt as it stands but to pay it off in 2 years as you suggest would mean no government spending...which would end our Country. We will never pay off our debt.
You are correct in that global lending is part of the global economy but what happens when a country cant cover interest payments? They default, the lender loses money, and their debt is restructured as punitive damages against their taxpayers. Its a house of cards that will eventually collapse. You cant keep borrowing and borrowing and its very troubling when debt surpasses GDP.
It will eventually happen though Im no expert to claim when.
I completely agree it's a house of cards BS tactic, the world is several trillion or more in debt to who exactly? Mars? Jupiter?
Money is all an illusion, it's not backed by gold anymore. It's basically only backed by the fact we continue to use it and give it value. This is why Bitcoin and other digi-currencies have been skyrocketing.
But until we move away from manual labor and get smart with things like universal basic income it will always be a big factor in our lives as well as a tool used to oppress those without a lot of it. Plain and simple.
I know the general idea, though I'm no expert. I think Chase covered a lot of my thoughts on it well enough.
For a person that loves to tout how much research they do on things you are surprisingly ignorant on a wide variety of subjects. It's explained much better by the below comment.
The deficit is the difference between what the government takes in and the amount of money its spends.. something like 700 billion in 2017. The national debt is our total acquired debt over time... something like 20 trillion dollars.
While the debt increased over Obama, our annual deficit decreased.
Exactly, my 2 years was an extreme and absurd example but very simply if the government wanted to reduce the national debt it could do so very easily with minimal impact on the average American. Debt makes the world go around though so having a smaller debt number is not anymore useful than a big debt number to folks like all of us.