How long will it take to pay off the money owed?

dukeblue91 · 11-09-2012, 17:16

Here is something that will help you to put this in perspective.
If you would pay back $1 every second of the day 24hrs long.
It would take 31,688 Years to pay back only $1 Trillion back.
You can do the math how long it will take to pay back 20 Trillion dollars.

When Oborrow took over our deficit was 9.8 Trillion and now we sit on top of 16 Trillion.
How can the people not be worried and give him more time to spend more.

Lets even say that it would kickstart the economy, although I doubt it.
At that cost it just is not worth it.
The math is not that hard and anyone should be able to figure this out/

JBnTX · 11-09-2012, 17:22

What makes you think they have any intentions of paying it off?

dukeblue91 · 11-09-2012, 17:28

Quote:

Originally Posted by JBnTX

What makes you think they have any intentions of paying it off?

Well yah there is that.
But admit those numbers are mind numbing.
Whenever I explain this to someone I just get that glare and stare like I just pulled a rabbit out of my arse.

maxsnafu · 11-09-2012, 17:35

Quote:

Originally Posted by dukeblue91

Here is something that will help you to put this in perspective.
If you would pay back $1 every second of the day 24hrs long.
It would take 31,688 Years to pay back only $1 Trillion back.
You can do the math how long it will take to pay back 20 Trillion dollars.

When Oborrow took over our deficit was 9.8 Trillion and now we sit on top of 16 Trillion.
How can the people not be worried and give him more time to spend more.

Lets even say that it would kickstart the economy, although I doubt it.
At that cost it just is not worth it.
The math is not that hard and anyone should be able to figure this out/

Better yet, where are we going to get the 100-200 TRILLION dollars to fund the Baby Boomers' Medicare & Social Security AND continue to pay the 47% (and growing) who don't work at all?

427 · 11-09-2012, 17:37

There's not enough money in the world to cover the debt and the unfunded liabilities.

dukeblue91 · 11-09-2012, 17:37

Quote:

Originally Posted by maxsnafu

Better yet, where are we going to get the 100-200 TRILLION dollars to fund the Baby Boomers' Medicare & Social Security AND continue to pay the 47% (and growing) who don't work at all?

Yes it is like we are sitting on a powder keg and everyone around it is lighting up cigars to celebrate.

dukeblue91 · 11-09-2012, 17:39

Quote:

Originally Posted by 427

There's not enough money in the world to cover the debt and the unfunded liabilities.

Then the real question becomes how will it end as there are only 2 or 3 ways to end it.

GAFinch · 11-09-2012, 17:47

Quote:

Originally Posted by maxsnafu

Better yet, where are we going to get the 100-200 TRILLION dollars to fund the Baby Boomers' Medicare & Social Security AND continue to pay the 47% (and growing) who don't work at all?

There's no ironclad promise to pay out all that money. They pass a bill reforming the programs and a chunk of the unfunded liability disappears. Four more years of not tackling this, which they absolutely won't now, makes the problem a good bit worse as the debt compounds each year instead of increasing at a flat rate.

**RussP** · 11-09-2012, 18:21

Quote:

Originally Posted by JBnTX

What makes you think they have any intentions of paying it off?

dukeblue91 · 11-09-2012, 18:56

Mr President you have a call from the Peoples Republic of China Collection Agency they want to talk to you about your last month payment.
What do you want me to do?
Oh just tell them that i'm very busy right now distributing wealth and will get back to them no later then 2016 and James make sure you stress to them that I'm not ignoring them in any way.
Now what did I do with that bag of money>

GAFinch · 11-09-2012, 19:04

Quote:

Originally Posted by dukeblue91

Mr President you have a call from the Peoples Republic of China Collection Agency they want to talk to you about your last month payment.

They stopped lending us money a while ago...they only hold about $1 trillion of our money. Most of it is held by the Fed now, which is also printing ~$60 billion/month of our money to inject into the marketplace, and then they "loan" us more money to service the yearly deficit. It's become a giant, circular Ponzi scheme.

dukeblue91 · 11-09-2012, 19:10

Quote:

Originally Posted by GAFinch

They stopped lending us money a while ago...they only hold about $1 trillion of our money. Most of it is held by the Fed now, which is also printing ~$60 billion/month of our money to inject into the marketplace, and then they "loan" us more money to service the yearly deficit. It's become a giant, circular Ponzi scheme.

I have to be honest and say that I did not know that as I thought it was way more then 1 trillion.
I will have to go and see if I can find something on that.

Also then the fed should print a additional 1 Trillion and pay back China

GAFinch · 11-09-2012, 19:24

Quote:

Originally Posted by dukeblue91

I have to be honest and say that I did not know that as I thought it was way more then 1 trillion.

Yeah, it's a very unreported story that I didn't find fully realize until recently. The media talking heads from both parties still talk about China...I don't know if they're unaware also or if they're purposely inflating one problem to cover up the much bigger problem. Like our deficit, the Fed seems to have a larger chunk of unfunded liabilities in the background propping up other financial entities. It's why Ron Paul's call to audit it is theoretically necessary but likely not something we can do without completely collapsing the whole international banking system.

nursetim · 11-09-2012, 19:35

In the interest of fairness, Romney would be in the same position of HAVING to spend. To not do so would have entailed cuts so deep and so wide as to make the Grand Canyon look like a shaving knick, effectively shutting down the government. This would never in a million years fly. So really we will keep borrowing until the schmucks figure out we will never be able to pay them back. I wonder if the debt was monetized, what a loaf of bread would cost? A million dollars? I wonder if we could be trading partners with Zimbabwe?

barbedwiresmile · 11-09-2012, 20:33

What cannot be repaid will not be repaid. That's Econ 101. (municipal bond yields not withstanding)

However, the USD status as reserve currency creates a wrinkle. Hence our foreign policy. As long as we can enforce and maintain the petro dollar, we can print with impunity (unlike Greece, France, the UK, etc). This reality is fundamental to an understanding of what drives our foreign policy. Unsustainable over the long term, sure, but sustainable longer than a pure fiat currency.

Last days of Rome. But remember the fall of Rome manifested over the course of centuries. Plenty of pain left.

FFR Spyder GT · 11-09-2012, 21:20

Quote:

Originally Posted by maxsnafu

Better yet, where are we going to get the 100-200 TRILLION dollars to fund the Baby Boomers' Medicare & Social Security AND continue to pay the 47% (and growing) who don't work at all?

Who cares.

I'm part of the 47%!

Spyder

Posted with TapTalk from my ObamaPhone

Gunnut 45/454 · 11-09-2012, 22:04

Or if every man woman and child gave $1 a year it would take 44 years to pay the dept.
So lets tax every man women and child equally accross the board $100! For the next ten years and pay it off! No refunds until it's done! I'm sure all those that don't pay taxes will agree right?

Anyone think Sandra Fluke wound give up sex to pay her share? Naw she'd exspect the Gov. to pay for right! Oh another thing this will be cash only! No checks, credit cards!

G17Jake · 11-09-2012, 22:14

Obama has a plan to tax the wealthy. That will fix everything.

cowboy1964 · 11-09-2012, 23:03

Quote:

Originally Posted by 427

There's not enough money in the world to cover the debt and the unfunded liabilities.

Not at this instant but it doesn't all have to be funded this instant. The unfunded liability part is spread out over 04 years, 50 years, 60 years, whatever. It's not as bad as it sounds. Not trying to minimize the problem but the U.S GDP is $15 trillion per year. That's $750 trillion in 50 years.

GAFinch · 11-09-2012, 23:08

Ugh...it's even worse than I imagined. I didn't know it was possible. I'll probably put this in a new thread tomorrow:

http://www.fedupusa.org/2012/11/the-...ng-to-implode/

From a former commodities broker. The video series totals 2.5 hours, but I can't emphasize enough how much more educational it is compared to normal economic articles.

Gunnut 45/454 · 11-09-2012, 23:14

G17Jake
So if we go that route it will only take about 280 years to pay it off!! Thats if we take every dime the rich make ! And of course this will be if we don't spend a penny over what we take in normal taxes. That will not sit well with the Messiah as he wants to spend atleast 1 trillion over what they take in for the next 4 years! So it's a pointless exersise! Cause unless the spending stops it will never end! But this is exactly what the Messiah wants- to totally destroy our country. The Change he ran on-Forward to collapse.

***Angry Fist*** · 11-09-2012, 23:17

Quote:

Originally Posted by 427

There's not enough money in the world to cover the debt and the unfunded liabilities.

But hey, the asteroid that killed the dinosaurs could fund the steel industry for 1000 years....

Skyhook · 11-10-2012, 03:28

Quote:

Originally Posted by FFR Spyder GT

Who cares.

I'm part of the 47%!

Spyder

Posted with TapTalk from my ObamaPhone

So, all this time it's just been about Spyder.................gee, who'd have guessed.

G17Jake · 11-10-2012, 06:24

Quote:

Originally Posted by Gunnut 45/454

G17Jake
So if we go that route it will only take about 280 years to pay it off!! Thats if we take every dime the rich make ! And of course this will be if we don't spend a penny over what we take in normal taxes. That will not sit well with the Messiah as he wants to spend atleast 1 trillion over what they take in for the next 4 years! So it's a pointless exersise! Cause unless the spending stops it will never end! But this is exactly what the Messiah wants- to totally destroy our country. The Change he ran on-Forward to collapse.

It may not make sense to you and me, but to Obama it is the fair thing to do.

Obama wants the government to play whack-a-mole with the achievers. When one starts to reap the benefits of their hard work, the government knocks them back down in the name of fairness.

Vic777 · 11-10-2012, 06:55

Quote:

Originally Posted by JBnTX

What makes you think they have any intentions of paying it off?

The lieberal solution will be the "easy" one. First ring up a Thirty Trillion Debt by the end of Obama's reign, then elect Biden. Biden will default on the dept offering China a One cent on the dollar plus Alaska,(the only Red State) take it or leave it offer. This will have been his major Campaign plank. -- stick it to the Rich Chinese ---Gasoline will not be for sale at any price. There will be no fuel for the Military. It will be fun to watch on my solar powered TV. George Clooney will be making Five Billion per picture.