Do you think our National Debt matters?

2015-03-13T14:43:54-04:00

“The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today." Economist Lawrence Kotlikoff address to Congress.

http://www.cnsnews.com/news/article/barbara-hollingsworth/economist-tells-congress-us-may-be-worse-fiscal-shape-greece

Economist Tells Congress: U.S. May Be in ‘Worse Fiscal Shape’ Than Greece

Supporters of Syriza, Greece's new governing party, protest against more austerity measures in front of the Greek Parliament on Feb. 11, 2015 . (AP photo)

Response by LCpl Tom Goudey made Aug 20 at 2015 8:44 PM

2015-08-20T20:44:54-04:00

It is not just about the debt. The whole country is tapped out on CREDIT which includes credit cards, mortgages, and loans. Cash only accounts for a small percentage and if the people withdrew cash from the banks it would collapse the entire system just like it did in 1929. To make it worse, today bank accounts are all just digital numbers, how could you prove how much you had if all the computers went down?

“Those who don't know history are doomed to repeat it.”
― Edmund Burke

Response by SPC David S. made Aug 20 at 2015 9:00 PM

2015-08-20T21:00:21-04:00

I think a bigger problem is our unfunded obligations - we were short some 17 trillion and we had to borrow that to pay for what was due last year - however further down the road we are some 74 trillion short - SS, military retirement, and medicare. To get these accounts in the green the US would need to raise taxes 50%+ .

Response by CDR Michael Goldschmidt made Feb 16 at 2016 6:11 PM

2016-02-16T18:11:33-05:00

You don't get broke when you're years in debt. The government got broke $19 Trillion ago.