Growing National Debt May Be Next Economic Crisis

[22WRF]

The national debt stands today at a staggering $11.5 trillion -- equivalent to over $37,000 for each and every American -- and it's expanding by over $1 trillion a year.

Wondering how this came about?

http://www.foxnews.com/politics/2009/07/03/growing-national-debt-economic-crisis/

[pickenup]

Stick a fork in us, we are done. :(

[358 winchester]

And just think what it will look like by Thanksgiving. Oh Yea change we can believe in !!

[Bobitis]

My son was born 19 years ago.

Now I'm sad.:(

[bcj1755]

Bankrupt the country, destroy the capitalist system, and then rebuild it as a socialist gov't controlled command economy. Devalue the dollar to the point that it's worthless and then replace it with some form of unified currency:mad::mad:

Hopefully, Barry will never think of this:rolleyes: Oh wait, he already HAS!:mad:

[momo]

We're screwed!

[topper]

next step will be devaluing the dollar. just take a zero off the end and all of a sudden we are all desperatly poor. it's coming to a bank near you, soon.





Keep the chamber fully loaded!

[carver]

Suppose you want to spend more money this month than your income. This situation is called a "budget deficit". So you borrow (ie; use your credit card). The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you don't have enough money to cover your spending (another deficit), you must borrow some more, and you'll still have to pay the interest on the loan. If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don't have any money left over for anything else. This situation is known as bankruptcy.

Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress's appropriations.

We pay interest on that huge debt. And now the Treasury is having trouble finding lenders!

[doug66]

next step will be devaluing the dollar. just take a zero off the end and all of a sudden we are all desperatly poor. it's coming to a bank near you, soon.





Keep the chamber fully loaded!

That's the plan, pay off China with worthless dollars. Turn into just another third world country. Ahh this change feels great.