OT Do we care? or not? $$$$$$$$$$$

Nick Badame Refrig/ACC · March 29, 2007, 11:35:51 AM

The National Debt grows by 1.90 billion a day.

Do we care? or Not? How is this effecting our economy? Any insights on what this will do to us in the future?

Are we spending our childrens money? And leaving them to pay for it later....

http://brillig.com/debt_clock/

as of today

n4rsn · March 29, 2007, 02:20:56 PM

I don't think I can do anything about it, But, I would be lieing if I said I am not concerned.
Everyones future depends on this countries prosperity. The country stops prospering, we all suffer.
Is there anyone that can live as we do now, if the United States Goverment, meets its demise.??
Just a thought, not a streight answer.
Steve

Melbo · March 29, 2007, 02:28:18 PM

How can you expect congress to spend less than they take in when the average american spends more than they make year after year ---- they are just doing what society as a whole seems to be doing. 72 month auto loans and interest only house loans and hope that you can hold on long enough that will make sense in the future.

Melbo

oldmansax · March 29, 2007, 05:32:07 PM

Nick! Talk about opening up a LARGE can of worms!

I am deeply concerned but I am also a pragmatist. I know there is nothing I or anyone in our government can do about it. I also know I am a conspiracy theorist

I would suggest the below website to anyone who is really interested in how money and the Federal Reserve System works.

http://www.themoneymasters.com

Don't try to change my mind. I have already made a pretty good living operating on these principles.

HighTechRedneck · March 29, 2007, 06:37:58 PM

I feel that the growing national debt is the single biggest threat to our future and that of the next generation. Unfortunately, I don't think anybody has a workable solution. I have lots of ideas .... that wouldn't work or would cause bigger problems/threats.

But workable or not, something will have to be done. Just like with personal or business finances, you can build up debt for a time and make it appear that things are going well, but eventually it reaches a point where it all catches up to you and the house of cards falls down and a bankruptcy is unavoidable. Except, bankruptcy isn't an option on the national debt.

NJT5047 · March 29, 2007, 06:59:43 PM

Quote from: Melbo on March 29, 2007, 02:28:18 PM
How can you expect congress to spend less than they take in when the average american spends more than they make year after year ---- they are just doing what society as a whole seems to be doing. 72 month auto loans and interest only house loans and hope that you can hold on long enough that will make sense in the future.
Melbo

Ummmmm....I don't think you'll see the origination of many more "interest only" mortgages.
Of course, 25% of the outstanding "interest only" and upside-down subprime paper will go into forclosure and consequently added to the taxpayer's debt load...FWIW.
Sorta like an equity account without the tax advantage?
Makes me feel warm and fuzzy all over to see that the FBI is looking at the fraudulent loan apps that created this negative snowball.
I'd feel a lot warmer and fuzzier if the feds take some bucks back from the brokers that got filthy rich by faking applications for mortgage loans.

JR

DrivingMissLazy · March 29, 2007, 08:37:01 PM

Quote from: HighTechRedneck on March 29, 2007, 06:37:58 PM
I feel that the growing national debt is the single biggest threat to our future and that of the next generation. Unfortunately, I don't think anybody has a workable solution. I have lots of ideas .... that wouldn't work or would cause bigger problems/threats.

But workable or not, something will have to be done. Just like with personal or business finances, you can build up debt for a time and make it appear that things are going well, but eventually it reaches a point where it all catches up to you and the house of cards falls down and a bankruptcy is unavoidable. Except, bankruptcy isn't an option on the national debt.

The NEW congress announced today a major tax increase.

Anybody follow Bill O'Reilly?

Richard

HighTechRedneck · March 29, 2007, 09:07:18 PM

An interesting article from CNN on the topic. Of course, being CNN, their is a certain amount of "left" perspective in it, but it does have several interesting observations.

Ed Hackenbruch · March 29, 2007, 09:31:35 PM

Correct me if i am wrong, but don't i remember that during the Reagan and Bush Sr. terms, we had a horrific amount of debt and that everyone was saying that we would never see the end of it and our greatgrand kids would be stuck paying it off? And that it would be the end of the US and our way of life, etc. And don't i also remember that just a few years later during the Clinton years we not only no longer had a debt but that we actually had a surplus?

Gary '79 5C · March 30, 2007, 02:26:15 AM

Whoa What a Post, Good points and some assorted views. I have a few to add.
Every newly elected offical has the same idea to start their term, and that is to become reelected. Introduce new laws, get funding for their voters, etc. Still spending others money for the short term. Not really a overall comprehensive plan for the country.
I grew up with the examples of my parents having lived thru the depression, and frugality is the name of the game. When a lay off is happening at work I joke "Don't buy anything you can't eat".
The mortgages, stock mkt hits and misses, have happened before but now it seems to be to an very extreme excesses.
The gov't excesses must be curbed, but no one to police this. NJ is an example of out control spending, back door deals, politicians with three, four gov't pensions etc.
Now we want to grant Soc Sec to illegals ??

I thank God for the family and the good health we have, We take care of ourselves, and assist those who can not. I think of the those days we turned to your church for assistance in times of need, not gov't.

God Bless All of our Military Men and Women.

Gary

Eagle · March 30, 2007, 04:17:18 AM

Who do we blame for this the Republicans or Democrats? Lets think for a second, who keeps reelecting the same career politicians back into office?
That's right we do. So we are to blame for this mess. Our politicians keeps putting their respective parties above what is best for this country and its people. Think about this the next time you are at the polls voting.

HighTechRedneck · March 30, 2007, 05:21:33 AM

Quote from: Eagle on March 30, 2007, 04:17:18 AM
Who do we blame for this the Republicans or Democrats? Lets think for a second, who keeps reelecting the same career politicians back into office?
That's right we do. So we are to blame for this mess. Our politicians keeps putting their respective parties above what is best for this country and its people. Think about this the next time you are at the polls voting.

Agreed. But by the time you are in the voting booth it is too late. The ballot is filled with candidates whose selection has been in the works for two or more years. Effecting political change requires involvement in the local political party. Who gets on the ballot starts there.

Stan · March 30, 2007, 05:39:22 AM

When an individual spends more than he earns, the sheriff comes to the door. When a country does that, the rest of the world is the sheriff.

Everyone complains about imports from low wage countries destroying the manufacturing sector of the US economy. Fifty years ago the average wage was about ten percent of what it is now and the standard of living was about the same as it is now.

Money gets printed to pay the national debt and it is referred to as inflation but it is just a devaluation of the currency because the world has determined that you are living beyond your means.

Nick Badame Refrig/ACC · March 30, 2007, 05:44:19 AM

Quote from: Ed Hackenbruch on March 29, 2007, 09:31:35 PM
Correct me if i am wrong, but don't i remember that during the Reagan and Bush Sr. terms, we had a horrific amount of debt and that everyone was saying that we would never see the end of it and our greatgrand kids would be stuck paying it off? And that it would be the end of the US and our way of life, etc. And don't i also remember that just a few years later during the Clinton years we not only no longer had a debt but that we actually had a surplus?

Ed, Your Correct!

And I just decided that I will NOT worry about this debt. I'll just keep myself out of debt.
I think it is the price of Freedom, Thats All....
Thanks All.
Nick-

Gary '79 5C · March 30, 2007, 06:04:11 AM

HighTechRedNeck,
You are right!!
The ballots are filled with poor canidates, many life time politician wannabes, some good people.

Lets see, I should tell my employer that I will need the next eight months off from my job, tour bus, group of 100+ supporters, $ 500 million dollars to find my next job. And If I do not get that position, I will be back at my old job doing the same old performance....Yeah that will work....
For some reason that only works if you run for President. I still cannot believe the reported figure of $500M per each candidate,