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Posted: 1/27/2006 11:01:43 AM EDT
Related to the US debt thread, who is able to lend us all this money? Who has better financial management than us, the last super power? Why arnt we the ones lending to others? WTF? Does anyone owe us?
Link Posted: 1/27/2006 11:03:27 AM EDT

Originally Posted By CookieCrisp:
WTF? Does anyone owe us?



Only the entire free world. But don't tell them that, they don't like to be reminded.
Link Posted: 1/27/2006 11:04:49 AM EDT
[Last Edit: 1/27/2006 11:08:20 AM EDT by sWs2]
our debt is as a result of years of deficit spending IIRC, but the Chinese and Japanese have also purchased large portions of our debt.
Edited for spelling
Link Posted: 1/27/2006 11:05:51 AM EDT
Link Posted: 1/27/2006 11:07:49 AM EDT
a lot of it is actually owed to social security. during Vietnam the .gov came up with a great idea, borrow from the surplus of money going into social security and leave IOU notes so that they could pay it back later. still hasnt happened over 30 years later.
Link Posted: 1/27/2006 11:09:13 AM EDT
The world's savers lent us the money. There's a lot of them out there you know.
Link Posted: 1/27/2006 11:19:18 AM EDT
I believe the US debt is owned by private banks and bond purchasers.

As I understand it the Chinese own alot of US Bonds.
Link Posted: 1/27/2006 11:31:14 AM EDT

Originally Posted By sovereign:
I'll post the link again...



Jim Traficant is a convicted crook. And an idiot to boot.
Link Posted: 1/27/2006 11:31:48 AM EDT

Originally Posted By TheRedHorseman:
a lot of it is actually owed to social security. during Vietnam the .gov came up with a great idea, borrow from the surplus of money going into social security and leave IOU notes so that they could pay it back later. still hasnt happened over 30 years later.



EXACTLY CORRECT!!!

So, for the past someodd years Social Security has been "pay as you go", paying current SS recipients from current revenue. But the system was supposed to save the money, invest, make a nestegg for future retirees... people our age. But when we retire we will find just IOU's, the surplus not invested.

They say they invested... but it was not loaned to business or put back into the economy, growning it. Rather this is like saving for a big vacation or retirement. You put money away and now it comes time to use it. You open the safe and there are all these little slips of paper, IOU's. You say, honey, where's the vacation money? She said, Oh, I borrowed it.. see this one here? I bought shoes to go with that dress I wore to the party at Frank and Angie's. And this one, I spent that for the living room furniture. Don't worry honey, the money is still there, I just owe it to you.

So, when the baby boomers retire, there won't be enough money to pay up.

NO WONDER the democrats want our guns. They don't want a civil war between the workers and the retirees and the government that squandered it.

I don't know about you, but I don't think the younger generation today wants to pay 80% of their income to the government to pay off the retired baby boomers.
Link Posted: 1/27/2006 11:46:53 AM EDT

Originally Posted By A_Free_Man:

I don't know about you, but I don't think the younger generation today wants to pay 80% of their income to the government to pay off the retired baby boomers.



And why should they want to pay off the group that should have stood against this when it was put into place? The Socialist Slave System is socialist and a ponzi scheme if there ever was one...
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