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Discussion in 'Too Hot for Swamp Gas' started by dadx4, Aug 18, 2014.
We would have to run $1TRILLION surpluses every year for the next 100 years.
I saw the fundamental misunderstanding of our debt in another thread, and it's again worth noting that the majority of our debt is self-owed. This means, simply, that we can change the future of our debt without defaulting or necessarily paying what we "owe" in the short term.
Our non-promise-based debt is somewhere in the $7T range. Mathematically, that means a $1T surplus for 7 years (or $500B surplus for 15 years, etc.)
The only thing I can surmise the 100 year # would come from would be some sort of double counting of SS and Medicare promises. Which would obviously be wrong.
You really need to provide some background info for this.
It also assumes that other countries don't own us any money. Last I read, for every dollar we in debt is matched by about 80 cents worth of U.S. claims on foreigners.
If 1 second = $1.00, then....
$1.0 million = 11.6 days
$1.0 Billion = 32 years
$1.0 Trillion = 32,000 years
$7 or $17 or what Trillion is a lot of money
By definition if we had a surplus it could go straight to the debt (and the payments we currently make aren't surplus, they are part of the budget), so basic math says it would take 17 years.
Here ya go. Right now it's 117 years, or every person in the country can just right a check to the government for $1.1 MILLION.
Live debt clock
Unfunded liabilities and debt are two different things.
debt is debt. Try telling your credit card company that and see what their response is.
It's not double accounting. I posted a live debt clock, it has everything on it.
This is a fundamental misunderstanding of how that number is calculated. A credit card balance is money that is spent, whereas the unfunded liabilities includes money the U.S. expects to spend in the future.
You understand the difference, right?
I do but we will have to agree to disagree on this one. So you don't think that people that have been paying into SS don't expect to get the money at 67?
This would be like your credit card company estimating all purchases you ever intend to make and then calling it your current debt to them.
uh, no it's telling them, "well yes there is a balance but it's fictitious."
What is the difference between the national debt and the unfunded liabilities on this debt clock?
Harry Reid: Budgets? We don't need no stinkin' budgets!
Medicade, Medicare and SS are "off the books." Future obligations that the money isn't there to pay it.
I said none of that. I'm simply pointing out the weakness in the analogy.
To be honest here, the money has never been there. These were all unfunded liabilities from day one. That's basically how they're designed.