The national debt topped $16 trillion on Tuesday, adding fuel to Republican's criticisms of President Obama's deficit spending just as the Democrats are kicking off their national convention.
Mitt Romney lamented "the enormous debt" being handed the nation's children, while House Speaker John Boehner called it a "sad reminder of President Obama's broken promise to cut the deficit in half."
But if you thought China's been doing most of the bankrolling, you might be surprised to learn who really holds our federal mortgage.
Read more: http://www.foxnews.com/politics/2012/09 ... z25Y5BYHHg
Who Holds US Debt
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- Flesh Thorn
- Ranger
- Posts: 5596
- Joined: March 5th, 2003, 2:12 pm
Who Holds US Debt
A Co. 3/75 Ranger Regt. HQ Section Dec 85-June 86.
HSC USAITC June 86-April 88
NAVSEA, 2014 to Present
Psalm 144:1 A Psalm of David. Blessed be the LORD my strength, which teacheth my hands to war, and my fingers to fight:
HSC USAITC June 86-April 88
NAVSEA, 2014 to Present
Psalm 144:1 A Psalm of David. Blessed be the LORD my strength, which teacheth my hands to war, and my fingers to fight:
- rgrokelley
- Triple Canopy
- Posts: 2860
- Joined: February 5th, 2008, 5:57 pm
Re: Who Holds US Debt
There is no happy way out of this. If Obama gets reelected we keep printing and spending money, and we go into hyper-inflation, and the economy collapses.
If Romney gets elected he gets the Fed to actually control the economy again, but that means raising interest rates. Some predict this may be as high as 20 to 30 percent. If that happens people will not be able to afford loans to start businesses.
Its a shit filled twinkie and no matter what, we have to eat it.
If Romney gets elected he gets the Fed to actually control the economy again, but that means raising interest rates. Some predict this may be as high as 20 to 30 percent. If that happens people will not be able to afford loans to start businesses.
Its a shit filled twinkie and no matter what, we have to eat it.
A & C Company, 3rd Ranger Battalion 1984-1986
2/325, 82nd Airborne 1979-1984
F Company, 51st LRSU 1986-1988
5th Special Forces Group 1989-1995
3rd Special Forces Group 1997-1999
RS - DHG 5-85
2/325, 82nd Airborne 1979-1984
F Company, 51st LRSU 1986-1988
5th Special Forces Group 1989-1995
3rd Special Forces Group 1997-1999
RS - DHG 5-85
Re: Who Holds US Debt
Another understatement!rgrokelley wrote:There is no happy way out of this. If Obama gets reelected we keep printing and spending money, and we go into hyper-inflation, and the economy collapses.
If Romney gets elected he gets the Fed to actually control the economy again, but that means raising interest rates. Some predict this may be as high as 20 to 30 percent. If that happens people will not be able to afford loans to start businesses.
Its a shit filled twinkie and no matter what, we have to eat it.
Ranger Class 13-71
Advisor, VN 66-68 69-70
42d Vn Ranger Battalion 1969-1970
Trainer, El Salvador 86-87
Advisor, Saudi Arabian National Guard 91, 93-94
75th RRA Life Member #867
Advisor, VN 66-68 69-70
42d Vn Ranger Battalion 1969-1970
Trainer, El Salvador 86-87
Advisor, Saudi Arabian National Guard 91, 93-94
75th RRA Life Member #867
Re: Who Holds US Debt
Deficit spending (both government & personal) is the greatest threat to our society we have faced in 50 years. Before the 60s, people paid cash for everything, including houses, cars & other big ticket items. As soon as we started borrowing as a standard, everything went up creating a false prosperity. This is not a sustainable model, and the chickens are in the process of roosting. If we do not suck it up now, our children will pay the price. At the latest, our grandchildren.
Me personally, I'd rather shoulder the burden than 'pass the buck'. My parents just might not understand why I don't have any time for their financial 'guidance'.
Me personally, I'd rather shoulder the burden than 'pass the buck'. My parents just might not understand why I don't have any time for their financial 'guidance'.
C Co 3/75 88-90 (Just Cause)
124 MI(LRSD) 90-91 (Desert Storm)
Repeal the 16th, enforce the 10th.
ΜΩΛΩΝ ΛΑΒΕ
"I come in peace. I didn't bring artillery. But I'm pleading with you, with tears in my eyes: If you fuck with me, I'll kill you all." Gen. James Mattis
Panem Et Circenses
My safe space
124 MI(LRSD) 90-91 (Desert Storm)
Repeal the 16th, enforce the 10th.
ΜΩΛΩΝ ΛΑΒΕ
"I come in peace. I didn't bring artillery. But I'm pleading with you, with tears in my eyes: If you fuck with me, I'll kill you all." Gen. James Mattis
Panem Et Circenses
My safe space
Re: Who Holds US Debt
A couple more tidbits for comparison -
US debt is now greater than Gross Domestic Product (GDP) - it was at 101.5% of GDP at YE 2011 per the US Treasury.
There are only three other countries that are above their GDP:
1. Japan 204%
2. Greece 165%
3. Italy 118%
Only one other time in US history was debt more than GDP - WWII 117.5%
The lowest point was 1977-1981 32.5%
Also ponder this -
The average interest rate on US debt (T-bills, T-Notes, T-Bonds, etc.) in January 2012 was 2.24%, or app. $240 billion/year.
The historic average rate as recently as 2007 has been 5%, or $500 billion/year.
$5 trillion in notes are due in the next 36 months - if rates return to historic averages, the annual interest payments may reach $1 trillion/year.
This does not factor in the "fiscal cliff" coming in January 2013 - the built-in increase in taxes & withholding plus the mandated cuts of $1.2 trillion.
It is estimated this will eliminate 2.1 million jobs, including federal employees, manufacturing employees, and construction employees.
Unemployment will return to levels above 9%, the economy will contract by 1.3%, and we will enter another recession.
Tighten your seatbelts, this will be a bumpy ride.
US debt is now greater than Gross Domestic Product (GDP) - it was at 101.5% of GDP at YE 2011 per the US Treasury.
There are only three other countries that are above their GDP:
1. Japan 204%
2. Greece 165%
3. Italy 118%
Only one other time in US history was debt more than GDP - WWII 117.5%
The lowest point was 1977-1981 32.5%
Also ponder this -
The average interest rate on US debt (T-bills, T-Notes, T-Bonds, etc.) in January 2012 was 2.24%, or app. $240 billion/year.
The historic average rate as recently as 2007 has been 5%, or $500 billion/year.
$5 trillion in notes are due in the next 36 months - if rates return to historic averages, the annual interest payments may reach $1 trillion/year.
This does not factor in the "fiscal cliff" coming in January 2013 - the built-in increase in taxes & withholding plus the mandated cuts of $1.2 trillion.
It is estimated this will eliminate 2.1 million jobs, including federal employees, manufacturing employees, and construction employees.
Unemployment will return to levels above 9%, the economy will contract by 1.3%, and we will enter another recession.
Tighten your seatbelts, this will be a bumpy ride.
RLTW
Lefty
SFOC 1969
6th SFG(A) 69-70
Ranger Class 13-70
MACV Tm 21 70-71 (2nd ARVN Ranger Gp 23d
BN)
2/13 Armor 1st Cav 71-72
"Experience teaches a dear school, but fools will learn in no other, and some scarce in that"
Lefty
SFOC 1969
6th SFG(A) 69-70
Ranger Class 13-70
MACV Tm 21 70-71 (2nd ARVN Ranger Gp 23d
BN)
2/13 Armor 1st Cav 71-72
"Experience teaches a dear school, but fools will learn in no other, and some scarce in that"
Re: Who Holds US Debt
Jesus, Karl, the good news just keeps on coming.
Ranger Class 13-71
Advisor, VN 66-68 69-70
42d Vn Ranger Battalion 1969-1970
Trainer, El Salvador 86-87
Advisor, Saudi Arabian National Guard 91, 93-94
75th RRA Life Member #867
Advisor, VN 66-68 69-70
42d Vn Ranger Battalion 1969-1970
Trainer, El Salvador 86-87
Advisor, Saudi Arabian National Guard 91, 93-94
75th RRA Life Member #867