Carlitos Wrote: USG national debt is directly equal to world net-dollar savings.
It's an account identity.
Everybody learns this in national income accounting 101.
Mainstream economists are like the Soviet scientists at Chernobyl.
pr Wrote: I can agree about the war. It's un-winable as most of the ones we enter into are, needless, as they all are and a total waste of our money and the lives of those over there fighting it!
I don't agre on the the national debt however. Obama should be spending even more massive amounts to get the economy moving again, not less. The national debt is nothing more than a Republican sponsored red herring, a total pile of BS! When we start taxing the rich they way we used to and still should be and the Republicans start supporting the country instead of trying to kill it to defeat Obama the national debt will fade away like the bad dream it is.
We have far more to fear from the Republicans trying to stop citizens from legally voting, special interest groups being able to give unlimited funds to candidates and the conservative agenda in general than the national debt. In a few years it will take care of itself and once again be the non-issue it should be and is.
fenway Wrote: If we (USA) cannot or will not pay our debts..."
I think it's both.
We "cannot" because we are way beyond broke, and it's getting worse every day.
We "will not" because we as a nation, and specifically our politicians are addicted to borrowing and spending. Very few of our politicians think about anything other than themselves and their own jobs. Future generations do not matter to them.
Some people seem to believe that the way to get out of a hole is to dig a little deeper. That we can spend our way out of debt.
I think the real world doesn't work that way.
What happens when we run out of other peoples money?