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US Published National Debt: $28T. The Truth: $146T. Each Taxpayer's Share: $951k

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Re: US Published National Debt: $28T. The Truth: $146T. Each Taxpayer's Share: $951k

#31

Post by boringg »

bserge wrote: post #11

Nobody cares anymore. People are working, resources are being extracted, created and traded, economies are rolling. Money is there to facilitate that, but on its own it's pretty much worthless. Just wish inequality wasn't so fucking huge.

On the inequality front - I just wish the media didn't fan the flames all the time and make it feel like the only thing that matters. If I didn't know how the rest of the world lives I probably wouldn't care as much about it. If I see stories about it all the time and people flaunting their wealth it aggravates me.

I also recognize it is a real problem and we can solve it likely through policy/political will power. It in and of itself is not going to solve our problems.

Re: US Published National Debt: $28T. The Truth: $146T. Each Taxpayer's Share: $951k

#32

Post by jimkleiber »

Macha wrote: post #15
mschaef wrote: post #10

Earlier quoted context omitted.

> My parents are in their 70's and they still have furniture that was (second hand) given to them when they got married. Can you imagine an piece of IKEA furniture being used daily and lasting for >40 years? Two answers: 1) Yes. Very, very easily. For at least some IKEA furniture. 2) I somehow doubt that second hand furniture was from the 'IKEA of that day'.

> I somehow doubt that second hand furniture was from the 'IKEA of that day'. I think that's the parent poster's point. Presumably his parents are not significantly wealthier in relative terms than he was, but they could afford more premium furniture than most people today do.

I wonder if another reason for that is that there were fewer types of things one would buy back in the day. If I didn't have a phone or computer or earbuds or flights to other parts of the US or other countries, etc., then I might spend more on a premium furniture.

I definitely don't think that tells the whole story, but do think it could play a part in it.

Re: US Published National Debt: $28T. The Truth: $146T. Each Taxpayer's Share: $951k

#33

Post by _red »

bserge wrote: post #11

Nobody cares anymore. People are working, resources are being extracted, created and traded, economies are rolling. Money is there to facilitate that, but on its own it's pretty much worthless. Just wish inequality wasn't so fucking huge.

> Just wish inequality wasn't so fucking huge.

Printing money leads to greater inequality. Expect more of it.

Re: US Published National Debt: $28T. The Truth: $146T. Each Taxpayer's Share: $951k

#34

Post by heinrichhartman »

mschaef wrote: post #10
janandonly wrote: post #3

This is more a discussion of semantics than about the amount itself. The way I read the statistics is that the current debt is $28T of money that is already spent while the quoted debt of $146T is the amount of money needed to be spent to fill full current promises and expenses . It's interesting that since the USA got off the gold standard in 1971[1], and thereby all countries that had a currency backed by dollars,…

> My parents are in their 70's and they still have furniture that was (second hand) given to them when they got married. Can you imagine an piece of IKEA furniture being used daily and lasting for >40 years? Two answers: 1) Yes. Very, very easily. For at least some IKEA furniture. 2) I somehow doubt that second hand furniture was from the 'IKEA of that day'.

Ad 2) There were no alternatives to local carpenters 100 years back. If you wanted a wardrobe, you would get one built for you.

You can still do that today, and get a wardrobe for 8K, that lasts 40years. But now we do have "cheaper alternatives". His point exactly.

Re: US Published National Debt: $28T. The Truth: $146T. Each Taxpayer's Share: $951k

#37

Post by seneca »

janandonly wrote: post #3

This is more a discussion of semantics than about the amount itself. The way I read the statistics is that the current debt is $28T of money that is already spent while the quoted debt of $146T is the amount of money needed to be spent to fill full current promises and expenses . It's interesting that since the USA got off the gold standard in 1971[1], and thereby all countries that had a currency backed by dollars,…

> Everything is getting too expensive, and the only reason we don't feel this too much just yet, is because often times cheaper alternatives where available.

Dead on. It's pressure from both sides, so to speak. Not only are we paying more for goods, the goods themselves are declining in quality.

Furniture is a great example. Another is home appliances. Refrigerators, washers and driers etc have absolutely tanked in quality.

We are getting less for more money, but inflation only counts half of that.

Re: US Published National Debt: $28T. The Truth: $146T. Each Taxpayer's Share: $951k

#38

Post by VictorPath »

> medicare...social security....pension & retiree

Funny how all the money given to Raytheon etc. to fund 20 years of Afghan war and nation building, and military bases all over the world never adds any debt!

The only government spending lobbyists and think tanks ever see is the spending that I might at some point see some benefit from.

Re: US Published National Debt: $28T. The Truth: $146T. Each Taxpayer's Share: $951k

#40

Post by kingforaday »

If I were to accept the numbers as real and accurate. Am I correct to assume $951k over my "working" lifetime? Assuming if I start working at 18 and stop at 67, is that 951K "owed" over that time period? ~20K/yr in taxes owed to repay the debt.

Is this correct thinking? Asking for a friend. :)

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