U.S. Treasury Set to Borrow $1 Trillion for a Second Year to Finance the Deficit

submitted by dcjogger from finance.yahoo.com

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[–]wizzwizz4 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

That's what deficit means…

[–]Alduin 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

I was talking to a guy the other day and we got on the subject of the national debt. I said something along the lines of "We are NEVER paying that back. And I don't know what happens when a country doesn't pay it's debts, but I don't think it's anything good."

The guy goes "Well we have all the guns so what are they gonna do?"

I'm concerned this might be a common sentiment.

[–]Tom_Bombadil 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Hopefully, he means the people will show up to the banks and say, "Our money, or your lives."

[–]dcjogger[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Maybe the debt will be paid off by illegal immigrants, technology, a zero percent tax rate, or magic fairy dust, but the reality is that the US debt is increasing constantly, no one cares, and spending more money to reduce the debt will only lead to disaster.

Debt didn’t work out too well for Rome, Germany, Japan, Greece, or Zimbabwe.

Those who fail to learn from history are doomed to repeat it.

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