Do we owe $9 Trillion??

[KudosMan]

I am listening quite about this $9 Trillion thing lately.
Is it true that we are under such a huge debt?
If yes, we owe it to whome??
Please explain this thinga, I am only a little better than McShame on Economy.

My source: http://www.brillig.com/debt_clock/faq.html (don't know how reliable is this)

And If we owe it to ourselves WHY we need to pay INTEREST on it.

[liberal N proud]

1. Here is a chart...

Our grandchildren will be paying for this regimes failures.


http://www.optimist123.com/optimist/2007/03/updated_pie_cha.html

[KudosMan]

2. oic

source??

If you have any..

[liberal N proud]

4. I found the chart on a blog site

But the government sources are listed on the chart.

[Orrex]

3. Worst. Pie. Ever.

:puke:

[KudosMan]

6. why?

Is it not accurate???

[DRoseDARs]

13. You're thinking wrong. Think about all the different types of pie in the world...

...and why this one tastes like shit. ;)

[KudosMan]

8. thanks

But what is that 'inter-govt' and 'publicly held'

than why we are paying so much interest on that??

I came to know recently lots of money have been loaned by Bush for Iraq War.

[MiniMe]

10. I think most of that is the raiding of the Social Security system.

Those are the "useless" pieces of paper that GWB said were the money we had for Social Security.

[blondeatlast]

19. Why'd you remove that interesting sig line? nt

[Monk06]

5. One of the most fallacious arguments concerning US debt. "We owe the majority

debt to ourselves." What does that mean? Debt is
debt. You pay it off or you don't.

The, "we owe the national debt to ourselves"
argument is used by people who cheat at Monopoly.

[Spurt]

7. $59.1 trillion

As of April 2008, the total U.S. federal debt was approximately $9.5 trillion<2>, about $31,100 per capita (that is, per U.S. resident). Of this amount, debt held by the public was roughly $5.3 trillion.<3> If, in addition, unfunded Medicaid, Social Security, Medicare, etc. promises are added, this figure rises to a total of $59.1 trillion.<4> In 2007 the public debt was 36.8 percent of GDP ranking 65th in the world.<5> The total debt is currently 66.5% of GNP.

http://en.wikipedia.org/wiki/United_States_public_debt

Follow the links from there and learn as much as you want.

Cheers

[KudosMan]

9. Don't TRUST wikipedia!!!

Too many jargons, can't clearly picturize the real scenario.

Wiki pages are modified by special interests.
I have many experiences on this regard. When pages are filled with completely 1-sided content. But I never believed that before I heard abt C.A.M.E.R.A.

Don't Wiki. never, period.

[Vickers]

16. What's with the "Obama?? .......Hmmmm" quote in your sig line?

Oh, and welcome to DU yadda yadda yadda...

[blondeatlast]

20. He removed it--interesting... nt

[Vickers]

21. I think it disappeared when he got tombstoned.

Glad I preserved it for posterity.

:rofl:

[blondeatlast]

22. That one was so transparent. Came in with an insulting reply

and went at it wtih guns blazing when challenged.

[Recursion]

11. Do you own a bond?

That's where most of the debt is. If you have a treasury bond, (part of) the National Debt is owed to you.

[KudosMan]

12. NO!!

Do you?
Where can I buy one? Is it a good investment?

[Terry_M]

14. I'd say no, not a good investment

The way our currency is going, it may give a bigger return to just buy some Euros, hide them under your pillow and take them out a few later to trade them in for more US$ than you purchased them for originally.

[Recursion]

18. Dmesg's investment picks:

Shotguns
Ammo
Bottled water
Shelf-stable food

[A HERETIC I AM]

17. You can buy Treasury Securities at most Brokerage firms or directly from the US Treasury.

Purchase them from the Treasury directly via:

http://www.treasurydirect.gov/

United States Treasury Securities are seen as the safest bonds in the world and the secondary market for them is among the largest and most liquid of all bond markets.

"Is it a good investment?"

They are a safe vehicle in which to place money and a part of all well diversified portfolios, to one degree or another. The value of ANY bond can and will fluctuate with market forces, however. Having said that, if you buy a $1000 "par" 10-Year Treasury at issue, you will receive $42.50 per year for ten years and at maturity you'll get your grand back (4.25% "Coupon"). Depending on whether you purchase it at a discount to par or at a premium determines the actual yield. This morning, 10-Yr bonds opened at 98.21. Treasury bonds are quoted in whole dollars and fractions of a dollar. The fractions are 1/32's. So a 10-yr bond trading at 98.11 sells for $983.4375, rounded up to $983.44 providing a yield of 4.038%

It's a safe investment. Whether that makes it "good" or not is up to the individual.

[sinkingfeeling]

15. Yes, we owe over $9 trillion in debt. About $31K per every man, woman, and child in the USA.

We are borrowing money at a rate of $1.58 billion every day. Bush has almost doubled the debt with is unfunded, illegal 'wars'since he took office. Here is one excellent site with a FAQ section that should help: http://www.brillig.com/debt_clock/

[L0oniX]

23. The American dollar is a promise to pay currency which is a debt.

[dysfunctional press]

24. a LOT of it is owed to the very wealthy.

most of them have a certain percentage of their investments in treasury bills because of their stability.