most of our debt is owned by foreign countries (like China). when/if they call these long term notes, the US will have to come up with money somehow. the US is merely anticipating that the chinese will never call the notes because they know that if they did so, our economy would collapse leading to a huge negative impact on the global markets. its all a game and there is no problem as long as every country plays by the “rules”. very stupid and risky IMO

Btw, who does the credit checks?

Basically every man, woman and child’s share of this debt went from about $18K in 2000 to $32K today (and your dollar is worth less than Canada’s now). Hope you chose some extremely wise investments for that $300 check Bush sent you.

The only solution is to revert back to the tax rates of the 90’s and get back to the Clinton surplus.

We can muster up all the outrage that we want, but the truth is we brought this upon ourselves.

Go take a gander at The Skeptical Optimist sometime. He provides a completely different economic/monetary viewpoint than virtually anyone else in the media — and he makes sense, most of the time.

We provide bonds for anyone to buy at certain interest rates. We continue to be able to more than pay for the interest on those bonds. And China isn’t our biggest borrower, as many in politics or the media would have you think.

You’re right, this is staggering. Wouldn’t it be nice every time the consumer, whether it be business or individual, maxed out their credit we could just say, “oh my, I think I’ll raise my credit limit”!.

This is so problematic on so many fronts it is mind blowing. And the worst problem is, one day our debts will come due. What happens then?

Russ