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US total debt is apparently nearly 55 trillion dollars [1] which is a massive amount to suddenly be written off by banks and governments all over the world. One
by tobylane 15y ago
US total debt is apparently nearly 55 trillion dollars [1] which is a massive amount to suddenly be written off by banks and governments all over the world. One of many many effects is that your cost of living will rise quickly.
http://www.usdebtclock.org/ http://www.usdebtclock.org/
- nhaehnle 15y agoThe US total debt is actually more like 14 trillion dollars. People come up with this 55 trillion dollar numbers by adding in future social security-type outlays, which are always paid out of the current budget. These types of numbers are a form of FUD which is spread by ideologues. Think about it this way. Suppose you rent an apartment for 1500$ per month, and expect to live in it for the next 10 years. If you follow the logic of the people who claim a 55 trillion debt, then you would claim that you now have a debt of 180,000$. We all know that that claim is ridiculous, but unfortunately, the same flawed logic is slightly harder to detect and unravel when it comes to something as complex as the entire economy.
- Someone 15y agoThere is a difference in commitment. You can easily get out of that apartment, but not out of those future social security-type outlays. That is why accountants call 'future payable' stuff a debt. That "out of their current budget" is irrelevant. Most people who buy a house on mortgage pay of their debt out of their current budget, too. A mortgage still is a debt, though (ideally (more than) balanced by the worth of the property you bought for the mortgage)