So what happens when the debt reaches 14 trillion?

According to this we aren't that far off as of right now and we will only be roughly 640 billion away from the GDP and the debt reversed. What happens when the national debt is officially higher than the GDP? How bad will it actually be?

whoever we owe the 14 trillion to should just let it go and it would solve all our problem.AL_GREEN

[QUOTE="AL_GREEN"]whoever we owe the 14 trillion to should just let it go and it would solve all our problem.fl4tlined

[QUOTE="AL_GREEN"]whoever we owe the 14 trillion to should just let it go and it would solve all our problem.fl4tlined

blackmail i guess

I'll be sitting back and enjoying my life.

[QUOTE="fl4tlined"][QUOTE="AL_GREEN"]whoever we owe the 14 trillion to should just let it go and it would solve all our problem.magicalclick

They have to because we are the customers. Don't you ever heard of "customer is God"?

They will claim they have found gold and make fake money.

i say America stages a mass suicide and move to underground bunkers where we'll live until everyone on the surface dies or in enslaved by our new alien overlords

problem solved cant collect dept from a dead guy:P

We file bankrupcy. Easy as that.

Nothing special happens at that arbitrary number. It's more of a symbolic amount of debt than anything else. (granted, it is a big number)

the "debt" will never be paid offxbox360isgr8t

yeah it wont. I don't know why people are so hung up on it, nothing is going to change. we can still print money..

Simple, each American owes about $45,000... now pay up!

Their going to continue to print money which is going to drive its value through the floor. Without the gold to back up its value, might as well me monopoly money. They have to go back to the gold standard. If everyone would take all their money out of the bank that would force some change real quick.KingHuzzah

Nothing happens if we make efforts to balance the budget and reduce the long term deficit (like finally repeal the Bush tax cuts) after the economy fully recovers. The debt as a percent of GDP was well over 100% after WWII, and the next few decades that followed were some of the most prosperous decades of this country's history.-Sun_Tzu-

Simple, each American owes about $45,000... now pay up!

TheMadGamer

Simple, each American owes about $45,000... now pay up!

TheMadGamer

We would just arbitrarily start at zero again.

We pretend to be Canada and hope China doesn't catch on.

I don't understand. The people who are advocating European style socialism along with high taxes say it will be good for the countries financial problems, yet every time i look at http://en.wikipedia.org/wiki/List_of_countries_by_external_debt many of the socialist european countries that are supposedly so great because they have high taxes have much higher debt to GDP than the USA. Raising taxes on the rich isn't going to decrease the debt, it will simply allow the government to spend more.

What happens when the debt reaches 14 trillion is that it just keeps going up. The inefficient mob that is the government will continue doing what they do best, and the debt will continue to rise.

I don't understand. The people who are advocating European style socialism along with high taxes say it will reduce the debt, yet every time i look at http://en.wikipedia.org/wiki/List_of_countries_by_external_debt many of the socialist european countries that are supposedly so great because they have high taxes have much higher debt to GDP than the USA. Raising taxes on the rich isn't going to decrease the debt, it will simply allow the government to spend more.

What happens when the debt reaches 14 trillion is that it just keeps going up. The inefficient mob that is the government will continue doing what they do best, and the debt will continue to rise.

[QUOTE="-Sun_Tzu-"]Nothing happens if we make efforts to balance the budget and reduce the long term deficit (like finally repeal the Bush tax cuts) after the economy fully recovers. The debt as a percent of GDP was well over 100% after WWII, and the next few decades that followed were some of the most prosperous decades of this country's history.kayoticdreamz

I don't understand. The people who are advocating European style socialism along with high taxes say it will reduce the debt, yet every time i look at http://en.wikipedia.org/wiki/List_of_countries_by_external_debt many of the socialist european countries that are supposedly so great because they have high taxes have much higher debt to GDP than the USA. Raising taxes on the rich isn't going to decrease the debt, it will simply allow the government to spend more.

What happens when the debt reaches 14 trillion is that it just keeps going up. The inefficient mob that is the government will continue doing what they do best, and the debt will continue to rise.

its probably the doom of the USofA no other being in the history of the world would have been allowed such a debt

I don't understand. The people who are advocating European style socialism along with high taxes say it will reduce the debt, yet every time i look at http://en.wikipedia.org/wiki/List_of_countries_by_external_debt many of the socialist european countries that are supposedly so great because they have high taxes have much higher debt to GDP than the USA. Raising taxes on the rich isn't going to decrease the debt, it will simply allow the government to spend more.

What happens when the debt reaches 14 trillion is that it just keeps going up. The inefficient mob that is the government will continue doing what they do best, and the debt will continue to rise.

Looking through this topic, me thinks some people are confuddling the words debt and deficit.

Looking through this topic, me thinks some people are confuddling the words debt and deficit.

Oleg_Huzwog

This is what I came in to post.
Debt 'can' be paid off.
Deficit is another story all together

[QUOTE="-Sun_Tzu-"][QUOTE="surrealnumber5"] walter block has a critique of the laffer curve and based on his analysis it shows diminished utility greater than that of increased tax revenue. but the progressives will come in with the media mentoring and preach how godly the laffer curve issurrealnumber5

[QUOTE="surrealnumber5"][QUOTE="-Sun_Tzu-"] Um, what? The Laffer curve owes its namesake to Arthur Laffer, a conservative economist who was an adviser to Reagan in the 80's, and is one of the most important ideas to supply-side economics, which is an economic school of thought liked by most conservatives. Liberals have never been the ones preaching about how godly the laffer curve is.-Sun_Tzu-

[QUOTE="-Sun_Tzu-"]

[QUOTE="surrealnumber5"] you did just the other day...surrealnumber5

[QUOTE="surrealnumber5"][QUOTE="-Sun_Tzu-"] I cited the laffer curve because it's an idea that is widely accepted (to a certain extent) by both conservatives and liberals and illustrated my point that revenues can be maximized. I was never preaching about how godly it is. But when you turn on the T.V. you're really only going to find conservatives actively praising it as a rationalization to cut taxes even when taxes really shouldn't be cut, because as the laffer curve demonstrates tax cuts can theoretically increase revenue.

-Sun_Tzu-

simple, invade another country, steal their money. Then invade Poland, the world gets pissed and WW3 starts.

[QUOTE="-Sun_Tzu-"][QUOTE="surrealnumber5"] walter block is the henry hazlitt of today when it comes to debunking economic fallacies but sadly you wont see him on tv. surrealnumber5

simple, invade another country, steal their money. Then invade Poland, the world gets pissed and WW3 starts.

Half-Way

brilliant

like Sun-tzu said in a previous post, the decades after WW2 were followed by great economic prosperity

what better way to bring forth economic recovery then by another World War?

If you return home, Britain will give you an allowance.SolidSnake35