If the USA is going to keep raising it's debt ceiling each year, who's going to pay back the Trillions of $$$?

Asked By: LoneBlogger 51-55, M 1 year ago

We already have 15 Trillion. Someday, China and Japan are going to close their checkbooks to us. What then?

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7 Answers to "If the USA is going to keep raising it's debt ceiling each year, who's going to pay back the Trillions of $$$?"

Posted by TwylaMarie Jan 7th, 2012 at 5:25PM

A trick question - because it implies we will be able to keep this up. All indicators are that we won't - and we are not just hitting a ceiling, but THE ceiling after which any money we print just becomes part of the death spiral of extreme monetary inflation.

Some people think we're already there and it's hard to argue. The price of gas is down (temporarily) but anyone who shops at the supermarket will tell you that the prices for meet, chicken and other staples are up 20 to 25% versus just a few short years ago.

Some people would be happy to see the debt passed on to children or grandchildren at a time after they are dead and no longer around to worry about it, but the bill is coming due in our lifetimes and probably sooner rather than later.

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Reply by maple10 Jan 7th, 2012 at 11:14PM

It's not 15 trillion anymore 0bama has raised it 16.something trillion. and you are right the value of the dollar is falling, for the first time in my life the Canadian dollar is worth more than the US dollar . 0bama and crew want to keep printing money , you don't have to look far to see where that will lead look at Zimbabwe.
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Posted by tmajor Jan 7th, 2012 at 5:26PM

The U.S. Gov't doesn't borrow to fund this country. It's a ruse!

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Reply by LoneBlogger Jan 7th, 2012 at 9:19PM

Where do you get you facts from?
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Reply by tmajor Jan 8th, 2012 at 10:30PM

http://www.experienceproject.com/stories/think-the-government-is-hiding-things-from-us/1519815
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Posted by hopefullyhumble Jan 7th, 2012 at 5:22PM

I wish the rich blockheads in DC worried about that.

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Posted by CVizion Jan 7th, 2012 at 5:56PM

The same mentality that caused the housing bubble and the massive credit card debt of the last 10 years has infiltrated the government.

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Reply by TwylaMarie Jan 8th, 2012 at 5:58AM

Actually, the government CAUSED the housing bubble this way. Rules they put in place encouraged people who had no business buying homes with big mortgages to get them, and Freddie Mac and Fannie Mae - two quasi-government entities bought up the loans.
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Reply by CVizion Jan 8th, 2012 at 9:29AM

Yes... but there was an underlying belief... as wrong and as stupid as it was... that people would do whatever it took to pay for their house... after all wasn't that supposed to be their single most important asset?... Once the hock my house and leverage my credit to the hilt mentality took hold... many were using credit to live the opulent life that would only really be supported long term with in income at least 10x what they were really earning. Yes, the politicians that introduced this pipeline of easy credit...have also puffed from the crack pipe.. thinking they can just issue more bonds and print more money endlessly... leverage the national debt... History has demonstrated this doesn't work.
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Posted by toistory Jan 7th, 2012 at 5:51PM

Hmm good question. I AM SURE THE US WILL JUST MAKE UP THE DIFFERENCES IN ESPIONAGE, WAR AND SOME STUPID SHUT.

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Posted by gifted131 Jan 7th, 2012 at 5:28PM

We will not pay it back. We will default on our loans like most other countries that have failed.

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Reply by TwylaMarie Jan 8th, 2012 at 5:59AM

Except we owe the money to a country with the largest army in the history of the world that's just short hope over the pacific ocean. They already have the technology to take our our naval forces too.
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Reply by gifted131 Jan 8th, 2012 at 11:48AM

debt generally does not start any war, except civil war. China cannot get there money back by bonbing us, but free trade with a country that can make there currency worth whatever there government wants was our biggest mistake
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Posted by DeborahFoster Jan 7th, 2012 at 5:22PM

You will need topay more taxes

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