Quote:
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 13 Jun 2005 at 01:29:18 PM GMT is:
$7,782,816,546,352
The estimated population of the United States is 296,308,020
so each citizen's share of this debt is $26,319.17.
The National Debt has continued to increase an average of
$1.64 billion per day since September 30, 2004!
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I'm sure I have this all wrong, but don't the beneficiaries of SS, Medicare, state and local governments, mutual funds, as well as individuals also own this debt? What difference does it make if we decide not to pay ourselves back? Isn't it just transferring the money from one of our accounts to another?
I really have no idea how this debt business works. Is 7 trillion too much?, 14 trillion?, 28 trillion? If we can forgive other countries who owe the US money, why can't we forgive our own citizens as well? At what point does our currency become worthless?
Apparently the goal of our government is to pass on the debt to the next generation and so on. This will work just great if no one ever has to pay it off.