Is it ok to ask about the Debt Limit or is that a political thread?

Discussion in 'Teacher Time Out' started by Good Doobie, Aug 5, 2011.

  1. Good Doobie

    Good Doobie Rookie

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    I was wondering who the US owes most money to? Do we owe it to ourselves somehow, or other countries? Idk; I wonder if we owe it to the big computers and robots, etc. that big businesses can afford since they are the most productive.
     
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  3. Mrs.SLF

    Mrs.SLF Comrade

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    I think this might become political as people begin discussing their personal opinions about how to address the debt (debt reduction vs continuously raising the limit). Just my :2cents:
     
  4. czacza

    czacza Multitudinous

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    We owe money to robots?:dizzy:
    Just curious...what is the content area that you teach to HS students?


    "The U.S. debt is over $14 trillion, and is the sum of all outstanding debt owed by the Federal Government. Nearly two-thirds is the public debt, which is owed to the people, businesses and foreign governments who bought Treasury bills, notes and bonds.
    The rest is owed by the government to itself, and is held as Government Account securities. Most of this is owed to Social Security and other trust funds, which were running surpluses. These securities are a promise to repay these funds when Baby Boomers retire over the next 20 years." (Source: U.S. Treasury, Debt to the Penny; Debt FAQ)
     
  5. Mrs.SLF

    Mrs.SLF Comrade

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    :lol:
     
  6. smalltowngal

    smalltowngal Multitudinous

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    Do we not owe anything to China? I thought that was were some of our debt was held. Of course, we're still owed money from some European countries are we not?
     
  7. czacza

    czacza Multitudinous

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    That would be part of the 2/3 of the debt which is 'public debt'.
    What other countries owe us is part of THEIR debt, not ours.
     
  8. Major

    Major Connoisseur

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    Maybe there shouldn't be a debt limit at all ... :rolleyes: ... just keep on with the unabated spending ...... just as though all debts will be forgiven......

    (Hope you've built yourself a good solid survival bunker .... I know I have......:):))
     
  9. smalltowngal

    smalltowngal Multitudinous

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    cza~I know that's not part of our debt...just thinking that if we called those debts now, that it might help us.

    Major~if all debts are forgiven for the government, it has to be for the citizens too...works for me! :lol:
     
  10. John Lee

    John Lee Groupie

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    Isn't that what's going on anyway? The whole debt ceiling thing was nothing but a charade... History books will look back on us, and ridicule... Our economy (back in '07) crashed because of too much debt and too much consumption. What's our solution? More debt and more consumption. It's laughable if it wasn't so tragic.
     
  11. Irishdave

    Irishdave Enthusiast

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    As a Babyboomer I had always had SS in my retirement plans I knew I had a State Retirement through teaching (one of the best run State Retirement Systems in the country).
    Now SS is in danger, borrowing from SS is nothing new it started back in the 1930s when SS was created.
    Many times SS has been listed on paper to make the government's bottom line look better. Both parties have done it. Many pork projects have been paid with money borrowed from SS. Social Security to Start Cashing IOUs

    The intitlement culture has put us where we are today. we can't borrow from SS anymore so we borrow from foreign countries.
    After WWII we forgave many countries debt to us, will the reverse happen? I remembering when the news reported it, I asked my dad why, I can not print his answer, others said, "it was the right thing to do" now will China do the right thing?
     
  12. bandnerdtx

    bandnerdtx Aficionado

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    It's to the point where I can barely talk about the government or politics any more. It raises my blood pressure too much.
     
  13. terptoteacher

    terptoteacher Connoisseur

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    I generally don't pay much attention to the government and I haven't really watched the news this summer.


    What effect will this have on me? Will the gov. try to force people to repay their loans in full? Will interest rates go way way up? Will it be harder to get a loan? Will retail prices go up? Do I need to take my child out of their activites to save money? Should I limit my spending?:confused:
     
  14. smalltowngal

    smalltowngal Multitudinous

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    terp~how about all those that are on the fixed income they get from SS? My dad is constantly afraid that he won't get his SS one month.


    Major~did you retire from the military? They have their own retirement system like teachers do right?
     
  15. czacza

    czacza Multitudinous

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    My dh is retired from the military, and yes, military members get a pension after 20 years.
     
  16. Peachyness

    Peachyness Virtuoso

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    My dad too, is afraid. Thankfully, he and my mom are renting our house from us, so we're willing to help out if he doesn't get his money. Still, :( how sad is this whole situation?
     
  17. Major

    Major Connoisseur

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    No I didn't stg....... (I retired from the corporate world twice..... first time in my late 40's --- then was made an offer I couldn't refuse --- and retired second time in my early 50's).



    edited --- too much info.....:)
     
    Last edited: Aug 6, 2011
  18. smalltowngal

    smalltowngal Multitudinous

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    So, their pension is different than SS. That's good. When the hubs retires, he'll be retiring with no SS....just military pension and teaching retirement.
     
  19. Good Doobie

    Good Doobie Rookie

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  20. ybmiuq

    ybmiuq Rookie

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  21. kcjo13

    kcjo13 Phenom

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    I think there is a big difference in our forgiving debts to countries that had crumbling infrastructures, little to no government leadership due to years of occupation, and severely reduced funds due to fighting a war for several years (not to mention far fewer tax payers also due to that war), and China forgiving our debt just because we can't pull our heads out of our collective asses and stop spending money we don't have.

    :2cents:
     
  22. The Maestro

    The Maestro Rookie

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    Aug 8, 2011

    "Good news, R2-D2! We're finally getting that check for one trillion dollars!"

    "Boop - BEdeBE - boop!"
     

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