31 trillion dollars?

Question

That's a lot of debt. How do you pay that back is my first question.

Answer 1

You don’t! The interest  compounds and increases until it’s more than we can produce/pay and China sweeps in and says Checkmate and raises their pretty flag on the White House pole!

Lol, fools!

Answer 2

No one pays it off.  Very few people live debt free.  Countries don't either.  The good news is that the majority of this debt is owned by the social security system.  So, the interest paid goes into social security.  High interest rates are good for us receiving money from them.  

Unfortunately, the ability of social security to keep buying government debt is going down.  This puts the govt in a bad spot.  Their expenses keep going up, their ability to borrow cheap money keeps going down along with their income since workers are about tapped out and high earning people and corporations seem to be immune from paying taxes.

But as the trumper says "maybe default would be a good thing". 

Comments

If the US were just plain "not to pay" it might result in a loss of confidence in the US government. There might be a run on the banks causing massive default, as people decided they wanted their money with them than in a bank.Borrowing money in the future would also be more difficult.

Answer 3

Of the $31 trillion we now have as the national debt, I find it interesting that $7.8 trillion of it was an increase from the Trump years.  His was the third biggest increase; the other two belonged to George W. (who faced two foreign conflicts) and Lincoln (who faced a civil war.)  The principal drivers of Trump's bulge were from his 2017 tax cut for the wealthy and the requisite bump from the country's need to deal with Covid-19.

Just a note to put between the pages, that's all.

Another note is this:  We owe Japan $1.1 trillion; we owe China $859 billion; we owe the U.K. $668 billion; we owe Belgium (believe it or not) $331 billion; and Luxembourg (yeah. Luxembourg) $318 billion.   SO... China will have to stand in line behind Japan before they can plant a flag on the White House.  (Information here is current as of January 2023.)

BOTTOM LINE:  You owe a billion dollars here, fifty billion dollars there.  After a while, it starts adding up to real money!

P.S.  This is WAY more money than I make in a year.

Comments

Last I checked Japan hasn’t shown any interest in taking over the US!

China has and def plans on doing it!

Neither has unassuming Luxembourg! lol!

Yours stats are right on the money!

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I think the Chinese see that we have enough problems, and I don't think they are stupid enough to try to take over the USA.  Too many problems, not enough solutions.  They're more likely to engage us in a war over Taiwan than to foreclose on our debts...

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Oh I agree initially for sure!

They have time to take over!

Buying up our farm land 

Insinuating themselves into our businesses, government and financial markets.

The American people are manipulated by media!

They are too psychologically lazy to fact check for themselves!

It’s unbelievable what the American people will believe if media, celebrities and influencers push an agenda! The sheople follow like sheep to the slaughter !

Answer 4

The UK government of all colours hasn't paid off their debt since 1945. They relied on loans. Since 1945, they only paid off 1.7% of the balance. 

As I understand it, the UK is in over 3 trillion in debt.

The BOE increased the interest rate again today. There was a time when savers benefited from that.  The cost of living crisis has eaten into savings because people used them for everyday vitals. So everyone is affected 

The Tories are in power now and unless Labour starts to cooperate with the Devolved Governments the Tories will get another 5 year. 

Answer 5

The answer is we don't have to. Nobody is expecting us to pay to pay it back. Its just a device for rich people to become richer.

First, We still owe money from the Vietnam War. That's right. We always pay interest on the National Debt, never the principal.We've actually paid our debt on the Vietnam War several times. Nobody knows how many but we don't really owe the money.

Second, the interest payment is determined by private banks that make up the Federal Reserve Board. Our elected leaders have no say in that interest rate.This one of the reasons for the slogan "End the Fed."

Third, If we defaulted on the debt it would lead to worldwide disaster. However renegotiating the national debt with the consent of the Federal Reserve Banks would be totally legal and would save the US plenty of money.

Forth, if the US defaulted on the National Debt there would be no more interest payments on the National Debt. Its in their interest to renegotiate. Otherwise they get nothing.

According to Warren Buffet, 90% of the National Debt is owed to Americans, we owe it to ourselves. Its an invention!!! It isn't real. Its a device to "balance the books." And its just a matter of how many times we want to pay for the same piece of real estate. lol