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Originally Posted by Guest
No my uninformed friend the National Debt -- is not a simple " left pocket to right pocket shift " as you say and no doubt learned on some simple site such as " The Nation " or " The Huffington Post ".
The money actually leaves the pants and never comes back . It goes out of " the pants pockets " and spent on various and sundry Federal programs and handed off to many countries which hate the USA .
You say the debt is " ours " and no one can get hurt . Who do you think is funding the debt ? Try this out independent pension funds , insurance companies , money market funds , bond funds and also a number of foreign governments such as China and Saudi Arabia .
You don`t think that these individuals and institutions and foreign governments are never going to want to get paid back ?
I am sure that you have a great deal more education and experience in these matters than I do . So would you please educate me on how this works .
I only have a BS in Economics , an MBA in Finance , a Masters in Accounting and a 35 year career in Commercial Banking . Apparently I did not attend the right schools or work for institutions which really understood how fiscal policy actually works ---- make that hasen`t worked since about 1964 .
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I have never watched the Nation or read the Huffington Post. With all your degrees, please tell me where I said the ENTIRE national debt was left pocket/right pocket. I put up the debt by major entity. You skipped right over the US government agencies, and went right to the other entities/countries.
China could do a number on our economy by calling in the debt. The threat is always there. They could also nationalize all our countries businesses making products there. What is their goal? What good would it do cripple one of their larger customers? Trump wants to put large tariffs on them. He has a ton of degrees also. He brags about them every day. Maybe you should talk to him about the backlash China could inflict on us by calling in the debt we owe to them.
Attached is the budget deficit=/surplus by year.
History of Deficits and Surpluses In The United States
Here is the national debt by year.
National Debt by Year: Compared to GDP, and Major Events
If you had a surplus in the Clinton years, and "W's" early years, why did the national debt increase?
Could it be that they are two different entities? That all the national debt doesn't come from federal spending. That can't be the case. We only have one pocket.