- $16,000,000,000,000.00

[BD]

Not to open up a can of worms so let's not get into fights.

Turn out that most of the debt owed is not to foreign governments as only about 20% of that is to Japan, Taiwan, China, Brazil, etc. The rest is from our own backyard such as social security and medicare funds, and domestic/foreign private investors.

What do you guys think? My parents have been talking about leaving the country and retire back in Taiwan, and they ask me if I want to go with them - Since I'm the only child out of three who is not married of have kids. They're biggest concern is not the debt but healthcare. My dad belongs to the Longshoreman's union and they have great health insurance coverage, but the rumor start to circle around regarding the termination of their benefit under the Affordable Care Act if they can't get a waiver.

I'm so Americanized and I don't really want to do that, and I really love this country. I love the open roads, vegas, nature... The American patriotism, etc. Will be tough to leave them behind.

 

[Dhalsim]

 

[TURBO2GO]

That looks delicious... :biggrin:

I also predict this thread will go down the toilet real quick.

 

[Jimbo]

It's only $136,000 per household. What's the big deal?

 

[bigbadberry]

Dat Congress.

 

[Joker]

What does $16 trillion look like? $100 bill that will fill up the football stadium? I don't know what it looks like.

 

[passline]

What does $16 trillion look like? $100 bill that will fill up the football stadium? I don't know what it looks like.

or: ........ the number of cans of Campbell's Pork & Beans you would have to open to create a pork chop!

 

[transdzn]

Where are you getting this source from? Hearsay?

How's moving back to your motherland any different? As far as I know, most East Asian countries are based on collectivism for 'social security'; children taking care of the aging parents, not government.

 

[flaminio]

http://www.usdebtclock.org/

 

[Timpo]

What does $16 trillion look like? $100 bill that will fill up the football stadium? I don't know what it looks like.

I don't know about $16 trillion, but here's $1 trillion...

$100
Start with a simple $100 bill.

$10,000
A packet of $100 bills worth $10,000 is less than 1/2 inch thick.

$1,000,000
$1 million is a little pile of cash can easily fit into any backpack and weighs just about 22 lbs.

$100,000,000
$100 million fits neatly on any standard pallet, weighing in at a little over one ton.

$1,000,000,000
$1 billion is ten pallets worth of cold, hard cash.

$1,000,000,000,000
Finally, here’s 1 trillion dollars.

 

[BD]

Where are you getting this source from? Hearsay?

How's moving back to your motherland any different? As far as I know, most East Asian countries are based on collectivism for 'social security'; children taking care of the aging parents, not government.

I don't know where you get your data from? In Japan, Taiwan, S. Korea, Hong Kong, it is reversed. Kids stay at their parents home until than can afford something, and most often or not, they can't because real estate is just too expensive. But we're not talking about that, I'm trying to get a feed back on the national debt of this nation, and yes, just because they didn't have one at the DNC convention doesn't means it doesn't exist, or because they had one at RNC convention, it's a lie.

http://politicalcalculations.blogspot.com/2011/01/who-owns-us-national-debt.html#.UEb55kLFUiU

Another source from 2011

Hong Kong: $121.9 billion (0.9 percent)
Caribbean banking centers: $148.3 (1 percent)
Taiwan: $153.4 billion (1.1 percent)
Brazil: $211.4 billion (1.5 percent)
Oil exporting countries: $229.8 billion (1.6 percent)
Mutual funds: $300.5 billion (2 percent)
Commercial banks: $301.8 billion (2.1 percent)
State, local and federal retirement funds: $320.9 billion (2.2 percent)
Money market mutual funds: $337.7 billion (2.4 percent)
United Kingdom: $346.5 billion (2.4 percent)
Private pension funds: $504.7 billion (3.5 percent)
State and local governments: $506.1 billion (3.5 percent)
Japan: $912.4 billion (6.4 percent)
U.S. households: $959.4 billion (6.6 percent)
China: $1.16 trillion (8 percent)
The U.S. Treasury: $1.63 trillion (11.3 percent)
Social Security trust fund: $2.67 trillion (19 percent)
So America owes foreigners about $4.5 trillion in debt. But America owes America $9.8 trillion.

 

[Jimbo]

If only this country would adopt the tax rates of Hong Kong. We would see tremendous growth.

16.5% Corporate (US is the highest in the world).

15% Personal - 5% minimum (unlike the US where 50% pay 0 and some get money back).

No estate tax.

No sales tax, VAT, etc.

No capital gains tax.

No domestic withholding taxes on dividends, interest or royalties.

 

[BD]

If only this country would adopt the tax rates of Hong Kong. We would see tremendous growth.

16.5% Corporate (US is the highest in the world).

15% Personal - 5% minimum (unlike the US where 50% pay 0 and some get money back).

No estate tax.

No sales tax, VAT, etc.

No capital gains tax.

No domestic withholding taxes on dividends, interest or royalties.

I agree with you, that is why China left them alone after 1997, but that will never happen because of the exploitation by our politicians here.

It will be a steep uphill to climb for a while, I'm looking at leaving California if my folks ever move back to Taiwan. I'm not sure if I want to do the same but another state will be nice. Lived in Seattle area for three years and I really like it up there, but I would mind try some other states.

 

[Vega$ NSX]

I don't know about $16 trillion, but here's $1 trillion...

This was really cool! Thanks for this post!

Although, I have $10,000 right in front of me in actual "real world" 100's and they definitely don't sit flat as fresh cut bills. They sit almost 1.5" high.

 

[pgilliam1]

You say you love this country but infer you'd leave because of money.

The only question you need to answer is: What's more important to you?

If America fails, the rest of the world will follow.

 

[gleibig]

 

[Miner]

In 2000, the annual budget was positive and the debt was being paid off. Then revenues were reduced and expenses were increased, creating an annual deficit and increasing debt. Makes sense doesn't it.:biggrin:

 

[Joker]

In 2000, the annual budget was positive and the debt was being paid off. Then revenues were reduced and expenses were increased, creating an annual deficit and increasing debt. Makes sense doesn't it.:biggrin:

Didn't you also receive the refunds from IRS?

 

[DocL]

Didn't you also receive the refunds from IRS?

I used my refund to get me a nice a Plasma TV.

 

[jond]

Here's a list of countries by debt. Look at it as debt as a percent of GDP as obviously the US is a huge country.
https://en.wikipedia.org/wiki/List_of_countries_by_external_debt

Then name O N E place with no debt that is halfway decent.
There are none.
All decent countries run massive debt.

IMO, it's a trick. The poor countries don't get it.
The trick isn't to be poor and have zero debt. The trick is to get china to give you their money and never pay them back.

 

[Miner]

Didn't you also receive the refunds from IRS?

Of course not. My tax burden went down, though.

Here's a list of countries by debt. Look at it as debt as a percent of GDP as obviously the US is a huge country.
https://en.wikipedia.org/wiki/List_of_countries_by_external_debt

Then name O N E place with no debt that is halfway decent.
There are none.
All decent countries run massive debt.

IMO, it's a trick. The poor countries don't get it.
The trick isn't to be poor and have zero debt. The trick is to get china to give you their money and never pay them back.

Some debt is good. It keeps you motivated. Kinda like borrowing money from a loan shark.

Miner

 

[BD]

You say you love this country but infer you'd leave because of money.

The only question you need to answer is: What's more important to you?

If America fails, the rest of the world will follow.

No, you are spinning my words, I love this country for the openness, the Constitution, AND what it stands for during a time of conflict.

If America fails, the rest of the world will follow... I have been told of that slogan for over 30 years and I used to believe it. We are at the post cold war era and who ever adopts the US constitution will surely replace US in the world standing - if the American citizen abanadons it. All the growth of the Federal government is why the citizen of this nation opted to abandon the US constitution willingly, until they prove me wrong in November, my sentiment will continue to be shared by many.

Here's a list of countries by debt. Look at it as debt as a percent of GDP as obviously the US is a huge country.
https://en.wikipedia.org/wiki/List_of_countries_by_external_debt

Then name O N E place with no debt that is halfway decent.
There are none.
All decent countries run massive debt.

IMO, it's a trick. The poor countries don't get it.
The trick isn't to be poor and have zero debt. The trick is to get china to give you their money and never pay them back.

So what if we don't pay China back, it is only 7% of the debt the Federal Government owed. What about the 60 plus % the government owes to private investors, bond holders, etc?

 

[blue_myriddn]

cool illustration.
I guess I will need to build a bigger house to hold my l3wt

 

[Vega$ NSX]

cool illustration.
I guess I will need to build a bigger house to hold my l3wt

Why? When clearly from the picture you can just build 4 Statue of Liberties and stuff it in there.

 

[Joker]

Why? When clearly from the picture you can just build 4 Statue of Liberties and stuff it in there.

Why would you want to do that? it costs more money to build 4 more Statue of Liberties.

Why don't we print $10,000 bills with Obama or Bush picture ( not Benjamin nor Lincoln) and we can put them all in just one Statue of Liberty.

Pretty soon $100 bills will be worthless and need to bring a barrel of money to get a loaf of bread at a supermarket near you.