Debt Reduction Help

@Jacobrester
the dollar is backed by the World economy, not the national economy of the USA. That is the difference. It is basically free money at the expense of the rest of the World, not the nantional economy of the USA. Basically, what needs to happen is abolishment of any world reserve currency. At this time, it is the dollar.

@Fizmoo Oh sure. Our economy in the U.S. is just great. Have you read a newspaper lately?

US GDP was something over 14 trillion dollars in 08. Divide 78 trillion by 14 trillion. I’d hardly call that insurmountable, especially when that 55 trillon in SS/Medicare won’t be paid in a single year. And why do people hold US dollars? Is it because we live in a banana republic with a dictator of the month? Lastly, re dollar as debt, and hyperinflation as well, there’s nothing to stop the govt from taking 1 of every 100 tax dollars collected and burning them to shrink the money supply.

You need to understand that the entire world focuses on the USA……so when you hear bad news about the USa it is amplified 10 times….the world only hears news about Iceland if the default and collapse economically……dont get too alarmed by a bunch of foreigners who hate the usa

The real calculation for how long it would take the world to pay for the US debt is 50 years. This is because 100% of their GDP is not available. If the US were to do it, it would take approx 150 years.

If the united states government privatizes Social Security, then all the debts will become neutralized.

Fiat money allowed the middle class to grow. 200 years ago you were either rich or poor my friend.

There’s no such thing as speaking Chinese. The country of China Speaks typically Cantonese or Mandarin. Learning Mandarin wouldn’t be a bad idea though.

Social Securitys predicted surplus for 2009 has dropped from $87 billion to $19 billion. That is a decrease of almost 80 percent. The primary reason cited by Stephen Goss, Social Securitys chief actuary, is the reduced tax income as a result of the high level of unemployment. The actual numbers could be even lower, as unemployment was not predicted to hit nine percent until 2010, yet is already at 9.5 percent halfway through 2009.

@freeenterpriseworks4 Socail Security is bankrupt ….no doubt about it….it is simple really….americans will have to give up many of their luxuries and entitlements until the budget is balanced and then they can get back on track

There’s a reason for allocation reduction. Obama adm. initiated a 350b tax cut. Most of these were targeted at social security and incomes. I mean, even if U.S. borrowed billions from China or Brazil – it is still money that first belonged to the U.S. And I think it’s a good choice that the gov. borrows from them instead of priting the money. If we did the latter, inflation would skyrock.

Chinese are fools as US Dollar will collapse so will all Debt of china will be wiped out and china will be left with nothing more then just papers………..US Dollar is the biggest Scam of World! Muslims and Arabs going against USA which means USA will soon loose all grip on world Economy soon……..InshAllah & Ameen