What is Digg?200 Comments
- cyberdork, on 12/11/2007, -5/+70Before people start claiming this is all the fault of the government.
Federal Government Sector debt: $8.7 trillion
State & Local Government Sector debt: $2 trillion
Household Sector debt: $12.8 trillion
Business Sector debt: $9 trillion
Financial Sector debt: $14.3 trillion
So don't just blame your government for the skyrocketing US debt. Seems like American citizens and American businesses are doing even worse! If you buy your car and big ass TV on credit and maxing out your credit card every month, then you should be the last person bitching about the public debt. - reeder, on 12/11/2007, -3/+44Thanks Federal Reserve! Debt isn't designed into the system, it IS the system.
- bitcloud, on 12/11/2007, -6/+34America is a floating super power...
Iran is the first country to lose confidence in your fractional reserve system (muslims refer to it as usury, but get carried away denouncing ALL forms of loans when fractional reserve loaning is the real enemy of democracy)
More countries will follow until the debt is resolved, and the debt will not be resolved while you continue to allow the private banks to invent money, make unpayable loans and essentially buy up massive amounts of property and land using totally fictional money via the common man as proxy.
Back your economy. It is at the root of all your problems - Jorin, on 12/11/2007, -2/+29Debt = slavery
- codered1322, on 12/11/2007, -0/+24We should have a carwash.
- sundancekid503, on 12/11/2007, -1/+23Can I make the first payment after Christmas? :(
- cyberdork, on 12/11/2007, -4/+19Why? look at all other major economies, there you will find the same fractional reserve banking system and fiat currencies. The problem lies not in those systems, they lie in the abuse of those systems.
- Static88, on 12/11/2007, -0/+15Does anyone know the Total Debt for any other countries? It would be useful to see America's Debt compared to the rest of the worlds.
- Look4Truth, on 12/11/2007, -2/+16Oh, but they tell us the economy is STRONG! Who needs the crashing dollar, we have the stock market...oh wait.
- CMiYC, on 12/11/2007, -0/+13If you cannot pay cash, you cannot afford it.
- bitcloud, on 12/11/2007, -6/+19I blame the government for refusing to act on fractional reserve banking, the floating currency and other floating, non-backed, fictional confidence based systems of currency that are only available to the elite few...
- inactive, on 12/11/2007, -5/+17Easy way out - move to a better country.
- kazamx, on 12/11/2007, -1/+13Just like the British Empire. We built the Empire through being the best at pretty much everything. After awhile other countries began to catch up and ovetake us on most fronts. This wasn't a problem as the UK had the biggest baddest Army/Navy in the world.
Even though others could make things cheaper/better than us, we could still kick anyones ass we wanted. That advantage only lasts so long. Overtime the US left Us standing, so did Germany and Japan, their economies were so much better we were just left behind.
Today the US economy is being left behind and you rely on borrowing money and your military to keep you on top, that isn't a long term plan. Your Empire will fall just like ours. - FluffyWolf, on 12/11/2007, -2/+14That is the debt side of the account, the question is how it compares to the assets side and what the total sum is.
- betterth, on 12/11/2007, -3/+14Economy is what made America a super power, but if you've noticed over the past decades, it's military force that keeps us cemented there.
That's why I have no doubt that countries will not abandon America or the American economy. They know America will retaliate. That and the vast majority of weapons are produced here anyway..
Not that I support this notion, far from it, but it is the truth. - Shawn4168, on 12/11/2007, -1/+11Wasn't it like $30,000 per person just last week? What the hell happened?
- BossKey, on 12/11/2007, -0/+9It is said that the Democrats' "tax and spend" is actually less expensive over the long haul than the Republicans' "borrow and spend."
- briLo, on 12/11/2007, -0/+9Odd......that's the same amount that I now owe the RIAA after downloading John Teshs new album...
- Waiting2awake, on 12/11/2007, -2/+11If by "this" you mean "me", and by "collections" you mean prison. Then I think you are starting to get the picture.
- VizualConcept, on 12/11/2007, -0/+9Very simple, everything is going up except our salary
- MikeonTV, on 12/11/2007, -0/+9Start billing.
- jonshipman, on 12/11/2007, -1/+10Last I checked healthcare wasn't free...
- jonshipman, on 12/11/2007, -2/+10What I'm worried about is my savings. How will my 401k help me retire when by then 100USD will equal one euro?
- DruSam, on 12/11/2007, -3/+11Guys, everyone on Digg knows that Ron Paul will help us. Stop preaching to the choir. It's the people who get their news from CNN and Fox that need to know...
- inactive, on 12/11/2007, -1/+9"I DECLARE BANKRUPTCY!"
- stephbangm, on 12/11/2007, -1/+9Will you take a check?
- dafragsta, on 12/11/2007, -1/+8To be COMPLETELY fair here... let's consider the revenue streams as well. MOST debt allowed by consumers is based on a credit history. This means they have the ability to pay. While I agree that America shares in the glut of natural resources and sub-prime loans coupled with unrestricted spending by the government is about to ruin our economy, let's not forget that we aren't alone. We are not the biggest polluters, the only horribly wasteful people, nor are we without value to the global community. We just have a terrible reputation for showing no restraint. The counterweight to that is that Americans work more hours in a week and have otherwise driven the global economy, even if our major exports are intangible goods.
The fact is, in a free market, Americans are worth a lot, or we'd have been cut off a long time ago. I'm afraid the Digg liberals are as bad as the neo-cons. Cutting off their nose to spite their face. - 4Prophecy, on 12/11/2007, -0/+730000 is just the national debt. This graph accounts for most areas of government spending as well as private American debt; it's not a very pretty picture.
- fnaqzna, on 12/11/2007, -0/+7"This chapter covers all U.S. debt, called America's Total Debt (defined as the sum of all recognized debt of federal, state & local governments, international, private households, business and domestic financial sectors, including federal debt to trust funds - but excludes the huge contingent liabilities of social security, government pensions, Medicare and other government off-budget items)."
- trer, on 12/11/2007, -5/+12This is all part of the plan. Debt makes people work. If people didn't owe money to other people, the whole entire economy would collapse. Debt encourages people to rape our natural resources to pay back debt. It's what America was founded upon.
- EarlOfLade, on 12/11/2007, -0/+7Norway has about $60,000 surplus per capita.
- atdigg, on 12/11/2007, -2/+9good thing is that amount will value less and less in time...
- Berkana, on 12/11/2007, -0/+6Part of the problem is that instead of taxing to fund expensive things like war, the government borrows huge sums of money from the Fed (which makes the money out of nothing, "lends" it to the government, and charges interest on it) rather than tax the populace, because they dread the epithet "tax and spend" being applied to them. The problem is, if you don't tax and spend ('cause that's what taxes are good for: public spending, hopefully for the public good) you end up borrowing and spending, but unlike taxes, borrowed money grows as debt with interest on top of that, and lands on a later generation (or at least a later administration) to pay for by taxation, 'cause the only other way to pay for it is to borrow more money, which really doesn't solve the problem.
- Berkana, on 12/11/2007, -2/+8For those who want to know how this is, watch this:
http://www.digg.com/business_finance/Our_Debt_base ...
Specifically this chapter:
http://www.youtube.com/watch?v=_yvRZoM-2r8
(Unless you watch the sections that come before it, it might not make sense; watch them all.) - Weip, on 12/11/2007, -0/+6Canada : 1998 --> 559 Billions, 1999 --> 554 Billions, 2000 --> 539 Billions, 2001 --> 519 Billions, 2002 --> 511 Billions, 2003 --> 505 Billions, 2004 --> 496 Billions, 2005 --> 494 Billions, 2006 --> 481 Billions, 2007 --> 467 Billions.
Debt per canadian: $28,390. (*2005) - Lord_Soth, on 12/11/2007, -0/+6Amen to that... the cycle continues. I feel for the generation this will inevitably collapse upon.
- numberneal, on 12/11/2007, -2/+8they might as well write this off as a loss and put this one into collections;
- brjohnson789, on 12/11/2007, -0/+5Actually you are already being affected. If you live in the US your average heating bill this winter s/b 22% higher. That's due to inflation, not greedy gas companies (although maybe a few %s is due to their greed). The inflation is due to gov't taking on more and more debt to pay for their debts; this debt results in higher inflation. Right now it looks like the gov't debt is only going to get higher and higher so you will see inflation start to increase at an even faster pace. In order to pay for ~$50 trillion in medicare/soc security obligations, most likely the US dollar will be inflated so much that the US economy will go into chaos. If you're around by 2040 you WILL see this happen. Sorry.
- Dumbledorito, on 12/11/2007, -2/+7Exactly. Maybe if our economy wasn't oriented to inventing money by shuffling paper around in new ways and was based on actually PRODUCING something, we wouldn't be in half the mess we're in.
- j1337, on 12/11/2007, -3/+8We might as well just start 4 or 5 other wars and double that debt, since we're already screwed over anyway. Maybe we could build a giant tower of babel too?
- inactive, on 12/11/2007, -13/+18Yet America is a super power...
- an0nymous, on 12/11/2007, -1/+6I'm confused. ...So I can charge it and then pay later?
- Berkana, on 12/11/2007, -3/+8Anyone who missed this, here it is again:
Our Debt Based Money System, and its Consequences:
http://www.digg.com/business_finance/Our_Debt_base ...
This series is excellent, and explains why we are in so much debt, and what the consequences are for all of us. - Berkana, on 12/11/2007, -2/+7The logic is not sound at all. Submitting articles related to America's problems doesn't mean you have an agenda against it; it could show concern for America. How the hell does one conclude that and think that the logic is sound?
(I'm sure you think your doctor hates you when he gives you bad news.)
There is a BIG difference between submitting articles on America's *faults*, and submitting articles on America's *problems*. - kaeves, on 12/11/2007, -1/+6Is that all? Let me just get out my checkbook.
Come on, everybody! - Waiting2awake, on 12/11/2007, -4/+9Maybe the system is just prone to corruption, and it's secluded, closed, nature allows it to peculated.
- pkonink, on 12/11/2007, -0/+4Before you blame any "diggtards" for digging you down, you might want to realize you could have brought up that point in a non-offensive way.
- Weip, on 12/11/2007, -0/+4I think, here in Canada, it is 600 billions and about $12,000 per canadian. Correct me if i'm wrong.
- Makaveli604, on 12/11/2007, -1/+5ROFL. I like how you think.
- ventralnet, on 12/11/2007, -0/+4Well that is less than the average home mortgage
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