Will America ever balance their budget and get out of debt?
Answers:
It is estimated that the whole of United States' personal, city, state, Federal, and trade debt sums to $65 trillion (with a "t"). China alone holds $12 trillion in Federal securities. De facto abandonment of the petrodollar for the petroeuro is wreaking quiet havoc with US monetary policy. All large corporations are moved offshore. Halliburton - iron fist of American hegemony - is now based in Dubai.
Around 2015 some 60 million Baby Boomers will be retired. The infinitely taxable depths of their wallets will evert as they scream "Social Security!" and "Medicare!" Call it $1.5 trillion/year demanded from a Social Security Fund that is nothing but Federal IOUs. It has all been long ago spent. The perfect Ponzi scheme pays out what it takes in - except there will be no incoming. Tthey cannot import enough Mexicans to cover that.
Can you say "implosion?" I knew you could. One day somebody will say "the Emperor is naked" and it will all be over as burned cities cool.
If we did that our economy would go in the dumper.
Not in our lifetime.
ah..i dont think so with the 7 trillion debt we have now...but if it really doesnt affect us ( for now..) dont worry about it ?
Hell no-
No one even expects the US - or any other country - to pay off their debts. Just continually re-finance the bonds and outgrow the debts.
As for a balanced budget, I think it's a good bet we will have one in the next year or two if the economy keeps going like it has been.
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