reply to post by nightbringr
Whatever, so now I am a spin artist?
The only thing we disagree on is if the debt can be paid. Just because you don't agree with me does not make my opinion spin.
I happen to think, personally, that the debt was run up by corrupt government, not acting in the interest of the people. Why in the world should the
people be forced to pay it. If a criminal goes out and steals your credit card then runs up a huge bill, should you have to pay it?
But take that aside and forget it for now. Seriously, forget my opinion, lets just look at facts.
Your whole argument is based on a lack of research done by you. You assume that the majority of the debt is owed to foreign nations. That is a
Do you not understand that the majority of the US National debt is owed domestically?
As of 2010 (most recent records) 42.2% is owed to domestic individuals and institutions, 17.9% is owed to the Social Security trust fund, 6% is owed
to the US civil servants retirement fund and 2.1% is owed to the US military retirement fund.
So 68.2% of the national debt is owed to US citizens and corporations.
So once again you argue a position that it seems apparent you have done little research into.
You claim forgiving the debt helps USA and hurts other nations yet the facts say that it hurts US citizens more than anyone else.
It must be nice to "know everything" without ever looking into it. If I had one wish it would be that people did a little research before they
formed an opinion.
As for the minority of foreign debt holders, well, sometimes you make a bad investment and get burned. That's life, they should of seen a bad
investment for what it was. Personally, I know better than to give my money to a bankrupt individual that has no mathematical way to pay me back,
why don' t they. I feel bad for them but they made the bad investment, they have to live with it.
The largest foreign debt holder, China, at 7.5% of the debt, has gotten that back, in a way, already through our corporations sharing technology,
building infrastructure and factories, providing jobs to their people and all the products that the US citizens buy from them on a daily basis. The
amount of money we have borrowed from them is nothing compared to the amount of money we create for them.
#2 is Japan at 6.4%, well we have been protecting them for around 70 years or so, does that not count for anything? Also, as in china, it is in their
self interest to loan us money because we buy so many of their products, thus keeping their country functioning.
Your argument is obviously very subjective and based on non-facts. Sorry, once again, not trying to offend, just stating the truth that seems apparent
from your reply.
If you want to argue that not paying the National debt is immoral, it should be argued on the basis of the $10 trillion that won't be paid back to
domestic USA investors, not the rather small amount in comparison of $4 trillion that arguably has already been paid back in other ways or was loaned
in the self interest of the country loaning the money.
If you want to paint me as some "ugly american" be my guest, just realize that your "opinion" is ignorant to facts.
edit on 29-8-2011 by sageofmonticello because: ETA