Has the national government ever shown the desire or ability to do any of what you call "simple"? So how can this "simple" task be accomplished?

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1982 300SD " Wotan" ..On the road as of Jan 8, 2007 with Historic Tags

The deficit was near zero. Not the debt.

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If anything, the "new" debt ceiling (and I am guessing it will be raised again), proves that the government is absolutely powerless to stop the increase in the public debt. When our current chief executive leaves office to go on an endless tour of Oprah shows and the alike campaigning for future history book writers to pen his legacy as the greatest that ever was, our public debt will be $22T to $24T, depending on who you ask. Can $22T or more be "good". How about when the media elects Hillary, and she gets into office, and the public debt hits $40T, can that be good or sustainable? I am guessing at some point the so-called sham of the public debt issue will hit home. How much money can the government seize from taxpayers to pay for all the governmental overhead? Seize every penny right now and we will have the same debt issues, just more folks with their hands out for a gift ...

Incorrect, assets are 7 times greater than debt. It would only take one penny
out of seven, not every penny to pay off the national debt.

"For now, let’s focus on this potentially cheering reality: The value of all measurable U.S. assets is more than seven times the total of the federal debt,"

National Debt Relatively Under Control, One Study Shows | TIME.com

Is this the "Groundhog day" thread?

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1982 300SD " Wotan" ..On the road as of Jan 8, 2007 with Historic Tags

You are soon to be flamed for that comment. The poster does not believe in facts, and only what they want to believe in.

No, I believe your assertions are incorrect. All "measurable assets" vs. cash. So, are you suggesting that the "value" of one's home can be liquadated into a cash value which in turn could be somehow transmuted into a bond that someone would be interested in buying? I think most folks forget that the bonds which fuel our machine and public debt is being paid for by tax payers. We are borrowing money which will hopefully exist in the future, although we "need" the money now. So, whoever believes or writes articles about how if we could somehow liquadate all of America into cash and that cash in turn could be turned into bond buying customers is sadly mistaken.

Well hell son, let's just sell that shyte to China and get the fook outta debt!

I'm just saying that we are not broke. The money/assets are there, we just don't want to give it up and would rather run a deficit.

If we liquidate assets and pay off the debt why would we need "bond buying
customers"? No debt = no need to sell T bills.

"So, are you suggesting that the "value" of one's home can be liquadated into a cash value which in turn could be somehow transmuted into a bond that someone would be interested in buying"

Absolutely not, not even sure how that makes sense. A bond or what is more commonly known as a home mortgage?

Be easier to liquidate all of the assets of the top 50%. They're just parasites anyway.

The bottom 50% has a negative net worth.

I guess we are on two different sheets of music.

We spend, let's say $3T a year. We generate through taxes let's say $2T. That leaves us $1T in the hole. These are just round, make believe numbers for my example. That $1T is borrowed and not generated from taxes (at this point). That borrowing occurs through the sale of bonds and other debt instruements from uncle sam. Someone buys those bonds. Uncle Sam guarantees the payment of the principle and some interest over the course of so many years. We are simply taking "future" money to pay a current debt. It is the tax payers who are paying the interest and principle on those bonds. Assuming the above very rough and dirty scenario is accurate, let's assume the writer of that article was accurate, that is, we could start selling off our national treasures. So, let's sell the white house. China buys it for $1T. The government can take that money and buy it's own bonds or use it as backing to convince some other party to buy our bonds. The current asset, e.g., white house, is now gone. We are no longer kicking the can down the road by tapping into future money being spent now. Plus, keep in mind that our currency will slide off the table as the world's reserve currency. Anywho, someone was right that this topic having been discussed to-death forever. It doesn't matter. On the one side, folks say the debt is bad and they use Detroit or bankruptcy court or whatever as their proof. On the other side, folks say the US can incur as much as it wants and it will never matter. Coincidentially, the one side is also republican and the other drank some cool aid. At this point, I only feel bad for my children who are going to be stuck with this situation at some point. Personally, I could care less. The voters got what they wanted, but I doubt the voting majority will ever pay the tab.

X2.

All this complaining about Obama and people forget that he proposed a cutting of spending only with an increase in tax, and could not get congress to meet him halfway. He would not do one without the other and could find not common ground. However, his attempts were not good enough and its back to business as usual for everyone involved, him as well.

Everyone knows and understands the solution were this personal finane, but a large part of our government still subscribes to an asinine economic theory that is blatantly unworkable, and would rather see this country slip down the rabbit hole rather than expend the political capitol to do the right thing.

these people are so used to buying votes through promising more services and less taxes and borrowing the difference, that they've forgotten how to be actual statesmen. I think the American people are ready to assume some hardships to get rid of the debt. Personally, ill pay more tax, ill be comfortable letting our infrastructure turn to shlt if I can be shown the debt is being eliminated. The next true statesman who appears will get my vote regardless of party, if they face this problem.

Let every road in the country turn to dirt, if the debt is shrinking, if I blow tires every week, ill still be happy. Everyone will get a tax cut when its gone, the massive part of government revenue going towards interest payments will be available for other things

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This post brought to you by Carl's Jr.

The problem is that the voting majority has little in the way of assets that could be used or taxed, or confiscated.
Maggie Thatcher said it years ago, "The problem with Socialism is that sooner, or later, you run out of other people's money"

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1982 300SD " Wotan" ..On the road as of Jan 8, 2007 with Historic Tags

I don't see this as a good thing. One seventh of all our assets is terrible. That number will continue to compound at an ever increasin rate. In 10 years a study will show that the national debt is only 25% of all assets, no worries. In 15 years 35%, and so on.

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This post brought to you by Carl's Jr.