Who pays the debt ???
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Started by wglassfo - April 7, 2022, 12:21 a.m.

Most of us agree the money printer is printing huge sums of money, which becomes  an addition to the national debt, which simply gets larger every yr.

Now some like to tell us our children, grand children or even great grand children will have to pay this debt

Is this a true statement that our children etc will have to pay the debt

True or false

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By wglassfo - April 7, 2022, 12:50 a.m.
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Assuming a population of 310 million and 1 in 4 people actually file an income statement

Then assuming the debt is 30 trillion for round numbers

Each wage earner would have to pay

387,096,774 USD to pay off the national debt 

plus state and local debt

plus all social contracts such as old age,  etc 

I think we have a problem 

The above is obviously false

So why so many repeat the above statement baffles me


By metmike - April 7, 2022, 12:52 p.m.
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Thanks Wayne,

Very thought provoking points!

At some point, kicking the can down the street may not work so well when the street ends!

"Assuming a population of 310 million and 1 in 4 people actually file an income statement"

I think that number is closer to 150 million and around 44/45% but regardless, it doesn't change your great points.