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US debt clock runs out of digits

US debt clock runs out of digits

Old Oct 10th 2008, 5:48 am
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Default US debt clock runs out of digits

having crossed 10 trillion

http://timesofindia.indiatimes.com/B...ow/3578220.cms
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Old Oct 10th 2008, 6:04 am
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Smile Re: US debt clock runs out of digits

Originally Posted by IndieG View Post
They can just print some more cash to cover the interest .

Still a sign of the times, IRRC when Clinton left office the it was closer to $5-6tn!

Mind you to add perspective:
White house estimated cost of war in Iraq prior to war: $50-60bn
Lawrence Lindsay predicted a cost of between $100-200bn and got fired for it before the war.
I think most people now agree it's at about $500bn+ now.

ETA: I read somewhere that investors where more confident in McDonalds repaying debt than the U.S. government.

Last edited by Charismatic; Oct 10th 2008 at 6:30 am.
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Old Oct 10th 2008, 8:29 am
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Default Re: US debt clock runs out of digits

Originally Posted by Charismatic View Post
They can just print some more cash to cover the interest .

Still a sign of the times, IRRC when Clinton left office the it was closer to $5-6tn!

Mind you to add perspective:
White house estimated cost of war in Iraq prior to war: $50-60bn
Lawrence Lindsay predicted a cost of between $100-200bn and got fired for it before the war.
I think most people now agree it's at about $500bn+ now.

ETA: I read somewhere that investors where more confident in McDonalds repaying debt than the U.S. government.
The US Government will never default on a debt payment - because if they do, they are no longer a superpower......... and like it or not, the world needs a "Western" superpower.

While the US is regarded as a 'safe haven', investors will continue to buy T-Bonds from the US Treasury.

By the way - that USD 10 trillion is only what has already been spent over and above previous incoming revenues - if you add in promised commitments and other obligations (eg on heathcare etc) it is nearly USD 60 trillion..........
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