US debt clock runs out of digits
Oct 10th 2008, 5:48 am
#1
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US debt clock runs out of digits
Oct 10th 2008, 6:04 am
#2
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Re: US debt clock runs out of digits
.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.
Oct 10th 2008, 8:29 am
#3
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Joined: Jul 2007
Posts: 13,553
Re: US debt clock runs out of digits
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.
.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.
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..........
