1. So, as I was 'congratulating' the U.S. on having a National Debt of over $30 Trillion.
That's $30,000,000,000,000, which is a lot of money, in case you were wondering.
Anyways, that brought up the question, WHO is this money owed to?
If you care, here is the answer:
That's $30,000,000,000,000, which is a lot of money, in case you were wondering.
Anyways, that brought up the question, WHO is this money owed to?
If you care, here is the answer:
2. First off, this thread is for @_kennyj and @cpat10 who asked what I'm sure a lot of you were thinking.
OK, so, it breaks down into internal and external debt.
Internal: Politicians have been robbing the Social Security Trust fund blind for DECADES.
OK, so, it breaks down into internal and external debt.
Internal: Politicians have been robbing the Social Security Trust fund blind for DECADES.
@_kennyj @cpat10 3. So, here's what that means: some agencies like Social Security take in more money than they need, so they take the money and invest it in US Treasurys.
This moves the money from their fund to the general government fund, where guess what happens?
The government spends it.
This moves the money from their fund to the general government fund, where guess what happens?
The government spends it.
@_kennyj @cpat10 4. Then, when that agency needs the money back, they 'redeem' the Treasurys, which the government funds by either:
A. Printing more money (money printer go brrrrrr)
OR
B. Raising taxes (taxation IS theft. LOL)
This money is from other places as well, not just Social Security.
A. Printing more money (money printer go brrrrrr)
OR
B. Raising taxes (taxation IS theft. LOL)
This money is from other places as well, not just Social Security.
@_kennyj @cpat10 5. Then there is 'public' debt.
That is places that own US Treasurys, which again, represent debt that the U.S. owes.
Japan and China own over a trillion each, with the UK coming in third at over half a trillion.
In total, foriegn governments own almost 8 tillion of this debt.
That is places that own US Treasurys, which again, represent debt that the U.S. owes.
Japan and China own over a trillion each, with the UK coming in third at over half a trillion.
In total, foriegn governments own almost 8 tillion of this debt.
@_kennyj @cpat10 6. There are a lot of other places that own this debt also:
Mutual funds, hedge funds, pension plans, insurance companies, banks and indivduals.
So, if you own and Treasurys, then you 'own' part of this debt too, and you're one of the people this money is 'owed' to.
Mutual funds, hedge funds, pension plans, insurance companies, banks and indivduals.
So, if you own and Treasurys, then you 'own' part of this debt too, and you're one of the people this money is 'owed' to.
@_kennyj @cpat10 7. Do you really want to lose some sleep?
That number of $30,000,000,000,000 is just what we own NOW.
Head over to usdebtclock.org and check out the 'Unfunded Liabilities' column, which is the estimate of future money we'll owe based on Social Security and Medicare.
That number of $30,000,000,000,000 is just what we own NOW.
Head over to usdebtclock.org and check out the 'Unfunded Liabilities' column, which is the estimate of future money we'll owe based on Social Security and Medicare.
@_kennyj @cpat10 9. So there you have it.
That's who the money is owed to now, and where that debt is going.
I'll write another thread soon on how to protect yourself.
For now, I'm off to grab dinner.
Hope you learned something, even if it sucked.
/end
That's who the money is owed to now, and where that debt is going.
I'll write another thread soon on how to protect yourself.
For now, I'm off to grab dinner.
Hope you learned something, even if it sucked.
/end
That debt made me make a Manhattan, so cheers!
I start the #75hard challenge on Monday after the SB so I figured Why Not?
I start the #75hard challenge on Monday after the SB so I figured Why Not?
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