The moonbats are claiming that our national debt is owned by China.
Does this pertain to me?
If so, you mis read my comment.
I never heard anyone say China owned our debt, even the Chinese aren’t that crazy.
Mark D - 06:02pm on 02/21/2007
Well actually I thought you had said that and you corrected me. But I’ve seen it in other threads.
I found this in our ‘discussion’ (bats and clubs) but I thought it was interesting and deserved a post of it’s own.
The Whistler - 06:02pm on 02/21/2007
allyoucanupload huh?
Nice concept—too bad you can’t download anything from that site…
Marty - 06:02pm on 02/21/2007
Don’t flatter yourself, Mark. You’re hardly the only “moonbat” around.
Bat One - 06:02pm on 02/21/2007
They do hold $1.0663 trillion in currency reserves.
1987: 16.1b
1997: 148.2
2005: 623.0
2006: 845.2
Let’s hope they keep it up.
Mark D - 06:02pm on 02/21/2007
Damn!!!!
Mark D - 06:02pm on 02/21/2007
The entire ploy of the so-called “national debt” is an attempt by the political class to avoid the blame for their wasteful and excessive spending habits. They are using our money to buy the votes of their special interest groups.
robert108 - 07:02pm on 02/21/2007
R108,
It is also an attempt to lay the groundwork for rationalizing raising taxes.
Bat One - 07:02pm on 02/21/2007
Now wait a minute.
I’m no economist so help me out here. The SO keeps mentioning “who is buying our debt” as in “who buys T-bonds”. Yet the biggest slice of his pie-chart is the “U.S. Government”.
So does our government really buy most of the T-bonds that it issues itself?
I dunno man, but that sounds like something Enron would do… what am I missing here?
Marty - 08:02pm on 02/21/2007
Marty,
The chart lists all federal debt. The biggest chunk of that debt is “Special” bonds issued at reduced interest rates to the Social Security “Trust Fund.” This has been going on since LBJ and the Unitary Budget Act, which essentially allows the surplus Social Security funds collected from everyone’s payroll taxes, to be “loaned” to the US Treasury in exchange for these bonds.
There is NO Social Security Trust Fund. Only a whole bunch of bonds, which SS will have to start redeeming in just a few years, depending on the projections used, to pay out benefits for retiring baby-boomers.
Of course, we already know what the state of the federal budget is. And there is no provision in any of the current budget projections for the cost of redeeming those bonds when the Social Security retirement fund goes into a negative cash flow/
Does this pertain to me?
If so, you mis read my comment.
I never heard anyone say China owned our debt, even the Chinese aren’t that crazy.
Well actually I thought you had said that and you corrected me. But I’ve seen it in other threads.
I found this in our ‘discussion’ (bats and clubs) but I thought it was interesting and deserved a post of it’s own.
allyoucanupload huh?
Nice concept—too bad you can’t download anything from that site…
Don’t flatter yourself, Mark. You’re hardly the only “moonbat” around.
They do hold $1.0663 trillion in currency reserves.
1987: 16.1b
1997: 148.2
2005: 623.0
2006: 845.2
Let’s hope they keep it up.
Damn!!!!
The entire ploy of the so-called “national debt” is an attempt by the political class to avoid the blame for their wasteful and excessive spending habits. They are using our money to buy the votes of their special interest groups.
R108,
It is also an attempt to lay the groundwork for rationalizing raising taxes.
Now wait a minute.
I’m no economist so help me out here. The SO keeps mentioning “who is buying our debt” as in “who buys T-bonds”. Yet the biggest slice of his pie-chart is the “U.S. Government”.
So does our government really buy most of the T-bonds that it issues itself?
I dunno man, but that sounds like something Enron would do… what am I missing here?
Marty,
The chart lists all federal debt. The biggest chunk of that debt is “Special” bonds issued at reduced interest rates to the Social Security “Trust Fund.” This has been going on since LBJ and the Unitary Budget Act, which essentially allows the surplus Social Security funds collected from everyone’s payroll taxes, to be “loaned” to the US Treasury in exchange for these bonds.
There is NO Social Security Trust Fund. Only a whole bunch of bonds, which SS will have to start redeeming in just a few years, depending on the projections used, to pay out benefits for retiring baby-boomers.
Of course, we already know what the state of the federal budget is. And there is no provision in any of the current budget projections for the cost of redeeming those bonds when the Social Security retirement fund goes into a negative cash flow/