Can someone explain to me how a countries debt works?
The United Kingdom
It has 2.1 Trillion Public Debt
Its has 9,836,000,000,000 Gross External Debt
2.1 Trillion + 9.8 trillion = 11. 9 Trillion USD
11,9 Trillion USD to GBP = 7,6 Trillion Pounds
7,6 Trillion Pounds/UK population = £120,634
So does this mean that every single person who lives in the UK. Owes the UK £120,634, which is 6 times the average salary?
Have I done the calculation wrong? Or are we fucked?
Unfortunately, it is actually that simple, for the most part. The sole job of a politician is to gain votes. They gain votes by promising and offering goods and services to its citizens, while at the same time promising to freeze, and or, cut taxes for these very same people. In order to fund these various government projects while not raising taxes, these politicians essentially spend money the government does not have. This policy results in chronic inflation, and increasing levels of government and public debt.
The cure is simple. Increase revenue by raising taxes, while also lowering government spending. Put the annual surplus towards the debt, and it would dissipate, albeit gradually. A politician would never win an election under a platform promising to raise taxes while also cutting goods and services, etc…, so unfortunately, debt will continue to climb. Debt is huge in both the U.K and USA. I live in Canada, where the debt was actually eliminated back in the nineties, but over the last twenty years or so, it has begun to pile up again.
Suggestions to bringing down the national debt?
What are four suggestions you would give to President Obama and the Congress on how to address bringing down the national debt?
1. Eliminate Welfare
2. Privatize the FDA
3. Eliminate the Department of Education.
4. Privatize Social Security
That should cut a lot of money. Over a trillion dollars… Funny how that works out, isn’t it?
How many would encourage our Government to stop all foreign aid until the economy is healthy and?
the debt eliminated? Why are we borrowing money to support people who will not support themselves?
If people choose to live in the desert where food doesn’t grow why should i have to feed them.
If people continue to kill each other like savages why should I have to Protect them>?
LIVE IN THE DESERT WHERE FOOD DOESN’T GROW. Sam Kennison at the laugh factory.
I would support stepping back and matching what the other leaders of the free world contributes.
So how long after Romney is elected will we have to wait before there are no more income taxes or federal debt?
I’m thinking that within six months, we will stop having those infernal income taxes, all US debt will be gone, the budget will be balanced, and oh yes, all those people currently on welfare will be working 40-hour/week jobs.
Just like it was under Bush.
Am I correct?
Republican politicians have created this massive debt to use as a political tool. The only taxes they are worried about reducing and/or eliminating are those on the very wealthy. Therefore if Romney is able to carpet bomb America with enough BS corporate marketting to dupe enough people into voting for him, then expect taxes to be cut on the wealthy… Again, and expect our debt to continue to rise while the burden to pay it off continues to shift onto actual working people and away from those that the Republican party serves… Again. He may try to inflate another bubble with some spending, in attempt to make things look good for a while (then kind of spending the Republicans have obstructed for the past 3 years, but will surely stop blocking, if one of their ilk is in the WH).
I need a legit way to get out of debt that will not cost me an arm and leg?
Ineed to get out of debt we do not have alot but some and mostly little credit cards and stuff like that. I would like to find a legit way to get out of debt and get our credit score up. If you reply please have where you got your info from.
There is no need to pay money to do this. Just cut your expenses to the bone. Eliminate cable, cell phones, going out to eat and any other non-critical expense. If need be get a second job and apply ALL earnings from the job directly to your debt.
Pay down the debt as rapidly as possible. Pay as much as you can as soon as the bills arrive. Do NOT wait until the due date. Get your debt ratio down below 20% of your maximum limit.
Anyone can do this. And you don’t need to pay someone to tell you how. It just requires focus and discipline to eliminate the debt.
Your credit score will increase as you do this.
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