Try to explain debt

First, my apologies if this comes off as some kind of a 7th grade school test. But since the national debt is one of the fundemental issues and main talking points this election cycle, it seems to be a crucial subject, particularly when a decision is in any way based upon it.

Here's the challenge. Explain the difference between debt and defict, what is accumulated, public and intra-governmental debt, how much money does the United States owe to foreign countries and how high is the total amount in fact.

Try to do it first from the top of your head, so to speak. Although, any thorough examination would inevitably lead there, leave out any 'conspiracy angle' for now.

ATS?

Yep, this is a 7th grade test.

Debt is, YOU owe me money.

Deficit is, You don't have any money to pay me.

Do I win??

I don't know who decided to dish me a piece of the debt pie. All I know is cake is much better.

Why bother with the semantics and what not when your country already have piles of it ?
Do something about it instead of asking what is it.

Heres an idea: Go to white house, throw rotten egg. Go to Fed, throw rotten egg.
At least something got done.

Originally posted by NullVoid
Why bother with the semantics and what not when your country already have piles of it ?
Do something about it instead of asking what is it.

Heres an idea: Go to white house, throw rotten egg. Go to Fed, throw rotten egg.
At least something got done.

Nah, you would probably be arrested for assault with a deadly weapon.

Debt is any attempt to credit one's ledger at the debit (expense) of another's.

Deficit is the condition after the fact, wherein one has been convinced to debit their account while allowing another to credit their account, and in the present state, one's credits equal less than their debits.

reply to post by pacifier2012


Should be easy to pass it then.

reply to post by redbarron626


Yeah, a debt clock.

reply to post by NullVoid


The semantics seem to mean an awful lot to people who constantly loose it on how bankrupt the country is.
Can anybody even afford eggs nowadays, let alone leave them to rot?

The semantics seem to mean an awful lot to people who constantly loose it on how bankrupt the country is.
Can anybody even afford eggs nowadays, let alone leave them to rot?

Sorry, cant help you much guys, its your country.
I'm not like that other country that invade others while having big debt problem at home.

Debt is owed/credited money/items to other entity.
Deficit is result of comparison between income and expenditure.

reply to post by talklikeapirat


Debt is money, deficit is not having the ability to move around enough debt..

I've run out of all my IOUs.. me is broke.

With all debt being printed with even more debt on top as interest, you have to have growth = to the interest to even break even.

reply to post by talklikeapirat


Debt is the accumulated total, which if memory serves would currently be around $16 trillion.

The deficit is the year-to-year shortfall of revenues in comparison to expenditures. Right now, we have a deficit in excess of $1 trillion per year.

I couldn't tell you the percentage of the total debt that is foreign owned vs that this is owned domestically, either by citizens or government agencies. I think the foreign percentage was about 35% about a decade ago, and I assume its quite a bit higher now. I haven't bothered to look up the specifics of it in a while. Our two largest creditors are China and Japan.

reply to post by talklikeapirat


Debt is the accumulated total, which if memory serves would currently be around $16 trillion.

The deficit is the year-to-year shortfall of revenues in comparison to expenditures. Right now, we have a deficit in excess of $1 trillion per year.

I couldn't tell you the percentage of the total debt that is foreign owned vs that this is owned domestically, either by citizens or government agencies. I think the foreign percentage was about 35% about a decade ago, and I assume its quite a bit higher now. I haven't bothered to look up the specifics of it in a while. Our two largest creditors are China and Japan.

the USA debt... is the accumulated IOUs & Bonds/Treasuries that are outstanding right now... for goods/services/spending that was considered necessary in a long string of yesterday's (presently $16 Trillion)


the current defecit... is the difference between the ammount of money the gov't collects in taxes on a daily/weekly/monthly basis (about $1Trillion yearly)
and the real cost of all the goods/services/needed spending that the law makers tell us is necessary (about $2.3Trillion yearly)


so.... we collectively go in the hole for about $1.3 Trillion every year that Obama has been the Chief,
with huge increases expected as the ACA (Obamacare) is implemented in 2013-2014...
and further $ spent on wars and aid is given to the Islamic Nations sworn to Jihad against the USA...
and grosser sociopathic sympathizers are hired by the TSA to grope everyone on public transportation or attending a public event very soon to come.