Whose share of the national debt?

[Mesogen]

I've seen these National Debt Clocks in places (no, not Dethklok) and they always have a little tidbit underneath them saying "Your share" or "Your family's share"

Like this one:

(from 2004 - It's almost $10 trillion now)

Anyway, I'd like to challenge the notion that I owe one penny of that debt.

I didn't borrow that money. Nowhere is my signature on any document declaring that this is in any way my debt.

What to do when they come with guns to collect "your share"?

Screw that. My "share" = $0.00



.

 

[Mesogen]

I say we have a Constitutional Amendment declaring that any debt incurred by a law is the shared personal responsibility of the congressmen and senators who voted for the bill as well as the president who signed it. I think we'd see balanced budgets real quick like.

 

[LibertiORDeth]

I say we have a Constitutional Amendment declaring that any debt incurred by a law is the shared personal responsibility of the congressmen and senators who voted for the bill as well as the president who signed it. I think we'd see balanced budgets real quick like.

Radical!

 

[Tom228]

Here's what my textbook I have here says:

In 2005 public debt per capita was $26,834. Was each child born in 2005 handed a $26,834 bill from the Fed. Gov? Not really. The public debt does not impose much of a burden on future generations as commonly though.

The US owes a substantial portion of the public debt to itself. US Citizens and institutions (banks, businesses, insurance companies, gov agencies, and trust funds) own about 74% of the US government securities. Although that part of the public debt is a liability to Americans (as taxpayers), it is simultaneously an asset to Americas (as holders of Treasury bills, Notes, bonds, and Savings bonds(.

To eliminate the America- owned part of the public debt would require a gigantic transfer of payment from Americans to Americans. Taxpayers would pay higher taxes, and holders of the debt would receive an equal amount for their US Securities. Purchasing power in the US would not change. Only th e repayment of the 25% of the public debt owned by foreigners would negatively impact US purchasing power

Also, by paying off the 74% of the debt owed to it self there would be a substantial change in the distribution of wealth.

 

[AceNZ]

What to do when they come with guns to collect "your share"?

When you don't pay your income taxes.

A significant part of your taxes goes to pay interest on the national debt -- which is, really, a mortgage on the future earning power of all US citizens.

 

[jkm1864]

I think the poor should be forced to get a job and pay taxes this is rediculous.

 

[scooter]

If you are a working person, you'll pay "your share" of that debt as you're robbed each year by taxes.