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Politics : Politics of Energy -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (2360)	9/12/2008 7:59:28 PM
From: RetiredNow	Read Replies (2) \| Respond to of 86356

That's bunk. The $10 trillion in debt on our books are bonds sold to investors around the world, including some investors in the US. Default on those debts and the US will lose its ability to sell more debt at cheap rates and that will undermine not only the US economy, but that of the whole world. The malaise we're feeling now will be but a cold in comparison to the death throes that would put us into. That $10 trillion isn't lending to ourselves and it is a very real obligation. If you were to add the medicare and social security obligations, which really are debts to ourselves, then that would add another $40B or so to our national debt, which would make us insolvent as a country. But those debts can simply be legislated away, unlike the $10 trillion.