Still waiting for someone to tell me why having this debt is so bad. What exactly will happen..... and when.
Why? Wow, um, you could start by reading many of the answers already posted in this thread.
But, I will simplify for you... For the same reasons it is bad for you personally to rack up too much debt - at some point you will be paying out more than is coming in.
So, now for what will happen... Well, the extreme scenario is the country could go bankrupt. A more likely scenario, however, is that our government would have to prioritize it's payouts... Do we pay interest on that debt first, do we pay grandma and grandpa their social security checks? Do we pay for Medicare, etc? In short, somebody will get screwed - that is, the gov will default on somebody - further exasperating the problem.
Inflation is an important topic to understand here, also. However, with all due respect, if you are having trouble understanding why it is bad to accumulate so much debt, then this is way too far over your head. I mean that seriously.
As for when, well that's tough to say. As some have already mentioned, it is already happening to some degree. But it won't get dire until the gov has to start making noticeable cuts. Again, to fix this, somebody is gonna get screwed. Could start as early as later this year.
Now, I am still waiting for you to articulate to me how it is immoral for someone to have earned hundreds of millions of dollars.
lol, must have touched a nerve. Over my head? Really? After your snarky remarks you answer by saying the government will go bankrupt and people will get screwed. Really? That's it?
This comment, "For the same reasons it is bad for you personally to rack up too much debt " is false. You see, we all know it's bad for individuals to go into debt, but not the country as a whole.
What's funny is how republicans understood this when Bush and his fellow republicans were in control, but now these same people are saying how dangerous the debt is and now something has to be done.
You talk about people getting screwed, well, let's look at it. Our defense needs major cuts. Way, way, way too much waste. That's the number one place to start cutting. But you know what? People would get screwed, many people. For what? To cut the debt that has not been an issue and will continue to not be an issue. It's the economy, not debt that matters when dealing with a country. Way different than personal finances.
Is there a point where you would think there is too much debt? If debt is so good why do we even pay taxes? Just print and borrow more money. To be honest that horse understands economics better than you do. Yes Bush was a terrible president. I just don't understand why you use that as an excuse for Obama to be worse. Do us all a favor and stay home on election day, every election day.