US national debt

So its a good 14 trill, correct? Well I've HEARD!!!! (I do NOT believe it YET, just saying what I have heard OTHER PEOPLE TALKING ABOUT) that really, we do not owe china all the money that they say we do. That we don't HAVE to pay them back, it would just be a nice thing to do. Can anyone inform me if this is TRUE (do NOT troll/hate calling me an idiot, seeing as how no one knows HOW we owe them this, its possible) and WHY we owe. thanks

 

http://www.usdebtclock.org/

Yeah.

 

14 trillion would be correct.

I'm scared to be honest. What happens when the people we owe come to collect their money? Do they get 14 trillion (or whatever we owe them) worth of the US considering we don't have the money?

 

usa richest or poorest?

 

Then you end up like Greece and/or Ireland, but in your case, you won't be able to get a bailout.

The Government borrows money by selling bonds, to companys such as insurance and pention companys, which have a time limit for it to be paid back in (say 20 years) which interest on it. So they will have to pay the bond back they sold in 20 years with the interest paid on it.

 

China has more US dollars than what the USA has. Fact.

 

Fuck yeah, now let's make it another couple hundred trillion more with nationalized healthcare and unemployment benefits and we'd really be living the high life!

 

Pay up or fight up.
I bet we'll go to war if we don't pay.

 

The US has long past the point where it will never be able to pay back its debt. The only problem is, is that when will the other nations start to act upon that fact.

 

I am waiting to see what happens when nations come to collect. It is 14t and rising daily, which is no bueno

 

Being British commenting is a bit Ironic, however I still believe we are in control and will be able to pay back.

When you think about America though, you give ridiculous amounts of money out to other countries, for reasons that make no sense. I believe when the time comes for you to pay your debt, you will just try to annihilate all the countries you own and cause the world to go into a downward spiral.

 

Is Capitalism to blame?

 

All of your posting "We'll go to war before we pay it back, Other nations will come to collect" aren't realising that the Government borrows the money from Insurance/Pension firms in its OWN country (Or so is the case in the UK, which I don't see it being different in the US).

 

U.S. debt is lower in percentage of GDP than other countries
U.S. is a considerably more flexible labor market
U.S. has a higher population growth
The U.S. has a lower median age of its citizens
U.S. debt in their own currency
U.S. currency is U.S. dollars, the world's reserve currency

Economists and investors focus more on the economy.
The problem with the U.S. is not debt, but the low savings rate. Our problem is the United States United States needs to increase savings. World live today on Americans debt-financed consumption.
U.S. debt is not a deterrent, even if the numbers are huge (trillion etc). Remember that the U.S. is also a huge country and, perhaps more importantly in this context, the U.S. has no problem with anaging population like Europe.

We also speak about the world's obvious lead in energy research and development, as the U.S. financial future is every reason to believe that will be rock solid.