What does the US look like when we hit $100 Trillion in debt?
 

From a purely economic and social perspective.

Politics aside, i.e., putting aside who is to blame, what can be done to fix it, etc.

I remember when it was 5-6 trillion, it was 10 trillion what, 10-12 years ago, and now it’s $32 trillion or so and will not reverse.

So for discussions sake, just assume it is $100 trillion 10-12 years from now.

What does the US look like, socially and economically?

My guess:

Of course we still exist as a country.

The biggest effect is a big reduction in the standard of living for 85-90% of people.

More like Europe, where people generally don’t live in 2500+ sq ft houses, drive multiple, 20 ft long 6000 lb vehicles, etc.

Longer waits for healthcare.

Much harder upward mobility (that’s already happening of course. Most of us were able to buy a house early on, that’s much more difficult now, etc).

Can we possibly maintain world currency at that debt level?

Can we maintain order in the country?

Socially and economically, what does life look like here for most people?

Or, maybe the answer is we’re totally fine at $100 Trillion in debt and things won’t be much different.

If so, what’s the rationale for that?

I tend to agree with this. Run the printing presses and let the debt go sky high. It’s how the system works now.

I suppose it’s possible, but it doesn’t seem likely.

Running the presses and getting to $32 trillion isn’t working out very well right now.

$100 trillion is a completely different ballgame.

You're kidding right?

No, why?

There’s a separate section for politics right next door ——>

We can hope to have a mature discussion here, but I'll bet this thread gets sent to the kiddie pool in under 20 posts.

I see no change things will be "fine." Paying the interest on $100 trillion will cost more than we can produce. We can print money, but it will be essentially worthless. Inflation will be rampant. People with means will have moved to another country. The US will possibly be bailed out (taken over) by the countries we owe the money to. There is an association of countries that hate the US and already want to replace us as the world leader. If they own enough of our debt, and get together to call it all at once, the US will become a protectorate of Russia, China, etc.

The current national debt of nearly $31 trillion probably seemed like an astronomical sum back in the early 2000s too, when it was less than a third of that amount.

Double fold inflation will help close the gap

100 trillion is mucho mucho money

We can do it!!

Both political parties are responsible for our national debt so this can be a discussion without landing in PARF . But that's where it will likely end up .

Personally I would like to see a 15-20 year plan to cut the debt in half . I think that might be attainable and should be checked every 6 months to see if the plan is working . Make adjustments as needed .

But with the current finger pointing on both sides common sense is an unobtainable goal ☹️ let alone fiscal responsibility .

This is a complete bi-partisan issue.

The Federal Government has completely abandoned the budget process as detailed in the Constitution. It is that simple.

This can stay here until the inevitable.

at 100 trillion it probably looks exactly like it does today.

when we default as a political stunt late this summer? it will look different.

It seems to me that $31T is an astronomical sum.

The $965 million spent every day on interest could be spent so much better (or returned to the taxpayer). A large deficit has become even less sustainable in light of the rapidly increasing interest rates. The higher rates will possibly cause this amount to double in the next year or so. Taxes will need to increase to pay...which will further hurt the economy/standard of living. What a waste...just to allow politicians to hand out other people's money to buy votes.

A bit more inflation, devaluation of the dollar, and 100 trillion will seem like a bargain.

What's it called when it gets to 1000 trillion....just wondering?

Baby boomers? I'm one - but not yet retired - I'm on the trailing of that group at 61 YO.
What happens when that population dies off - or the majority are dead? Less strain on SS and Medicare.

I think we should revisit SS and break it from government management. Have private enterprise invest the funds in markets instead. It would actually grow over the working lifetime of those much younger and the government would be hands off.

Here’s a cheery outlook!

http://forums.pelicanparts.com/uploa...1678772738.jpg
http://forums.pelicanparts.com/uploa...1678772755.jpg

but it's only transitory!

I think tabs posted it!