Explain the US National Debt To Me
 

Assume I have no financial knowledge whatsoever. Can you guys explain the national debt to me. I found this website - http://www.brillig.com/debt_clock/ -
My questions not in any related order ...

Is the amount of money I owe to someone, somehow?
Is the government not collecting enough tax reveue?
Are they spending to much money?
I have heard we have a budget, do we not use it?
Obviously I can't live my life like this, how does it work for the government?
Is this money that they borrow from me through Savings Bonds etc.?
Did we have this problem with the Gold Standard?

Let's put it this way; our best hope is that we can just tell the Chinese to go fock themselves when the debt becomes due.

You know, gangster-style. Like, "Sorry, better luck next time"... :D

China, India and Saudi Arabia own you. Enjoy!

all you base belong to us

Is the amount of money I owe to someone, somehow?
** Ultimately, your taxes will pay the debt

Is the government not collecting enough tax revenue?
** They collect too much. But they spend even more.

Are they spending to much money?
**See above.

I have heard we have a budget, do we not use it?
** Politicians do what they want, especially when one party or the other controls the entire government.

Obviously I can't live my life like this, how does it work for the government?
** Government debt IS different than personal debt. It is not necessarily wise for a government to ALWAYS operate within a balanced budget. One key difference is that the government isn't going to retire in 30 years and die like people do. So their time horizon to pay off the debt is quite different than for you and me.

Is this money that they borrow from me through Savings Bonds etc.?
** Yes.

Did we have this problem with the Gold Standard?
** You can spend more than you make no matter what the currency.

REMEMBER THIS IN NOVEMBER:
Historically speaking, the most fiscally responsible US governments are in order of spending the LEAST money:
1. Democratic President, Republican Congress
2. Republican Congress, Democratic President
3. Democratic President, Democratic Congress
4. Republican President, Republican Congress
(I think 3 and 4 might have been reversed before Bush II started going nuts with our money)

Gridlock is the taxpayers' best friend. Other than the Libertarians, of course ;)

Think of it as a teenage girl with her own credit card in the mall buying shoes.

LOL! Great summary. :)

Its impossible for the US Gov. to pay off its debt. Every Dollar printed, is "borrowed" from the national bank, so even if they tax everybody for every dollar they own, the debt will not be paid.

Re: Explain the US National Debt To Me
 

I could make this attempt, but there's someone who understood it much better than I, and wrote about it at length, Congressman ron Paul of Texas the only libertarian in the national legislature. I'd suggest his archives at lewrockwell.com.