America: Land Of Debt



Let me take a stab at this.

Debt isn't bad. It's only bad when it destroys you. In fact, it makes economic sense to take on as much debt as you can handle.

A little known fact was after the revolutionary war, America was broke. States could not pay back the debts they had written and were considering telling their veterans and Europe: Sorry, we can't pay you back because we don't have any money! This was what everyone expected, actually. However, Hamilton's goal was to set up a national debt. Why? Isn't debt bad? No, it isn't. Hamilton assumed all the debts of the states as part of the national government and began to pay them off.

Why did he do this? Debt is momentum. A goal, a constant reminder to keep things going. If people had no debt, as those in other countries, they have no incentive to keep living so to speak. People in other countries are also not as productive as Americans. The huge debt Americans take on is a constant incentive, a constant reminder to keep going and to pay off their debts. Otherwise, what's the point in it all?
 
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supplyshock said:
Let me take a stab at this.

Debt isn't bad. It's only bad when it destroys you. In fact, it makes economic sense to take on as much debt as you can handle.

A little known fact was after the revolutionary war, America was broke. States could not pay back the debts they had written and were considering telling their veterans and Europe: Sorry, we can't pay you back because we don't have any money! This was what everyone expected, actually. However, Hamilton's goal was to set up a national debt. Why? Isn't debt bad? No, it isn't. Hamilton assumed all the debts of the states as part of the national government and began to pay them off.

Why did he do this? Debt is momentum. A goal, a constant reminder to keep things going. If people had no debt, as those in other countries, they have no incentive to keep living so to speak. People in other countries are also not as productive as Americans. The huge debt Americans take on is a constant incentive, a constant reminder to keep going and to pay off their debts. Otherwise, what's the point in it all?
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dude, you're a fucking moron. ever heard of interest?
 
supplyshock said:
Let me take a stab at this.

Debt isn't bad. It's only bad when it destroys you. In fact, it makes economic sense to take on as much debt as you can handle.

A little known fact was after the revolutionary war, America was broke. States could not pay back the debts they had written and were considering telling their veterans and Europe: Sorry, we can't pay you back because we don't have any money! This was what everyone expected, actually. However, Hamilton's goal was to set up a national debt. Why? Isn't debt bad? No, it isn't. Hamilton assumed all the debts of the states as part of the national government and began to pay them off.

Why did he do this? Debt is momentum. A goal, a constant reminder to keep things going. If people had no debt, as those in other countries, they have no incentive to keep living so to speak. People in other countries are also not as productive as Americans. The huge debt Americans take on is a constant incentive, a constant reminder to keep going and to pay off their debts. Otherwise, what's the point in it all?
Click to expand...
lol... nice first post. no, really.
 
supplyshock said:
Let me take a stab at this.

Debt isn't bad. It's only bad when it destroys you. In fact, it makes economic sense to take on as much debt as you can handle.

A little known fact was after the revolutionary war, America was broke. States could not pay back the debts they had written and were considering telling their veterans and Europe: Sorry, we can't pay you back because we don't have any money! This was what everyone expected, actually. However, Hamilton's goal was to set up a national debt. Why? Isn't debt bad? No, it isn't. Hamilton assumed all the debts of the states as part of the national government and began to pay them off.

Why did he do this? Debt is momentum. A goal, a constant reminder to keep things going. If people had no debt, as those in other countries, they have no incentive to keep living so to speak. People in other countries are also not as productive as Americans. The huge debt Americans take on is a constant incentive, a constant reminder to keep going and to pay off their debts. Otherwise, what's the point in it all?
Click to expand...

This. If you think the US has it bad, it's much worse in other countries.

The interests are inevitable but debt is what been keeping the US so productive and innovative all this time. If all the debt in this world is paid off, our money would have no value.

Want a country with zero national debt? Move to Zimbabwe or Brunei where monarchy is at full fledged.
 
davidne said:
dude, you're a fucking moron. ever heard of interest?
Click to expand...

yeah, and you're a fucking moron if you don't understand that the entire monetary system of the largest countries in the WORLD is based on debt. Look up "fiat currency".
 
Nice infographic.

Debt is a form of control, and some of our modern debt issues are a by-product of our cultural changes after WWII. The rise of the American consumer.
 
Debt to start a business is one thing. Contractor can use credit to buy roofing material he already has a contract for. With a credit line he can now handle more work load and hire more people.
But the way debt is used now in common households; there's people still paying off victoria secret bras they bought 5 years ago.

Live like no one else now, so you can live like no one else later.
 
^ This.

I am so glad I have 0 debt right now.

When I look at relatives / friends and see the stuff they go in debt for, I just shake my head.

A gaming computer - Seriously?
A third car - WTF?
A huge ass 3D TV - whaaaaaat?

And these debts pile up. One relative spends 500$ a month on interest. And all those are small consumer loans on items/gadgets that are already broken, out of use, old... computers, game consoles, TVs, etc..

Never go into debt on consumer items. Computers, shiny gadgets, etc.. are bought with cash that I have on hand and free to spend.

::emp::
 
I still consider consumer mortgages a good thing in many cases, especially like right now when it's cheaper than renting.
 
supplyshock said:
Let me take a stab at this.

Debt isn't bad. It's only bad when it destroys you. In fact, it makes economic sense to take on as much debt as you can handle.
Click to expand...
I find this n00b's first post offensive.

1. The thread and the entire first post is clearly about CONSUMER debt, one of the worst plagues america has ever faced. Jumping topics to National debt is irrelevant and wastes our time.

2. Defending the National debt will not make you many friends in America in the year 2011.

Back to the topic on hand; If I were running the show, Credit Cards and all other types of unsecured loans would be illegal before the age of 21. Better yet 30!!

I used CCCS (now aprisen) to pay off my stupid-young-american debt, which reached over $100k, all unsecured. (I had a $123k mortgage on top of that but luckily sold the house before the crash.)

Now I live totally debt free, pay cash for everything, and feel very sorry for the debt slaves of america today. -It really is a true form of slavery.
 
megatabbers said:
I hear you man, except, stupidity spans all age groups and stages of life.
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I'd wager that if a person learned how to be responsible early in his life (by perhaps having no credit until they were 30, say...) then their horrible debt-handling habits would not occur later in life.
 
supplyshock said:
Let me take a stab at this.

Debt isn't bad. It's only bad when it destroys you. In fact, it makes economic sense to take on as much debt as you can handle.

A little known fact was after the revolutionary war, America was broke. States could not pay back the debts they had written and were considering telling their veterans and Europe: Sorry, we can't pay you back because we don't have any money! This was what everyone expected, actually. However, Hamilton's goal was to set up a national debt. Why? Isn't debt bad? No, it isn't. Hamilton assumed all the debts of the states as part of the national government and began to pay them off.

Why did he do this? Debt is momentum. A goal, a constant reminder to keep things going. If people had no debt, as those in other countries, they have no incentive to keep living so to speak. People in other countries are also not as productive as Americans. The huge debt Americans take on is a constant incentive, a constant reminder to keep going and to pay off their debts. Otherwise, what's the point in it all?
Click to expand...


lol.. You can keep your debt and momentum.. I'll keep my zero debt and paying cash for everything.. I don't need looming bill payments to keep me motivated, I just need to keep wanting a nicer boat.. All the motivation I need..
 
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