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15 trillion divided by 315 million
Thats the gross national product of the USA, divided by the total population.
Thats  $47,619

When I saw Boehners advertisement about the effect of the debt on White Children ( see the picture)

He has Obama saying:   “Don’t worry, kids - I put it ($51,986) on your tab”

But, if the kids have a share of that debt, don't they have a similar claim to a share of the productivity of the US in one year?   There are 315 million people, and the GDP is 15 Trillion dollars.    About the same as the debt.

If your kid ( or you ) could get a salary of $47619 annually, would you be willing to accept the one time debt of $51,986?     You would be a fool not too.

The trick that Boehner is acheiving here is that he is allocating the debt out on an equal bases, knowing full well that 2% of Americans have nearly all the wealth.

If the wealth isn't divided out equally, why should the debt be?     If Boehner distributed the debt by proportionate wealth, then these kids would owe nothing.

If you were offered the deal, an equal share of the wealth in exchange for an equal share of the wealth, would you take it?

Poll

If you were offered the deal, an equal share of the wealth in exchange for an equal share of the wealth, would you take it?

72%43 votes
15%9 votes
11%7 votes

| 59 votes | Vote | Results

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Comment Preferences

  •  Tip Jar (8+ / 0-)

    Religion gives men the strength to do what should not be done.

    by bobtmn on Sun Dec 16, 2012 at 02:50:39 PM PST

  •  And never forget how much of the debt is created (5+ / 0-)

    by tax incentives that only the ultra-wealthy can get. And the sweetheart government contracts for the MIC. And on and on. The rich CREATED most of the debt and now want the 99% to pay for it. Fuck that noise. You broke it you rich assholes, you have to pay to fix it.

    To me progress is not so much a goal as it is a process and I believe it will not follow a straight course. Remember, the drops of water that form the river may not take the shortest path but they will still reach the ocean.

    by ontheleftcoast on Sun Dec 16, 2012 at 02:57:15 PM PST

    •  Not only did they create the debt (6+ / 0-)

      as you allege, but they also largely OWN the debt.

      Thus payment of interest on the national debt is itself a nifty was to guarantee upward transfer of wealth for essentially ever - or until the national debt is paid off, whichever comes first.

      •  D'oh! (4+ / 0-)

        Yes, thank you. Emphatically, thank you. We need to remind people that it isn't the Chinese that hold are nation's balls in a vise (though China is the single biggest holder of our debt they only have ~10%) most is held by big investment firms. The "too big to fail" banks, etc. They love holding the debt because they set the policies through their lobbying efforts on just how profitable that debt will be for them.

        To me progress is not so much a goal as it is a process and I believe it will not follow a straight course. Remember, the drops of water that form the river may not take the shortest path but they will still reach the ocean.

        by ontheleftcoast on Sun Dec 16, 2012 at 03:28:25 PM PST

        [ Parent ]

  •  Superb diary. Boner also ignores the fact that it (3+ / 0-)

    was Republicans who ran the debt up so high to practice invading countries, building the military (to reward the MIC), giving subsidies and free rides to the wealthiest, scamming the bottom by pretending to moral religionistas.

    Fear is the Mind Killer...

    by boophus on Sun Dec 16, 2012 at 03:17:06 PM PST

  •  What's the wealth share of the rich these days? (3+ / 0-)

    I seem to recall some quote about the Walton family of 5 or so being worth as much as the entire bottom half of the country somewhere?

    Wouldn't that mean that the Waltons owe 7.5 Trillion themselves?

    •  DING! DING! DING! (3+ / 0-)

      Actually the Walton heirs are worth about $70 billion -- which the total net worth of the bottom 30% of America. So call their share $4.5 trillion. Can we send them a bill for it tomorrow?

      To me progress is not so much a goal as it is a process and I believe it will not follow a straight course. Remember, the drops of water that form the river may not take the shortest path but they will still reach the ocean.

      by ontheleftcoast on Sun Dec 16, 2012 at 04:03:06 PM PST

      [ Parent ]

  •  Boehner also forgets assets and ability to pay. (2+ / 0-)
    Recommended by:
    WattleBreakfast, icemilkcoffee

    Just because we have a lot of Republican-caused debt right now doesn't mean we are incapable of paying it. For example, I just ran a mortgage calculator program that said a single person making an income of $50,000, with no significant additional debts and good credit could qualify for a house costing $228,000. Now, I'm not saying that's a good idea, but it's not uncommon to have situations like that. Even though the debt represents almost 5 times the person's annual salary, it would not be terribly unaffordable over a 30 year period, especially if the person had assets to offer as a down payment.

    What is the total value of assets in the US (i.e. what is our country worth)? It's a lot more than $15 trillion. It's probably in the hundreds of trillions. So, try comparing that to the size of our national debt.

    We need to start a meme: Republicans Don't Understand Money.

    Just doing my part to piss off right wing nuts, one smart ass comment at a time.

    by tekno2600 on Sun Dec 16, 2012 at 04:17:22 PM PST

    •  Don't forget that Treasuries are at about 1.5% (2+ / 0-)

      Put that into your mortgage calculator

      We are the principled ones, remember? We don't get to use the black hats' tricks even when it would benefit us. Political Compass: -6.88, -6.41

      by bmcphail on Sun Dec 16, 2012 at 04:37:28 PM PST

      [ Parent ]

      •  If you mean that interest rates are low on homes, (1+ / 0-)
        Recommended by:
        bmcphail

        I already factored that in (APR around 3.5% + or -, depending on the situation). Basically, this means it's a good time to have debt, because money is cheap and assets are not paying high rates of return.

        So, on a national level, it would be an excellent time to add some real stimulus to the economy and pay it back with future economic growth.

        Just doing my part to piss off right wing nuts, one smart ass comment at a time.

        by tekno2600 on Sun Dec 16, 2012 at 05:19:47 PM PST

        [ Parent ]

  •  good insight (2+ / 0-)
    Recommended by:
    tekno2600, Simplify

    i often use 117,000,000 million US households in calculations- whether it be 280billion lost rev per year, 2.4 trillion in bush tax cuts over 10 years, or romney's 2.1 trillion addition to defense.

    the mind blower for me is that libor interest manipulations is based on 360 trillion- that's like 50k for every human on earth.
    is there that much money on earth- i stopped calculating after that- started to doubt myself

    cheers

  •  "Strategic Deficit" (0+ / 0-)

    We also know this:

    President Ronald Reagan's budget director David Stockman coined the phrase "strategic deficit" to describe the usefulness of creating long-term budgetary shortfalls to undercut political support for governmental spending.
    The debt and deficit was INTENTIONAL
    As Stockman privately told Sen. Daniel Patrick Moynihan in 1981, accruing large deficits "gives you an argument for cutting back programs that really weren't desired and giving you an argument against establishing new programs you don't really want."
    They are following the plan to the letter, thirty years later:
    Moreover, strategic deficits can enable opponents of public investments to sound compassionate -- "We can't steal from our children to pay for our short-term desires."
    They sound Oh-so-concerned about the children, don't they?

    Religion gives men the strength to do what should not be done.

    by bobtmn on Sun Dec 16, 2012 at 05:04:57 PM PST

  •  A lot of 'right on' (0+ / 0-)

    from me. Stating a debt withoout stating what is the balance of wealth or what we got for it is such a big falsehood, the difference between debt aginst the house and debt from gambling overspending or by being so poor you have no choice...

    Plus all the comments in answer...

    Ps- too tired to construct a proper text.

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