MyGovCost News & Blog

libertarian jerry says:

This debt is unsustainable and unpayable. So, one of 2 things will happen. Either the Debt will be repudiated,the dollar devalued and the holders of the Debt will be lucky to get 10 cents for every dollar owed. Or the government will print or create massive amounts of paper dollars or computer credits and pay off the Debt with near worthless paper. Either way the bondholders will be screwed and inflation will ruin the economy. Of course there is always a third way. The government can create an economic police state and a centrally planned economy. The Constitution would be set aside and what is left today of property rights would be terminated. Wage and price controls,who produces what,how much and when plus who gets to keep how much will all decided by central government agencies similar to the old Soviet Union. In other words the Political Class takes what they want and what ever is left over in the productive Economic Class will be taxed. The Welfare/Warfare State stays in place but with severe cutbacks, especially to seniors who will be considered useless eaters. All the younger citizens riding on the government gravy train will get to keep their “jobs,” especially those in law enforcement. The welfare parasites,especially in the inner cities,will continue to get their handouts in order to keep them under control and if voting is still allowed,to garner their votes. Once a voting majority of Americans voted to put aside their liberty in exchange for security the die was cast. What made America prosper: property rights,the rule of law,small government,low taxes,sound money,no foreign entanglements was cast aside and was replaced with a Welfare/Warfare State Empire. And now the American people will pay the price. In their standard of living,in their liberty and in their posterity.

Jack S Harrell says:

Libertarian Jerry has said it all and quite well. Unfortunately, he is correct. May God help the U.S.A.

keene hawke says:

Lib Jerry said it in the best way. America is done. I hope all of you Americans enjoy pain, because it is coming. Save your money, lower your taxes, and get out of credit card debt, as a result, you might be alright. God Bless you.

Not Helicopter Ben says:

Where are the Treasuries owned by the Federal Reserve put in this analysis?

Current Fed balance sheet shows $1.65 Trillion in U.S. Treasury securities owned by the Fed. Given that this is more than 10% of outstanding Treasuries, it ought to show up on your chart.

source: http://www.federalreserve.gov/releases/h41/current/h41.htm

Newsrocket says:

Michigan Mike is correct. Americans are information rich and educationally deprived. They bundle “facts” that are not related. Unfortunately few of these over-opinionated goofs can go back to class because they never went to class in the first place. Unless you call Fox News a “classroom” which spews its philosophy of worshiping the rich while they continue to pick the pockets of the poor and middle class (or what’s left of them). Notice this fact: Wall Street got reimbursed for the losses they caused by their own greed. All it took was a click of the mouse at the Federal Reserve. A similar favor could have been done for common American mortgage holders, but that, OF COURSE, would have gotten in the way of the super-wealthy’s diabolical plans to subjugate the American people to the status of “just another low paid labor pool.” Latest proof: Michigan labor laws on unions.

truthseeker says:

Michigan Mike is mixing apples and oranges. What he is confusing with his two figures he stated are U.S. Portfolio Holdings of Foreign Securities (private holdings of foreign securities–both equity and debt) while the debt held by foreign nations is our U.S. government debt being held by these foreign nations and not U.S. (private) securities held by foreign nations. Sophomoric.