Lets go to Dean Baker again, the guy who told the truth about the '08 recession and criticized Washington, literally has a website called "Beat the Press" criticizing the media, since you're so interested in truthtellers:
"Last year, we paid $338 billion in interest, this year we are projected to pay $290 billion. Measured as a share of GDP, last year our interest payments came to around 1.6 percent, this year’s payments are projected at 1.4 percent. By comparison, in the early and mid-1990s (a very prosperous decade) our interest burden was over 3.0 percent of GDP.
But even the 1.6 percent figure overstates the actual burden. The Federal Reserve Board currently holds trillions of dollars of government debt. The interest paid on the debt held by the Fed is refunded right back to the Treasury. Last year the Fed paid $88.5 billion to the Treasury, reducing the true interest burden by 0.4 percentage points, which leaves the interest burden at only slightly above 1.0 percentage point of GDP."
Debt and Deficits, Yet Again
cepr.net
Paying 1% of our GDP on debt interest is very affordable. It used to be 3%.
Also, 7 Things You Need to Know About the National Debt, Deficits, and the Dollar:
Point two is especially something you should read.
1) The national debt is not literally a generational transfer.
This is easy to see because everyone who holds the debt (government bonds) today will eventually be dead, leaving the possession of the bonds to their children and grandchildren. In other words, the interest on the debt will be paid from some members of future generations to other members of future generations. (We will deal with issues created by foreign ownership below.) The debt can involve a generational transfer only insofar as it slows the economy’s growth, so that it produces less in the future.
2) The high dollar (not the budget deficit) is what causes the trade deficit and therefore leads the United States to borrow from foreigners.
No one buys foreign made goods at Wal-Mart because the government is running a budget deficit. They buy foreign made goods because a high dollar has made foreign goods cheaper than comparable U.S.-made goods. The high dollar also makes U.S. exports more expensive for people living in other countries.
3) A large trade deficit requires that we either have a very large budget deficit or extremely low private savings or some combination. This is an accounting identity.
If we are borrowers internationally then we must have very low domestic savings. And we are borrowers internationally because we have an over-valued dollar. In other words, the high dollar requires us to either have large budget deficits or to have low private savings.
4) The stock and housing bubbles led to an enormous reduction in private saving through the wealth effect.
Research shows that $100 in additional stock wealth will lead to $3 to $4 of additional consumption, meaning that saving drops by this amount. The housing wealth effect is estimated to be $5 to $7 of additional consumption for every $100 of housing wealth. This means that a $10 trillion stock bubble would be expected to reduce annual saving by $300 billion to $400 billion. An $8 trillion housing bubble would be expected to reduce annual saving by between $400 billion and $560 billion. These bubbles have been the main cause of the low savings rate in the United States over the last 15 years.
5) During times of economic weakness, deficit spending actually helps the economy to grow.
In such times deficit spending is also likely to increase investment. In this case, deficit spending makes our children and grandchildren richer than if we did not have deficit spending.
6) High and rising private sector health care costs in the United States are responsible for the bulk of the federal budget deficit problem.
(Government health care programs like Medicare and Medicaid pay for health care provided by the private sector.) If health care costs are not contained, then the economy will be devastated regardless of what we do with the federal budget. If they are contained, then there is no budget problem.
7) Social Security has a dedicated stream of financing that keeps it fully funded until 2036 according to the most recent projections.
Given this stream of funding, it would be no more justifiable to cut back benefits in the near future than to default on the federal debt.
Dean Baker is just as stupid as you are.
And he's shilling for the same people.
At the end of the day, money has to be worth something. It has to be represented by something of value.
Money itself is presumed to be an exchange note for a commodity of material value. FACT. IRREFUTABLE FACT.
the dollar is no longer represented by any material commodity of value. It's not worth anything more or less than what the regime in Washington claims it's worth.
In other words, the dollar is represented by the ability of Washington to pay it's debt. Because there's no other material asset tied to the Dollar.
Now, you're a stupid bitch. There's no denying that. So is @Big_paul .
But even the dumbest of observers looking at this, will come to the conclusion that if you can't pay your debts, then that banknote doesn't mean anything. It's a credit voucher for a regime in debt it cannot pay.
And that's not copy and paste bullshit propoganda. That just common sense. A debate arena you've shown you cannot compete in. Because you have to resort to bullshit copy and paste the words of other liars simply to keep in the debate. You're not smart enough to do it on your own. You've proved that beyond any doubt.
So it's obvious to any rational person, that without the military ability to continue plundering other nations and people's in order to pay it's debt and finance it's further ambitious of robbery and plundering,then it's going bankrupt.
What that means, to any non stupid person like you or @Big_paul is that if you cannot continue to rob and plunder weaker nations to pay your bills, or provoke wars for profit among poorer countries with unrelated interest then you have nothing left to offer of any real material value.
Your money is useless. It was based on empirical expansion and it's been overspent because the world and it's people have decided you cannot take anymore from them.
The game is over bitches. The jig is up.
You're a couple of stupid cunts holding onto a fantasy that's dead and never really existed.
You're not going to get paid in natural gas because you flew a rainbow flag over Kabul. Nobody's going to reward you for killing hundreds of thousands of southeast Asian peasants to save them from "communism" while you push communism.
Your bullshit has been displayed. You've been exposed and found lacking. You're time is over.
You're cunts that shilled for the bastards that made you comfortable. And didn't know any better.
You're pathetic.
God help you poor ignorant bastards if you don't own any land or real assets.
Because you'll be hungry very soon.
I've got not the slightest doubt neither one of you pathetic bastards could survive without this artificial system of exchange.
But I can bitch. I can.
I own land. I have the means to feed my family and friends without a grocery store or credit card.
I laugh at you stupid fukks. Because I know what's coming to you. And you deserve it.
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