Gross U.S. national debt rose from about $5.7 trillion when George W. Bush took office in January 2001 to approximately $10.63 trillion when he left office in January 2009 (an increase of roughly $4.9 trillion or 86%).
Reagan's Term (1981–1989): President Ronald Reagan added over $1.6 trillion to the national debt during his two terms, causing the total public debt held by the public to nearly triple from $738 billion to $2.1 trillion (and total gross debt surpassing $2.6 trillion by the time he left office in January 1989).
It was only 8 trillion during Obama. Where are you pulling these numbers
>>545129885https://fred.stlouisfed.org/series/GFDEBTN
>>545129885
>>545129933lol retard
>>545129972haha wow!
>>545129852
>>545129852 bong flag>>545129861>>545129933
>>545129957
>>545129852Too many idiots voted
What would happen if America defaulted on its debt? And I don't mean "shit would hit the fan, massive social unrest, collapse of the world order" etc. I mean what specifically happens? Does everything in Western banks suddenly become worthless overnight because America is underwriting it or something?
>>545130014> muh Republican LGBT#1 I see you left biden out - he was pretty chill about it (he pushed obama to be pro-lgbt).#2 GOP can't even stand the 'logcabin republicans'. (blocking them from attending the RNC)
>>545129852>>545131158
>>545131395> le defaultUS gets a low-credit rating.- no international loans- => destroys imports- => destroys stock trading & countries diversify their US-debt for other more stable returns.gigafucked as international money avoids US.
>>545130332Line go up.Also, the phenomenon OP is looking for is Two Santa Claus Theory by none other than Jude Wanniski.
Does the us national debt matter? The reason I’m asking is because it seems like all it ever does is go up, and many countries have large amounts of debt thay they probably will never pay back.
>>545129852>40 trill nowhey that's just about 250k per working American, I'm sure they will pay it, esp. given how 50%+ of them can't handle an emergency requiring 1,000 dollars.
>>545131395nothing, realistically. the united states is not only the richest country on the planet but we also guarantee world order through our massive military force. getting stripped by creditors is only for weak shithole countries, if the USA really decides not to pay its debt, who's actually powerful enough to put the screws to us?
>>545131395What typically happens with too much debt is what happened after world war ii. They fuck over the finance companies and banks by legally making them buy and hold bonds and give out a really shitty rate. This of course means capital stops flowing internationally, but it's basically what they did after 1945.
>>545132964Paying it all back is impossible, but payments on interest cuts into government spending until there is nothing left eventually Japan can't raise its own interest rates because its own debt would kill them, so is has less control over its own economy
>>545129852yes republicans love printing money.No easier way to pump the stock market.Now do the Clinton years
Who do we owe that debt to?
>>545136011>Who do we owe that debt to?the world. (which is why you keep up payments or get refused loans)#1 you print money, get debtloan from central bank.#2 if the loan sits there, your inflation enters zimbabwean territory.#3 japs, china, UK buy your debt (and you get ability to buy stuff from other countries)if you default, no one buys your debt, you can print toiletpaper from now on
