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Reply #6: Wow !!! [View All]

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Home » Discuss » Topic Forums » Economy

porkrind

(1000+ posts) Send PM | Profile | Ignore

Mon Dec-29-03 07:59 PM
Response to Original message

6. Wow !!!

If there are about 283 million people in the U.S., that means each of us owes about $24,500.

That sucks! x(

You economic gurus out there correct Me if I'm wrong, but I think that since our money is essentially fiat money, being unbacked by any physical entity of value like gold, this means that they just print up more when they need it. They then add the same amount to the deficit. This de-values all the other dollars in the economy, so they have effectively taxed us with a promise to pay it back. Is this right?

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