National debt wiped out by end of year

National debt wiped out by end of year
07.06.2007


Denmark’s economy begins a new era in 2008. According to the Finance Ministry, the country will be debt free by January.

After decades of having more debts than assets, the ministry’s latest Budget Outlook, released last week, has predicted that by the end of the year, the balance of what the country has borrowed and what it has lent out will be in its favour.

The treasury will continue to pay DKK 7 billion in interest in 2008 - 0.3 percent of GDP - but that is down DKK 3 million from 2007, and is a fraction of the 1993 payment: a whopping DKK 40 billion.

The reduced payments leave the country a luxurious dilemma about how to spend the extra money it finds in its pockets.

‘Greater financial latitude means we can either invest in better social welfare or lower taxes,’ Lars Andersen, director of the Economic Council of the Labour Movement, told Politiken newspaper.

Although the Budget Outlook forecast a cooling of the economy in the years to come, with growth slowing from 3.2 percent in 2006 to 2.4 percent in 2007 and 1.2 percent the year after, it painted a rosy picture of state finances: in 2007, the state is expected to take in DKK 11 billion more than expected while spending DKK 4 million less than budgeted.


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Meanwhile on Capitol Hill, our 'representatives' are working on a $649,000,000,000 'Defense' authorization bill for 2008. Do you see anything wrong with this picture?

the Clinton Administration.
Boy, in that regard, those were the good ole' days.

You made me do a double take on your title! :P

I don't even know the last time the US didn't have a National Debt, probably over 100 years.

to the point that it's a real burden.

Remember when the rightwing asshats argued about the dangers of paying it down too quickly?!?!! I WISH we had such a "danger" now.

I get what you're saying about "defense" spending.....when will it end?

statement made about the US!

it's just that their debt will be below their assets. They still have debt, but it's just much more manageable now. It's like if you have assets worth $250,000 (including your home), your debt has finally gone under $250,000 after being way over that for years.

Still, it's in a far better position financially than the US under Team Bush. It will allow the country to possibly pay off all their debt, cut taxes, and/or also invest in the country's infrastructure.

As i recall our national debt is around $8 trillion, right? The total asset base of the U.S. is over $14 trillion.

If they're calculating this the same way, this is a pretty small deal. The difference to me would seem to be that they have a high enough tax rate to have revenues exceed expenditures at the governmental level.

Did i read this wrongly?
GAC

We spend $400 billion a year on interest on the national debt. Half of that goes to the top 1% of income earners. So 3 million people get $200 billion, or about $67,000.

Taxed at 15%, mind you, so your take home is about $57,000.

Rich people welfare.

The Professor

In American Theocracy Kevin Phillips tells about the British Empire, which in the 19th century had something like three times their annual budget in debts but managed to pay it off in the years before World War One.

My point is that the rich have little reason to reduce the national debt. Not when they own the businesses the annual deficit is spent on and get plenty of money in interest, to boot.

<edit: screwed up the italics>

The very rich aren't even motivated to concern about any economic indicators. Almost nothing could happen that would wipe out their status. Deficits, gov't debt, personal debt, low savings rates, high unemployment, nothing. They all just have too slow, and individually marginal leverage on individual fortunes to make a difference.
GAC

I forgot that we're still ok in regards to debt to GDP ratios... but, it seems they are at least moving in the right direction. With Team Bush in charge, we've been going backwards.

Don't tell the free-market koolaid drinkers - their heads will explode. :nuke:

http://www.brillig.com/debt_clock/


U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 14 Jun 2007 at 01:54:22 PM GMT is:



The estimated population of the United States is 302,156,145
so each citizen's share of this debt is $29,299.70.

The National Debt has continued to increase an average of
$1.34 billion per day since September 29, 2006!
Concerned? Then tell Congress and the White House

and absolutely does not work. Propaganda business television networks and pea and shell games will NOT last much longer; in this case the truth won't set 'US' free.

Wasn't it the early 90s when they 'legalized' recreational drugs and started taxing them?

Denmark

Denmark's legislation regarding drugs makes no distinction between hard and soft drugs, and drug use directly is not an offense. Acquisition of drugs is a criminal offense, and, the law makes no distinction between personal use and large scale trafficking, the latter subject to a penalty of up to six years imprisonment. In reality, the courts rarely view small amounts as "acquisition" and generally do not invoke severe penalties possible under the law. There are three categories of possession: for personal use, simple, and large scale. Possession for personal use is not an offense. If convicted, simple possession, meaning smaller amounts of less harmful drugs, can result in six years in prison. Large-scale possession of dangerous drugs can sentence one to up to ten years in prison.

Although cannabis is categorized in Danish law with cocaine, heroin, and other highly addictive substances (in accordance with 1961 UN Convention), a directive from the Chief Prosecutor "provides for particularly lenient treatment of local trafficking in or possession with a view to use." The tendency of the courts' action for possession for personal use is most often a warning or a fine. Possession of small quantities of cannabis normally results in just a warning and confiscation of the substance.


http://www.norml.org/index.cfm?Group_ID=4415

I was reading something about Holland and drugs last night and just made a faulty connection. I shall reprimand myself severely for this freeper like fuckup.

denmark was so pleasant. sigh. fucking awesome bakery. mmmmm, dark(whole wheat) italian bread.sand cake........

Used to be America but it is not any longer. Now it is Amerika with a Decider..

:think:

be underwater one day. :(

B-)

debt is through inflation - just like Germany did in the 1920's. When the dollar becomes virtually worthless, you can pay off all your debts. Of course, there are adverse consequences - in Germany's case, it led to Hitler.

... and it was not that long ago.

It is a national tragedy that our government has run up a $7 trillion national debt that will not be paid off for generations to come, if ever.

Oh. I see.