We have until 2037

[longbow]

Ryan: Debt on Track to Hit 800 Percent of GDP; 'CBO Can't Conceive of Any Way' Economy Can Continue Past 2037 | CNSnews.com#

 

[Colt556]

I'm thinkin that's an optimistic date. Thank Gawd I'll be long gone before then anyways....

 

[longbow]

late 60's

 

[ATOMonkey]

I will be 57.

Depending on interest rates, it could happen much sooner.

We have a prime rate of less than 1% right now, which is why everyone dumped their Federal Bonds and Securities.

If Prime goes up to 10% or 20% like we had in the '80s, it's game over. That snowball will be rolling way way way too fast for anyone to stop it. Right now we have a $14T snowball on top of a mountain that is balancing on a needle point. One little shove down hill is all it needs to crush everything below it.

That shove will come in the form of a rate hike or a sell off of Soverign debt. The only reason it hasn't happened yet is that most of the monetized debt is being kept out of circulation. Once all the QE money hits the market we'll see crazy inflation, and then we'll see crazy high interest rates in an attempt to control inflation, and bring in foreign or domestic investment. Probably not much domestic investment with a high inflation rate though.

So, there it is.

 

[Bunnykid68]

26 years seems very optimistic

 

[LEaSH]

Party down!

That's at least a quarter century of living large before it all goes away.

Who's complaining? Here, hold my drink while I smoke this thing...

 

[jedi]

Yup that is about right?
We have an asteroid that will hit us in 2036 per Russian scientist.
Will Apophis Hit Earth in 2036? | Asteroid & Space Rock Collisions | Life's Little Mysteries

We also have another astroid (if the first one misses us) hitting us in 2182
Massive asteroid might hit Earth in 2182, warn scientists | Mail Online

Plus social security is suppose to run out of money mid-2030s as well.
So yup I'll believe all these reports.

Nothing to see here. Lets just and .
We can always file for bankrupty.

 

[kevinj110]

Party down!

That's at least a quarter century of living large before it all goes away.

Who's complaining? Here, hold my drink while I smoke this thing...

Ha reps to you man

 

[WETSU]

QUOTE:

"That's at least a quarter century of living large before it all goes away."

And thats exactly why I don't think we will fail as a Nation. America, for all its faults, will be driven by its appetite and greed (in a good, Gordon Gecko kind of way).

We will create more wealth and GDP in the next 25 years, than we can fathom sitting here right now in 2011.

 

[redneckmedic]

I believe it, I really do, good thing I kept all my Y2K supplies, I'll just roll off those for a while. Of course my bullets will be worthless against laser guns and jet packs!

 

[ArmedProgrammer]

QUOTE:

"That's at least a quarter century of living large before it all goes away."

And thats exactly why I don't think we will fail as a Nation. America, for all its faults, will be driven by its appetite and greed (in a good, Gordon Gecko kind of way).

We will create more wealth and GDP in the next 25 years, than we can fathom sitting here right now in 2011.

IF (BIG IF) we retain the FREEDOM to pursue that wealth. If Atlas shrugs... then things get REALLY interesting. I believe that we have the ability. We just need to maintain the freedom...

 

[PatriotPride]

IF (BIG IF) we retain the FREEDOM to pursue that wealth. If Atlas shrugs... then things get REALLY interesting. I believe that we have the ability. We just need to maintain the freedom...

I agree---that IS a tremendously BIG IF. The only thing I know for certain is that this nation cannot be sustained much longer on it's current path.