la_nunu asked:


Ive been wondering this for a long time. I just turned 18, and it is going to be really tough for us young people to start off with the way our economy is. And I would really like to know how does having a large national debt directly affect each of us?

Stickboy asked:


We do not pay any debt to any country and erase all debts. Then we declare bankruptcy and start from scratch. This way we have a fresh start and bring out economy back.

Tannia asked:


The debt in the United States is way higher than other countries, yet its economy is stronger than many other nations. What are some reasons for this?

Justin asked:


I am curious as to what final leg(s) we are left standing on? Obviously our economy can be roughly translated as “debt”. As our ability to borrow dwindles, so goes our economy.

Obviously our economy was way overheated in the late 90′s. So now we are contracting; I saw an article comparing Japan of the late 80′s to our economy at its peak, and thought it’s not coincidental that roughly the same thing is happening in the US.

Of course our total outstanding national debt sits around $54-55 trillion(!) range.

How can we possibly function in this capacity?

Colin asked:


Let’s say I owe (to US based companies) $1,000 to one bank, $100,000 to another, and $5,000 to a credit card company. (I don’t actually owe this money.) If the US economy were to collapse, what would happen to this debt, or what would happen in a situation like this?
What is the difference between an economic and a country collapse? What defines them?