“$ 10 million?”
“$ 100 million?”
“No, you are crazy, it must be more than that, it must be like in billions.”
Maga Country voters sound alarm about ‘ridiculous’ national debt in the midst of the debate about the account supported by Trump
“Yes, it must be at least $ 50 billion dollars. Maybe even $ 100 billion.”
Students have roughly awakened when they realize how much money owes in the national debt. (Istock)
“So much?”
“Maybe”
“No, no, it must be even more than that. I bet it is a trillion dollar.”
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“A trillion dollar? It’s absolutely not that much.”
I had just learned my high school seniors in the US government class about budgets and national debts and asked: “How much money do you think we owe? How much is our national debt?”
Their ridiculous reactions, ranging from millions to billions to $ 1 trillion, are funny but also sad. Finally I can no longer listen and, I feel like the angry queen who gives Snow White the poisoned apple, she tells them: “$ 37 trillion dollars.”
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There is a bewildered silence.
I then walk through the room with my hand and start shaking the hands of students, saying every time: “Thank you.” They look confused. In the end a boy asks: “Why do you thank us?
The debt clock moves like the second hand on a watch. Here is the clock from 24 February 2012, when the national debt was $ 22 trillion less. (AP)
“Because you are going to pay for those who are going to pay it.”
More bewildered silence.
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Of course, many of them have heard somehow about the expenditure problems, shortages and debts of Washington. But it was only at the moment that they finally understood what it really meant – and what it will mean for them. Many of them are worried that they will make the fault of student loans – they were not aware of the other debts they inherit.
I stop USDEBTCLOCH.org Upstairs, along with a photo of my granddaughter who plays in our back garden and asks: “How much does she owe?”
It costs them a minute, but they find the “Debt per citizen” section – $ 108,010. She is 3 years old.
Of more direct interest for them is “debt per taxpayer”, because some have already started paying taxes, and most others will do that soon. That is $ 323,051.
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I say: “Look at that debt clock – what is the worst number there? Not the highest, the worst. ”
After a few minutes I focus their attention on the “interest on the debt.” It is slightly more than a trillion dollar a year.
Their ridiculous reactions, ranging from millions to billions to $ 1 trillion, are funny but also sad. Finally I can no longer listen and, I feel like the angry queen who gives Snow White the poisoned apple, she tells them: “$ 37 trillion dollars.”
“What does that money buy?” One of them asks. I get a piece of scrap paper from my desk, twist it, hold it and say: “For the taxpayer it is worth exactly as much as this crumbled paper. That money does not build any hospital or school or bridge. It does not build a single bomber or produces a single bullet.”
I show them that in July 2020 the debt service was only $ 386 billion a year and the national debt was $ 26 trillion. I ask why the debt service would now be 2.6 times as high as the national debt is “only” 1.4 times as high. The answer is that interest rates have risen, which greatly increases the interest that we pay on the debt.
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The students try to come up with solutions. “Why not just pay by printing more money?”
I explain hyperinflation and pass a few 100 million Deutsche Mark accounts from Germany in 1923. I tell the story of a German woman who fills an old wheelbarrow with Deutsche markings, go to the store while she left out for a moment, while she selected some bread and milk, and then returned to find the old wheel barrow in the Valuvulolp.
We watch the satirical video of 2009 “US government phases fake coup to wipe out the national debts” in which a newsreader informs viewers:
“The White House has established an emergency plan today to eliminate all the financial obligations of the United States for foreign nations by faking a violent coup of the American government … The fake coup started today at 10.00 am, when fake rebel leader octavius ​​del monte stormed the congress, tried to kiss this country, this country, this country, ‘
Invisible tax: Government debt requires your finances
The newsreader then explains that “representatives on both sides of the aisle said that the plan was the best option to reduce our debt after ideas such as burning the country for the insurance money and the nation disguised because Canada was deemed unacceptable.”
I ask the students why it seems almost comical how worried they were in 2009 about the national debt. There is a break. Then a student raises his hand and answers, sad, “because it was then only $ 10 trillion.”
American Marines of Bravo Company of the 1st Battalion, 6th Marines, walk in the city of Marjah in the Nad Ali van Helmand Province district. The area was infected with roadside bombs, an obstacle that the company provides, a spokesperson said in 2010. (Reuters)
The students want to know how we could have done responsible adult-this-this. I mention some of the reasons:
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- The high costs of Medicaid
- Two wars with several trillion dollars
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- A military budget that the Stockholm International Peace Research Institute estimates that it is more than the next nine countries together.
About the greater political reasons I ask: “Have you ever seen your parents if you wanted to buy something?”
Some hands come up. A girl volunteer that her parents had a long running argument a few years ago – Mama wanted to buy a new fridge and Dad said, “We can’t afford it”. They were angry with each other.
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“What happened? How did they solve the conflict?” I ask.
“They bought a new one. I think they put it on their credit card.”
“Well, there is your answer.”
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