US Savings Bonds

Question: Will the increasing national debt make us a third world country?

Government programs are paid for by issuing IOUs in the form of US Treasury bonds. About 25% are owned by other nations, 25% by Americans as part of our savings, and about 50% by funded government programs such as Social Security. I think the national debt is about 10 trillion dollars, and is estimated to be increasing by 20% or even more. Is it possible that this huge increase may devalue these bonds to the point where other nations stop buying our debt, and the dollar becomes unstable, all our programs become underfunded, and our nation heads for the slop bucket?

Answer: The US has been a virtual third world country since the 70’s. I have a friend that owns 3 very expensive luxury cars, a nice big new house and has multiple diplomas and degrees. He wears a $3000 watch and $800 sunglasses. He’s a server at a restaurant. How did he afford all this? He didn’t. He borrowed. He looks rich though. How much money does he have in the bank? -$500,000. He has run out of credit now so he may just find a lonely old lady to become friends with. One that will loan him her credit card.