Right now, the U.S.' debt to creditors is over 9 trillion dollars, and rising at the level of over one-quarter trillion every year. Since we make no effort to pay down the debt, nor do the politicians seem to care anymore about balancing the budget, Congress must allocate, as one of our two largest expenditures (defense is the other) roughly one-half trillion dollars per year of paying off the interest of the debt (roughly 25% of this goes to foreigners). As long as we continue to run deficits, the amount paid for interest on the debt will only increase. Neither the democrats nor republicans seem to be terribly interested in this issue anymore, because the mantra seems to be to keep taxes low and spending high. Dick Cheney has actually said that deficits and the debt don't matter.
Are you concerned about this? Shouldn't our goverment at least try much harder to balance the budget, and then to try to pay down the debt?
2007-12-13
02:53:29
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10 answers
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asked by
Stephen L
6