Will America as a country ever get out of debt and what's the future for our economy?

Question

I remember back in the 1980's we were rolling in dough, 1990's people had jobs and were rolling in dough still. Once this war got started jobs declined, Government spending on Military was outrageous, Gas prices are unheard of now, and politicians keep lying about what they're going to do when election time nears but when they're in office they never can back up what they preach. Can anybody tell me something that I can really believe?

Answer 1

1996 to 1999, the US Goverment led by President Bill Clinton generate the first Surplus's in 30 years. President Clinton even began paying down the National Debt. 2001 - 2006, President Bush and the Republican lead Congress double the National Debt from 4 TRILLION to OVER 8 TRILLION DOLLARS with no decrease in sight. Their solution? Cut more taxes for the Ultra rich, get rid of estate taxes for the ultra rich. They cloak their agenda by calling Estate Taxes - death taxes; however, only about 5% of Americans will ever have to pay any Estate Tax. Thomas Jefferson was a strong proponent of having wealth being disappated at the time of one's death so that we do not have wealth staying in the same family from generation to generation by indicating that the dispersal of wealth is a strong contributor to a strong democracy. Therefore, whenever, you hear the Republican mantra of 'it's your money'; think more about how the meager tax cuts on most of us benefit those with the most and sacrificing benefits for the rest of us. Vote for the Party of WE (Democrats) and not the self centered selfishness of the Party of ME (REpublicans).

Answer 2

The United States will never get out of debt without a major change either through a revolution, or a war on our land which results in a complete change of government.

The US has been in debt since the country was founded. Just back then it was a small amount (thousands as opposed to trillions) and was tolerable.

Unfortunately spending has gone out of control and the Federal government has made things quite terrible for our country.

If you took the amount of money the government spent in 2004 and subtracted the amount of money the government spent in 1992 for one year, you would get the exact same amount of money that we collect in income taxes from everyone for that year. If you took out the amount of money we pay in interest on our debt, we could be spending like we did in 1997 and not have to pay income taxes. We still had a military in 1992, we were at war in 1992, we had welfare, we had highways, we had all sorts of government programs but the difference in spending over that 12 year timeframe is the same amount for income taxes. 1997 we spent even more. So those who complain about tax cuts are ignoring the huge problem of spending increases...

It does appear, however, that the dollar is losing value at such a rapid pace that the $8 trillion debt may some day be the same as the cost of a candy bar and we'll wonder why people of 2006 were worried about such a small debt.

Answer 3

Hah.. with the tax cuts Republicans keep voting for, EVEN THOUGH WE'RE IN MORE DEBT NOW THEN EVER, we'll never get out of debt. The Republicans have no plans to get out of debt, and all they want is more and more tax cuts. They think it's good, but one day when they're out of money, it'll be like Puerto Rico.. Their government made so many tax cuts that they had to close down tons of government offices for weeks, even months, and school got out for like 6 weeks. people have been protesting because of it. When that happens, the Republicans will be real sorry.

As for the economy.. I see it growing, but very slowly. I predict more overseas jobs will be created, and the unemployment rate will rise a little. :(

You can think Bush for all of this. In the 90's when America was at its best, who was our president? CLINTON, A DEMOCRAT!

Answer 4

We had a HUGE debt, including in those 1980s you're talking about, & paid it off just fine. That's not so hard as you think. The govt takes in tons upon tons of money even when the economy is down. Being a republican though I can tell you we're all about pissed off about how congress has spent so much & want to see massive cuts to get us on track to clear that thing out much quicker. And how bout that balanced budget amendment (with the exception of in time of war or national emergency & then the rest of the budget has to be balanced down as though it were peace time)?

Answer 5

I believe as the Iraqi war begins slowing down as it is. We will get more competitve with the emerging superpowers (EU, China, Indian, Russia, etc..). May be somekind of North American Union will be needed.

Answer 6

If I knew the future of the economy, I could become very wealthy. No one knows the future for certain.

Answer 7

when bush gets out of office