2006-07-20 10:30:36 · 7 answers · asked by Waltjh 2 in Politics & Government ➔ Government
Yeah, who the hell can make us pay anyways. We don';t need to borrow money. We can just jake what we want from everyone. Who can stop us.
2006-07-20 10:33:12 · answer #1 · answered by Jake W 3 · 0⤊ 1⤋
The result would be a complete collapse of the entire international banking structure. Everyone who holds a debt against the country (including many, many Americans) would suddenly be out of what they assumed was a secure investment. The country's credit rating would plummet to junk status, meaning that the government could no longer borrow anything at all. Social Security (which is essentially run on bonds) would cease to function. Moreover, the countries we owe money too would likely stop paying back their debts to us, as would most other countries.
The solution for the national debt is fiscally conservative spending bills, which neither party seems to want.
2006-07-20 10:41:36 · answer #2 · answered by James 7 · 0⤊ 0⤋
Most of the debt is owned by foreign companies. We are borrowing $6000000000.00 a day! So if we didn't pay they'd just foreclose on America! Kidding...maybe. That's why you see so many foreign companies buying American companies. The debt is in dollars so the only place they can spend it is here. Of course we could always devalue the dollar and pay off the debt that way. The downside of that a loaf of bread might cost $5000,00. The best way to pay off the debt is to repeal the tax cuts for the rich, stop the off shoring of corporate headquarters to escape taxes and close all the loopholes. Then balance the budget and get a pay as you go law passed.
2006-07-20 14:03:27 · answer #3 · answered by ggarsk 3 · 0⤊ 0⤋
A lot of the debt is owed to Americans who have bought government bonds. You'd just be punishing them for having saved enough money to invest in a safe place.
Also, all of social security's funds are currently invested in government bonds. If you void the bonds, you can kiss social security goodbye. The senior citizens (who actually vote in droves) would never allow that.
Oh yes, and then there's the collapse of the banking industry, which also is heavily involved/invested in government bonds.
2006-07-20 10:36:37 · answer #4 · answered by foofoo19472 3 · 0⤊ 0⤋
If we do not honor our monetary obligations, we will no longer be able to borrow (would you lend money to someone who did not pay you back and indeed told you they were not going to pay you back just because?). And if we cannot borrow to finance our deficits, how will that work?
2006-07-20 10:39:40 · answer #5 · answered by brian 2 · 0⤊ 0⤋
Well...the guys at the Federal reserve ( a privet bank that owns all our money) would $hit their pants!
2006-07-20 10:37:43 · answer #6 · answered by MC 7 · 0⤊ 0⤋
Because your Nazi President would shoot your *** off.
2006-07-20 10:33:08 · answer #7 · answered by theforce51 3 · 0⤊ 0⤋