2006-10-06 05:16:16 · 8 answers · asked by Anonymous in Politics & Government ➔ Government
eventually, when the interest payments become too high, the US will declare bankrupcy.....at which point ALL HELL BREAKS LOOSE!!!!
It will never get repaid, because people don't think debt needs to be, as long as the payments can be made. Of course, this is a classic reciepe for finanicial disaster.
2006-10-06 05:25:30 · answer #1 · answered by Manny 6 · 0⤊ 2⤋
Yes the debt is paid back all the time.... The reason we are still in debt is because we take out new debt to repay the old...
The US debt allows the rest of us to invest in such things as Treasury Notes, US Savings Bonds, and other government instruments... In other words, we are the creditors on the US debt.... As long as we consider the US to be credit worthy, we will continue to loan it our money...
2006-10-06 05:28:36 · answer #2 · answered by Andy FF1,2,CrTr,4,5,6,7,8,9,10 5 · 1⤊ 0⤋
Keep in mind that debt and deficit are two completely different things. A budget deficit is a theoretical negative number in the future that we may or may not ever reach. That is how Clinton was able to step in and say, "I fixed the budget, we now have a surplus." He was able to do that by cutting back spending to stupid levels and then be able to leave office before any of his "ideas" got implemented. Leaving the weight of the real budget on the shoulders of his encumbant, Bush.
2006-10-06 05:26:12 · answer #3 · answered by cirestan 6 · 0⤊ 1⤋
hahahaha, right.
The US debt has gone up more in the last 5 years than in the previous 200 years combined. We're never going to be able to pay that off.
2006-10-06 05:24:24 · answer #4 · answered by Kutekymmee 6 · 0⤊ 0⤋
As long as the spending exceeds the income there is no way the debt gets touched, it actually increases.
2006-10-06 05:34:24 · answer #5 · answered by lobo 4 · 2⤊ 0⤋
It is not supposed to.Everyone owes everyone, that is what makes the world go around.Two summers ago Toronto had to buy power from the USA because we were having shortages due to an extraordinary hot summer.The amount we purchased was almost exactly the amount we sell to the States in the same time frame.
2006-10-06 05:22:58 · answer #6 · answered by Anonymous · 0⤊ 1⤋
keep spending, that is how debts get paid and pay your taxes
2006-10-06 05:50:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
We move over and China steps in.
2006-10-06 05:19:22 · answer #8 · answered by wmf936 5 · 0⤊ 0⤋