I want creative answer to see what you think will the U.S. govt. and/or any other gov.t ever get out of debt or will the U.S. just keep
expanding the trade defecit? Will all the world govts just bankrupt each other.
Please answer both questions
2006-10-17 11:03:53 · 11 answers · asked by tiger_9885 3 in Politics & Government ➔ Politics
Not at the current rate. When politicians continue to promise everyone, that they will cut their taxes but do not cut spending, the deficit will continue to escalate, with no hope of it being paid off.
2006-10-17 11:06:15 · answer #1 · answered by kniggs 5 · 0⤊ 1⤋
Unfortunately, the best answer is maybe.
If the US continues to be a world power for the next century, it's conceivable that we would tighten our belts and start to pay this thing down. We certainly have the money in our system to have this be a possible outcome.
Another conceivable outcome is that China becomes a world power and U.S. strength diminishes precipitously as the Baby Boomers die and our economy goes into the tank as we readjust to a smaller way of doing things. If this happens, we may get out of debt just by the fact that we will be forced to work with less when our creditors stop loaning us the money. If the U.S. should ever lose a major war, the powerful US may even be looked at as weak enough to deserve debt forgiveness as we have often given others (!).
Perhaps we maintain our status in the world and continue to grow and innovate in such a way that as long as our national deficit never exceeds a certain proportion of our GDP, we will always be considered "good for it", and so this perpetual borrowing bliss will be extended on ad infinitum.
In truth, the most likely outcome IMHO is that our debt will eventually plateau and we will slowly, painfully pay it off and the debt load will be shifted to the American people in the form of high (Think Jimmy Carter) interest rates.
2006-10-17 11:20:40 · answer #2 · answered by Robert 3 · 0⤊ 1⤋
How proud the libs must be that they have a bunch of naive, ignorant mouthpieces running around the web regurgitating their tired rhetoric. Large and small business is the backbone of this country. Overtaxing them in a vain effort to pay down the debt will only bankrupt this country. DEBT IS NOT A BAD THING. Taxing large and small business, which is the liberal answer to just about everything, is NOT THE ANSWER. Stop parroting liberal negativity and ignorance people and get a freaking clue.
2006-10-18 03:57:03 · answer #3 · answered by Kay 1 · 0⤊ 0⤋
Getting the feds out of debt would mean putting the business sector and private sector deeply in debt and bankrupting THEM. Government debt is NOT always a bad thing. The feds owing a debt is far better than the private sector owing debt. Know basic economics before trying to tackle this subject.
2006-10-17 11:07:49 · answer #4 · answered by conservamommy 2 · 0⤊ 0⤋
With a 8.5 trillion dollar national debt, and a 250 billion dollar annual deficit.....it would be near impossible.
People don't realize that almost 350 billion of the federal budget goes to the interest on the debt!!
The USA will not stand forever if the debt can't be controlled. And it's time for FAIR TRADE to deal with the trade deficit.
2006-10-17 11:13:04 · answer #5 · answered by Villain 6 · 1⤊ 1⤋
Some say that if we get China to fully unpeg the dollar, the trade deficit will very quickly shrink. As for the national debt, I think the government should cut farm subsidies and the like. That would also very quickly shrink our national debt, as well as piss off the red states.
2006-10-17 11:12:44 · answer #6 · answered by Roger Y 3 · 0⤊ 0⤋
We live in a system that employs money as a means of dynamics, regulation and governance. The problem though is that the very essence of a monetary system is not to drive, regulate or govern but to make more money. Making money is what matters. Not the things that we all believe to be important. To make money you inevitably have to rip somebody off no matter how ethical you believe yourself to be. People are going to be ripped off, companies are going to be ripped off and even governments are going to be ripped off. We all end up in debt. That is the inevitable result of a capitalist system. The only winner is some inanimate bank account.
2006-10-17 11:25:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The US will NOT get out of debt, unless a Dem on Independent is in office and can take on that massive challenge.
2006-10-17 11:08:40 · answer #8 · answered by Tommy D 5 · 0⤊ 1⤋
Get rid of embedded taxes! Make the corporations pay their fair share! Eliminate the IRS!
http://www.fairtax.org/
2006-10-17 11:25:02 · answer #9 · answered by Bawney 6 · 0⤊ 0⤋
I guess by this logic the regular taxpayer is supporting business huh? Corporate welfare on the march.
2006-10-17 11:09:15 · answer #10 · answered by notme 5 · 0⤊ 0⤋