National Debt: How will we pay this back?

Question

Please take a look at this question, I added some more details:
http://answers.yahoo.com/question/index;_ylt=AqfkHZ6xKSz.BE.PjTiECuzsy6IX?qid=20061111063023AARxKlq

Oh, of course, a check. How silly of me.

Answer 1

Disgusting, eh? It goes beyond party lines though. Democrats and Republicans both are addicted to spending. Everyone has some palms to grease.

If we could just agree on which programs to cut, our nation would be well on its way.

I don't think you pay that back though. You just keep making debt payments until the amount becomes trivial to repay. Think: 100 year mortgage. Also, US net worth is approx 40 Trillion.

Answer 2

The simple answer is, we don't have to.

As long as America continues to have a growing economy (allowing for occassional dips), our tax revenues will continue to grow, making the interest payments that much easier. In fact, as long as the economy keeps growing, we can continue running a deficit every year. We just can't get way out of proportion.

We can simply pay off the existing bonds by selling new ones.

The National Debt is not an impending disaster. Our nation has run a deficit for most of it's 220+ years.

Think of it this way. Say your income is the Gross Domestic Product (GDP) and your home mortgage is the National Debt. As you live your life your income (GDP) will go up. During your life, you probably will own several homes, each more expensive than the last, and each with a bigger mortgage (National Debt). You can pay these mortgages just fine because you are earning more.

Admittedly, I'd like the USA to slow the growth in government and stop borrowing or even pay some back during good economic times. This will make it less painful to borrow when we need to in poor economic times or during war.

There's a really good blogger called The Skeptical Optimist that discusses this issue, and other economic issues, at length over the last couple of years. I urge you to read that blog for a point of view you won't get anywhere else.

Answer 3

What if the Government just stopped spending money like it was water and stopped paying other countries to be part of the UN? Maybe we the people should vote on where the money is spent...
The less we spend...the more we save, ie pay back toward the debt!

Answer 4

If we had no national debt the world would hate us even more.The debt allows other countries to have some leverage on us.
I believe we still are paying France on their aide in the revolution even though we helped liberate their country and aided in the rebuild.We do not collect the debts other countries owe us and if we simply eliminated foreign aide we could pay off the national debt in about five years.

Answer 5

Bush is going to get a second job working at McDonalds to help pay off the national debt he's created.

Answer 6

I do not believe that anyone in our generation (people without their own children) will see the national debt paid. It will be the year 3000 (maybe) before we can get this debt paid. We are spending some 3.8 trillion dollars each week in Iraw because president bush is an idiot.

Answer 7

I'm all for a wait and see. The new glorious Democratic controlled Congress ought to fix everything. Right?

Answer 8

just like when Clinton took over when Regan and Bush ran debt up. Cut military and Intellegence the two that spend the most money.

Answer 9

I guess the Democrats,will have to fix it,it's becoming old hat, repubs. spent Dem's. save,wait a minute isn't it suppose to be the other way around.

Answer 10

We Wont we will just print more money. The gold standard was eliminated.