What will the United States Government Do To Pay Down Their National Debt?

Question

With an ever growing National Debt in the United States having now reached 8.4 Trillion Dollars and growing by 1.95 Billion Dollars per day what may a government do to control or even to pay down this debt?

The National Debt of the United States has grown by 2.8 Trillion Dollars in the past six years placing every American Citizen with a
personal National Debt of $28,000.

Will the increasing National Debt eventually break the United States Government?

Answer 1

This is a fiscal Titanic and something should be done. First, raise taxes on the rich. Second, cut spending, like on Abstinence Preaching and other right-wing social engineering schemes. Third, sell the Bush and Cheney families into slavery.

Answer 2

We will probably collapse under the debt. The World banks are in the drivers seat now. They are now working in tandem and can tell us what to do if they choose to. The money comes from the labor of the people that actually makes things. we will have to work harder to have a lower standard of living. Inflation and a lower dollar will allow foreigners to buy our infrastructure that we have already paid for with or property taxes but do not have enough money to maintain. Oh, we will live under a BUDGET all right. But it will be ugly. If you have ever visited third world countries that use all their money to pay for the debts of their "dictators" you will know what i mean. the bankers are in the drivers seat because Americans were dumb enough to listen to Bush and spend without saving. The government has been paying for missile systems that don't work and never did. They have been paying for line cooks in Iraq at a 100,000 a year level instead of using our military cooks. If you are worried about "wasting" money on welfare you are being misled - we spend only 16.5 billion on that. The Pentagon wants an extra 450 BILLION dollars for next year! Extra! Of course they won't tell us why. Or for what. They won't even say they are sorry for making us less safe with the increases in spending of the last few years. We are just guarding oil fields and routes anyway. (Look it up)

Answer 3

It won't break the U.S. as long as we can pay for the military. Every country which owns are debt is a country we owe. Japan, China, Saudi Arabia, and others own much of that debt. If any of those countries are in need of anything we are there to bail them out. Cutting government waste would be wise. Clinton had the debt down to 5 trillion. Bush has added another 3 to that. Terrorism destroyed this country on 9/11 making us spend 500 billion on 2 wars, stepping up our security, putting up fences and making us paranoid as a society.

Answer 4

First I think the US needs to suspend aid to other countries. I know you have heard "you cant help others until you can help yourself". The US is so quick to give give give to other countries, yet there are US citizens that are homeless, starving, and have nothing. Try and tell me something isn't wrong there.

Second, I think that government officials should not be paid so much. Members of Congress and the House (just as an example) get paid a pretty penny and have wonderful healthcare benefits (paid for by our taxes of course).

Third, revise the chain of checks and balances when it comes to money being spent. I believe this would cut down on the misappropriation of funds.

Answer 5

The increasing national debt will never break the U.S. as long as foreign (Federal Reserve) banks keep up the loans, and the interest is paid. Today the entire amount collected as income tax by the IRS goes directly to those banks to satisfy that interest, it does NOT go to the U.S. Treasury (see the endorsement on the back of your canceled IRS tax payment check).

The U..S. will NEVER pay a nickle toward that principle amount.
The answer? Stop filing/paying the "voluntary" income tax, save gold and silver.... Unfortunately the U.S. (federal government) will then go the way of the USSR.

Answer 6

Maybe they should have a lot of the wealthiest Americans volumteer to give a few million each and give them some sort of break with the Government (taxes, etc). I think it would help a lot.

Answer 7

The national debt expands and contracts according to national/worldwide events and the economy.

Answer 8

First Bush needs to stop paying so much for the war, then they need to raise taxes now so that when we grow up we wont be ridiculously in debt.

Answer 9

The future value of the dollar will be much less so that they will really pay about half that.

Answer 10

They could start by not spending so damn much. Especially since they only take money, and don't actually make any.