America's debt!!!!! 8 trillion!?

Question

will this effect the next generation? how can this debt be prevented for them? is it even possible to get out of theis debt?

Answer 1

There's virtually no way to get out of debt. Yes, it will affect the next generation, just like it is affecting the current generation. Debt service on the $8 trillion is in the billions. The federal deficit is nearing $500 billion annually. China is keeping us afloat by buying the bonds used to finance this debt. We need to tread very lightly with China and other Asian countries, lestwise they pull their investments. If they do, it will be very difficult to live in the U.S.

And stop blaming it on the Baby Boomers. If anything, their contributions to Social Security and Medicare have allowed today's oldsters to live better than any past senior citizens. They also keep the economy afloat because they are the generation with the most discretionary dollars.

And for those of you inclined to blame it on the Democrats, when Clinton left office, there was an annual surplus and a much smaller debt. Bush, who never vetoed any spending bill in his first term, has caused both the annual deficit and the total debt to skyrocket. Reagan did, too.

Answer 2

The Bush administration's reckless spending for an illegal, unconstitutional "war" has, indeed, put American taxpayers TRILLIONS of dollars in debt. As of last August, the 'war' had cost us $1.27 TRILLION - that's A MILLION DOLLARS A DAY FOR 3,487 YEARS!!
This debt will never be paid off. And, thanks to the Bush family's cozy friendships with China, the U.S.A. in now China's biggest creditor! It's only a matter of time (and the Chinese are extremely patient people) until China revokes our national credit cards. Then, the U.S. military will be in the same situation Russia's military is in today: no money to pay soldiers, black market crime, and no way to finance any kind of military defense in case the country's attacked. When the U.S.A. faces that same situation, China and its multi-million-man army will simply come over here and take whatever it wants: oil, military hardware, banks, real estate, weapons of mass destruction, natural resources, even our women if there's a big demand for 'western women' in the global sex slave trade.
China will become the world's next super power within a generation or two. Meanwhile, look for the United States to decline into a third-world nation similar to the Dominican Republic or Haiti, where there's a handful of the very, very rich, and - the rest of us - the very, very poor. Our great-great grandchildren will be living in a very different world for two reasons:
1) All of the Bush administration's carelessness, stupidity, incompetency, and corruption, and
2) Our own hubris, gluttony and selfishness. The world sees that we're only 5% of the population, and yet we still squander 55% of the world's resources. It won't be that way for much longer - perhaps another 50 years at best.
-RKO- 05/12/07

Answer 3

Generation X and Y and their children will be affected by the debt. What they need to do is to end the massive entitlement programs for the Worst Generation Ever - the Baby Boomers. It is past time to cut them off completely.

Answer 4

there will not be an Soc Sec funds for the next generations to rely on, so they better start saving their money now

Answer 5

1 - Ok.

2 - Yes, of course; and the one after that and the one after that and...

3 - It can't.

4 - Sure - STOP SPENDING LIKE DRUNKEN SAILORS!!!

Don't worry, though - with the Democrat Party in control of Congress everything is going to be ok now. NOT!

Answer 6

Isn't this a nice legacy for our children?...our grand-children?... our great-grand-children?,,,etc. Let's hear it for MORE WARS!

Answer 7

And who put us there? Do your research.

Answer 8

and growing.