How can we pay off $97.6 Trillion dollars in national debt?

Question

Federal government sector-$8.7 Trillion

State and local government sector-$2 Trillion

Un-funded Social Security-$7 Trillion

Un-funded Medicare-$37 Trillion

Household Sector debt- $12.8 Trillion

Business Sector debt-$9 Trillion

Financial Sector debt-$14.2 Trillion

Other (extra foreign debt in addition to such included in numbers above sectors) $1.7 Trillion




http://mwhodges.home.att.net/nat-debt/debt-nat-a.htm

Should we keep borrowing until someone stops us?

Answer 1

Federal government debt as a percentage of the GDP (our national income) is not as alarming as people make us believe. Our economy produces $13 trillion worth of goods and services in a year. The debt equals 67% of the income, GDP.

It would be like a person makes $100,000 and has $67,000 in debt. Not that bad especially when you look at the other side of the national balance sheet. i.e., Our national assets.

The total value of US Corporations is about $17 trillion. The value of our infrastructure(roads, bridges,Electrical grid,airports,railroads,etc) has to be enormous. Add to that the public lands( public parks, national forests, etc.).

Private sector assets, Apartments, shopping centers, oil refineries, etc. Add natural resources, coal, oil, natural gas, iron ore, etc.

Anyway you see the point. It would be like parents who died with $300,000 mortgage but the house is worth $1 million. Sure their kids will have to pay the parents debt but do not dismiss the assets.

Our political system is prone to spending. The people in power need to bring home the bacon to get re elected. So our government promises goodies that we can't afford.

But all we have to do if decrease benefits. Decrease Social Security benefits to 75% of today's benefits and the un funded liability goes away. Same with Medicare.

Answer 2

Hate to tell you, but at this point it is no longer in the control of the Republicans. Yes they did run up an enormous debt and must take the criticism and burden for that, but Congress is now controlled by the Democrats. So the question at this time in history would be this. How do the Democrats propose to pay down the National Debt run up by the Republicans? The answer is simply this. Taxes will have to be raised at some point and spending has to be cut. However, don't expect this to happen no matter who is in power. After all, what is the bi-partisan solution to problems with economy? Make substantive change that will have positive long term effects? No, can't say I remember that happening. Wait I remember now. Their answer to the problem with the economy was to spend even more money that we don't have. Stop thinking partisan regarding debt and demand that the Congress act in a fiscally responsible manner, no matter who has control. Edit: Thumbs down for demanding fiscal responsibility from both sides. And therein lies the problem. Lynelle Bryant: There have been no surpluses related to the national debt since it was created. Even in the years of the so called balanced budget the debt continued to grow, although the growth rate was smaller. Additionally those surpluses were created with a Democratic President, but the Congress was controlled by Republicans. In short, the Democrats are not going to fix anything anymore than the Republicans did until "we the people" demand caps on spending and fiscal responsibility.

Answer 3

Best way is to start buying products made in the USA. When you buy inported merchandise the money goes to another country and it's not coming back. Industry is what made this country financially strong many years ago. Now the free trade agreements with other countries and the lack of government control on the impor prices has done a lot of damage. It's truly sad that the last 4 presidents have all said that free trade was healthy for our economy. Things are going to get much worse as every government agency from national down to local continue to make adjustments to their budget with no relief in sight.

Answer 4

Actually, it is much more simple than you might imagine. The method that makes it so is call inflation. By inflating the currency, the debt is paid back in next to worthless currency. This method has been practiced by this government for about 50 years in earnest and will continue to be practiced for the foreseeable future.

Answer 5

The answer is the same for YOU as an individual as it is for the Government as a whole.
Step 1. Quit spending money you don't have.
Step 2. Apply the difference between income and NECESSARY expenses to the debt.

Answer 6

First of all, stop to no meaning war. If the US wants to get Iraq oil with good price, or get it free, there are different ways. No meaning war should stop. How many people were killed both side? Their lives are lighter than oil? You should check how much the US government spent/will spend for the war.

Answer 7

Just sell California, Arizona, New Mexico and Texas back to Mexico. Alaska back to Russia. Hawaii to Japan and Michigan to Canada.

Also sell the State Minnesota to Microsoft and the State of Washington to Wal-Mart.

Answer 8

i am debt free, no, i only have mortgage until the next 3 years.
i always pay my credit card on time which i use for security and convenience (s.a. buy train ticket), but not for luxury.
what i worry is, if gov. cannot pay their debt, does that means that we, the citizen, must pay for them ?
i will always try to be debt free and have saving. it just feel really peaceful.

Answer 9

File bankruptcy.

Answer 10

stop foreign aids to other country and start collect debts from those countries that borrow money from us...like mexico, brazil, etc...