Do you think National Debt is a problem? why or why not?

Question

The Outstanding Public Debt as of 20 Jun 2007 at 03:48:29 AM GMT is:$8,809,679,929,147.38

do you think it is a problem? why? or why not?

Answer 1

The national debt is a rock around our neck, we have sent money all around the world, most never repaid. We have allowed our national debt to be picked up by foreign interests and now cannot afford to close our borders to cheap imports form China, Taiwan, India, etc., We will be reduced to 2nd or 3rd world status when these debts are called in and our population has been reduced to slave wages, meaning low tax collection rates, and all of the wealthy have moved their fortunes outside the clutches of the IRS. Property will be siezed by our government from private citizens in order to repay or we will be thrown into a period of hyper-inflation in order to devalue the national debt and millions will face hunger and homelessness much like the time of the depression.

Answer 2

As was pointed out, making the interest payments is a major drain on the budget. Also, when other governments hold massive amounts of US treasury notes, which is the situation now, they have the power to disrupt our economy by selling a lot at once. Right now the foreign holders of US debt don't want to rock the boat, but if they become hostile they have a sword over our heads.

JustShutUp is so busy insulting anybody who doesn't worship Bush that he didn't bother to read the question, or else he's being deliberately misleading to try to confuse people and shift blame. "National debt" normally means the debts owed by a nation, not individuals. The question specifically mentions "public debt", which is totally different from consumer debt or corporate debt. Congress creates or pays off debt with its taxing and spending decisions. If I take out a mortgage it obviously has no effect on how the federal government raises or spends money. Technically Bush didn't turn the huge surplus into huge deficits because only Congress can do that, but he has relentlessly urged Congress to follow the policy of beggaring the federal government, and Congress has shamefully gone along.

Answer 3

Yes it is a big problem, it now takes more than 25% of government revenues just to pay the interest on the national debt, as the debt gets bigger it will take more and more just to pay interest and we need that money to care for this country. We have a lot of retire's coming as the baby boomers retire. Besides if we pay off the debt we can cut taxes permanantly, we will have more to go around, it just makes more sense. Think about your own situation, if you have to pay alot of interest on your debts will you have money for other needs?

Answer 4

Yes I do think the National Debt is in trouble and shall remain a problem for many years to come because of the wasteful spending in Iraq-the number one factor.

Answer 5

Definitely. Federal program budgets are being slashed or the programs are folding altogether. Social Security is expected to not have the funds to pay out to recipients in the next 75-100 years and is already decreasing the amount of what it should be paying recipients now. Our Deficit also compromises health care.

Answer 6

We all are the problem. Everyone owes something wether it be a car note, house note, credit card, etc. etc.....The morons blame Bush, when in reality it is those same ones that are 10's of thousands in debt! politicians are like the majority of regular folks, they dont live within their means. That's just what we've become. We get what we cant really afford, and pay the minimum.

Answer 7

its a problem because of the bush gang...the lenders will rule