Is there any way America can get out of debt?

Question

The American Government has a huge debt as well as millions of the citizens. Is there any way they will get out of debt and what will be the government's fate in 30 years?

Answer 1

One way would be to confiscate a substantial fraction of the wealth of the richest 1% of americans, who own about 50% of the wealth. That would neatly do the trick, but is likely to be so politically unpopular it will never pass muster.

A relative of mine pointed out that my share of the national debt is a mere $30,000. More than I owe on my mortgage. Sure, I could pay that off in about 30 years. Trouble is, no one has made the slightest plan to pay down our national debt. Instead, we continue to inflate it as though there were no tomorrow, as though Jesus was coming soon to save us all from the evil of our ways.

The federal debt is pushing nine trillion dollars. The interest alone exceeds 10%. When we cannot even keep pace with the interest, we'll be in serious straits. A down turn in the economy could easily ruin our nation. But hey, like Britney Spears suggests, we should simply place our blind faith in our competent leadership--doubtless he knows what he is doing. Right?

Answer 2

Sure, we could......but will we? America is like a person with numerous credit cards that shuffles debts to try and stay ahead. Every time an offer comes in the mail they start a new account and shuffle some more. Pretty soon the minimum payment is all that can be met as spending continues. There is always some "justified reasoning" behind all new and sometimes extravagent expenses. The only way to escape is to lock away the cards, pay the debts and build up a surplus before deciding to use a little credit again.
It'll never happen but will surely continue to be discussed.

Answer 3

During the Clinton Administration the American debt was totally eliminated. Of course the Democrats say Bill Clinton was responsible, while the Republicans say the Republican Congress was responsible. Me, I think they took a horrible gamble with short term bonds, and won the gamble.

So we know the government can do it.

I think lobbying for the credit industry is such that we won't see anything constructive any time soon to help the civilians in this mess.

Answer 4

Yes. Stop giving welfare to those who are able to work, and stop supporting the people who enter illegally. Make the congress an senate and presidency true jobs of public SERVICE... and pay them no more than we pay a teacher.

Maybe we would even get some honest politicians that way.

Answer 5

In 1988 the interest on the national debt exceeded the gross national product, and has been increasing exponentially ever since. We don't earn enough money to pay the INTEREST, let alone the debt. IOW, no.
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KrazyKyngeKorny (Krazy, not stupid)
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Answer 6

Yes, do not even start national healthcare, or any other bills which would burden the system more. National healthcare would cost even more than the war in Iraq. Tell Democrats and Republicans alike, we have had enough!

Answer 7

if we told those that owed us pay up and cut off aid to other countries, redced welfare congressional wages and prok, and told a few countries you cant get paid we can

Answer 8

yeah, quit policing the world, would save hundreds of billions, not to mention reduce some other major headaches.