ask the president
2007-07-07 03:29:08
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answer #1
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answered by Gengis 6
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One of the most ridiculous things, Our government does or the most, is to not pay off its debt. When the news or politicians tell you the debt is down they are not talking about the actual debt like a balance on a credit card, they are saying the amount of rising debt has been lessened. Meaning the credit card keeps running up the tab.
Since about 13 % of our taxes is debt related, it never made sense to me to not have taxes be 2% higher and every extra penny at every counter in America goes to pay off debt, real debt. The Federal Reserve, a private foundation would not like to see that happen any more than your credit card company and the government just keeps killing us with rising debt.
MUCH of that debt is held by foreign countries like China. Right now that is a good thing because they would probably force collection if they were not so deeply intrenched in our economy. We could print money and cause inflation basically devaluating the debt but forget ever getting any one to loan us money again.
The high debt keeps people on our side because they don't want to see upheaval but we, as a country have to get it together. I am generally a Bush fan but forgiving debt to Iraq, an oil rich nation while we have huge financial problems is crazy. Right now the debt is about 2 trillion for 300 million Americans or or $66000.00 ?per American and rising.
2007-07-07 04:12:13
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answer #2
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answered by T D 2
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Pay them. Pretty simple. The US debt exists in the form of US Savings Bonds, T-Bills, and Treasury Notes. These are interest bearing instruments and the holder receives interest.
Note to the guy above: The debt is currently well over $7 trillion. It hasn't been $2 trillion for years! It grew about $300 billion ($0.3 trillion) during the Clinton administration and has grown by over $3 trillion since Bush took office. How you could be a Bush fan with that type of fiscal irresponsibility escapes me but it's your choice...
2007-07-07 06:29:19
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answer #3
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answered by Bostonian In MO 7
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For them to collect they must have invested in either bonds tbills etc.
2007-07-08 18:03:41
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answer #4
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answered by K M 4
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