Are you worried about the debt that Bush has created? Can we ever pay it back?

Question

Well, he could have stopped a lot of the spending. I know it is not all his fault, but he has not helped the situation.

Answer 1

Yea. But thats not what may actually happen coz the average American is extremely busy swearing ppl who say what they feel about America. There are lotsa "jobless" ppl out here as well lol.

The average American is so damn friggin self-obsessed that if he spends even 5% of the time he wastes, he'd actually help the country tremendously.

Answer 2

I am very concerned about the Bush debt. He took a federal surplus and squandered it, wracking up half trillion dollar annual deficits. One way for us to pay down his debt would be to confiscate the wealth of the richest americans. I doubt that would go over very well. Any other plan will require many years of dedicated effort. As no one at present seems interested in paying down the Bush debt, the interest alone may eventually swamp us.

I find it exceedingly odd how deficit spending is a HUGE GOP issue when democrats control the executive and legislative branches, and both parties work together to create a budget surplus. Then when the GOP gains control, deficits suddenly become a non issue. In fact, federal deficits are how republicans have transferred public funds to the private sector. The more dismal the balance sheets become, the easier it will be for them to eliminate social programs they oppose, such as medicaid, medicare, welfare, public education, and the public defenders office. (Reagan once pointed out that if a person could not afford a defense, he should not be entitled to one).

Answer 3

his tax cuts did more harm than good. while noble, they far exceeded what was economically liable and due to unfortunate timing has lead to the largest deficit in this nations history.
the solution is not quite so simple. either shrink the size of government -bush oversaw the largest expansion of government since FDR which is strange because right-wingers HATE FDR.
increase taxes is not a popular option, but it may be necessary.

i mentioned shrink the government. i should be clearer and say get rid of redundancy. cutting back or eliminating social programs could have dire consequences for the republic. we do not want to over tax the states on this issue and although there is abuse of the system across the board, like the admitted inequality of child support, better for us all to take a hand in our collective well-being than letting someone wither on the vine.

raising taxes is never a good idea, but the interesting mark about that is is that for some strange psychological reason economies usually do better when there is significant taxation. i do not understand it.

a slight response to the people who posted about illegals contributing to our debt. as is common knowledge by now, or at least should be, most people illegally employed in this country on doing so on false documents, namely social security cards and false tax ID numbers and that means that they do pay payroll taxes and pay into the social security system. the neat part about that is is that it is very unlikely they will be around to reap any of the benefits, so in actuality they are helping fund the system.

i am not worried too much about it, it will take a president with good fiscal and monetary sense to work this out and his/her cabinet must have good economists working in it to create and maintain a balance that will reign in government spending and develop a budget we can all live with.

Answer 4

1. We can't pay it back - we can 'win' it back with a few wars

2. Never mind the righties talking about earmarks, noone complained when the Congress was 'right' and they had earmarks then. Be mindful than Bush vetoed 1 bill when the congress was 'right' and you could argue it was symbolic. You would be silly to believe he won't find something to complain about.

3. Worry about yourself, save your money and try your best to be in the top 5% of people with money. A significant portion of the GDP goes to pay the interest on that debt. If you are the average American the interest you pay on everything else will increase as the national creditworthiness decreases. Forget the fact that the dollar is losing power already.

You may have to move to Europe or UAE.

Answer 5

I have a sneaking suspicion that it will be paid back in time, but it will take some major economic reform, and if a Democrat should land in office, it might mean some drastically higher taxes to try and pay off the debts we've accrued. I seem to remember it being that way when Clinton took over after the Gulf War and before the 8 years were up, we actually had a surplus. So it is possible... but we might be making even more sacrifices for a few years.

Answer 6

No, there is no realistic way we can pay it back.

We have a hard enough time just trying to get a balanced budget, where tax income meets expenditures.

To pay back almost 9 trillion dollars in under a generation, we'd need to take in almost 500 billion more in taxes (3000 per adult on the average) more than we're spending, every year for the next 20. People are not going to put up with paying the govt and not getting anything back.

Answer 7

your answer is that we are going to be in for hard times ahead and we are going to pay this bill for more than one or two generations to come,the fact of the matter is we are paying for it now because we have sold our problem by given China our plants and manufacture sectors from around the world, and also if you check into the debt carrying countries that are helping our cause for borrowing this money that we keep asking for and we keep getting and we will pay you later is being supplied by no other than China,an probably a few other countries that really do not care if we make it or not, I know that when I over do it with borrowing by using my credit cards and my line of credit it takes me twice as mush to pay it back and now that interest rates are going up and I borrowed the money when interest rates were lower or next to nothing it was easier to pay it back,but multiply that by the $560,000,000.000 up to date for the Iraq war and see when you can make this payment back with out causing hardships on our people that keep the faith,and all the other debt we have with this country.
the U.S.A will not fall I hope but, in this world anything can happen, as we have a new playing ground and the players are friends and foes all in one,would trust China with your freedoms that you enjoy today?

Answer 8

Democrats are adding more and more earmarks to bills at the last minute then ever before. Both sides of the isle need to reign in spending.

Answer 9

Sure deport the illegals, stop all the SS fraud,health fraud,etc this is a start.An since when is Bush the only person in the capital.You make it sound like he does every thing if so fire all the other they there doing nothing anyway.

Answer 10

Yes , I'm worried I don't want to leave this debt for my grand and great grands. We voted this mess in and its for our generation to fix it. We are suppose to leave this country in better shape then we inherited but this time we have let the next generation down and those after them also.