Is the National Debt going to kill the US?

Question

I'm 51 and I've been hearing this my whole life. And guess what, it's never happened. You always seem to hear this just before an election from the democrats.

Those of you who vote democrat. Those of you who spew hate for America and President Bush, in my 51 years, your kind has been on the wrong side of everything. Right now your progaganda wing (media) still has some influence to lead the American people down the wrong road. But it won't always be that way. Your days are numbered. Right thinking people will only take so much.

Answer 1

No. Like you I'm tired of hearing this Liberal/Democrat talking point.

It's like "The sky is falling, the sky is falling!"

Anytime they run out of doom and gloom, they fall back on this one. You'll probably hear more about the Debt. now that the troop surge is working and they don't have that to complain about.

Answer 2

American Economic Collapse Not Far Away? We can thank to President Bush for that and wrong policy that he maintains to lead:
1. The United States government is currently running a budget deficit of $1.8 billion/day. Too much deficit will create a weaker American dollar and cripple the US economy.
2. The US National Debt is $8 trillion+. It has to be paid back eventually by raising taxes.
3. Oil prices is $60+ per crude barrel, there is a shortage of oil refineries and demand is growing due to more SUVs/trucks.
4. China's economy is now bigger than the United States and China is now the centre of the global economy.
5. China's trade exports out-matches the United States (ie. they can build cars/trucks/SUVs for half the price).
6. English is no longer the international business language. Mandarin Chinese is now more important.
7. Global warming is causing the US Wheat Belt to turn into desert.
8. US universities aren't creating enough graduates to compete on the global market. Tuition is too expensive and there isn't enough university professors.
9. The babyboomers are retiring, creating a shortage of skilled workers.
10. George W. Bush failed Economics 101. He was too busy snorting cocaine when he was at Yale.
Here are some thought of very important Economic experts:
"There's a 75% chance that the US will experience a currency crisis within five years." - Paul Volcker, Chairman of the US Federal Reserve.
"There's nobody home on economic policy in America right now. Its an accident waiting to happen." - Stephen Roach, Chief Economist, Morgan Stanley.

Answer 3

This is how the national debt will kill the US: China will call in its loans and the dollar will collapse. The national debt is not a fake number: other countries actually own credit and we owe them money.

As to your diatribe about Democrats, we were not wrong about the Iraq war, Katrina, illegal wire taps, secret prisons, firings of prosecutors and republican congressman soliciting gay prostitutes. But perhaps you "right thinking" people think soliciting gay prostitutes is a good thing?

Answer 4

It used to be the Republicans who ranted and raved about the national debt and budget deficits. They declared that their fiscal conservatism was the only thing that could save the United States.

Republicans don’t talk about that much anymore. It has been proven that when Republicans are in charge the deficits climb and so does the debt.

Answer 5

They have been on the wrong side of everything and they're on the wrong side of this issue - in that they wouldn't spend any less, they'd just spend more but spend it differently.

But yes, the debt can't continue to rise at this level. It's too high where it is. We don't need "no debt" but we really need to stop its growth until the economy catches up with it.

Next year the federal government will raise about 3TN. The National Debt will be 9TN. That's 3X revenue. That's too much leverage.

Funny thing is, all we need to do is freeze discretionary spending to 2.5% - about the present level of CPI - and we'd have a surplus within 18 months, and that surplus would continue to grow and could be used to buy back Treasurys. This would build on itself - interest rates would fall, the dollar would strengthen - with lower interest rates the surplus would grow, leaving more funds to be used to buy back bonds.

Answer 6

You're right, liberals have been on the wrong side of the civil rights movement, education, the environment, food quality, social programs..... (sarcasm)

You do realize that the national debt was racked up under a Republican controlled House, Senate, and Presidency, right?

And that money we will have to pay back for years and years to come, from yours and my tax dollars, when those taxes could go to something else, or stay in our own pockets? Isn't that what you Republicans are always talking about?

Another right-wing pundit listener who believes the mainstream media is left-wing propaganda... lol

Answer 7

Yes

I lost respect for Republicans and Democrats

I wonder who is allowing the middle class to disappear?

A site that will be unpopular and US Newspapers are ignoring the problem

Answer 8

The debt is scarily high. I don't think it will end the US this time, but if we hit hard times and have to borrow even more it could. There does exist a debt level that we cannot recover from, I don't think we're there yet.

Answer 9

Have you been listening to Lush Rimbaugh all those years?

Get your head out of that dark place and wake up!!!

Answer 10

I thought it was very interesting to find out that Clinton borrowed from many of our programs that had surpluses. Like roads and bridges, and social security.