"To preserve our independence, we must not let our rulers
load us with perpetual debt. We must make our election between economy and liberty, or profusion and
servitude."
2007-10-30 10:55:49 · 4 answers · asked by Anonymous in Politics & Government ➔ Government
That debt is not just a magical number, we are in debt to different interests. China is buying a lot of our debt and allowing us to keep spending more than we take in. What happens if China decides that they want to cash in all of their bank notes at once? Our economy goes down the toilet. All of our available moneies would have to go to pay our debt leaving us as a nation without sufficient funds to carry on our daily business. People tend to think the government can just print more money, but that makes the money that we have worthless. It would end up costing $10 to buy a loaf of bread, and we would be in trouble trading with countries whose money is still worth something, we wouldn't be able to afford any of their products. Just because it is the governement doesn't mean that debt is not a problem. If you or I had a bunch of loans out, and the banks called them all in at the same time, we would be broken. So will the government. It is important that the next president pass a balanced budget and set aside funds to pay the debt that we have before it gets any worse. With over three trillion dollars in debt, can you imagine what the interest alone must be costing our nation. It is best to get it paid down, so we don't have to owe anyone in this world, just to meet our needs. With that kind of debt, there is plenty of room for countries to blackmail us. That is no good for the security of this nation. I agree with the quote above.
2007-10-30 11:08:10 · answer #1 · answered by MattinCR 2 · 1⤊ 0⤋
Compared to 6 years ago the debt has gone down by two thirds.The feds are recording record cash from tax revenue for four years now.At this rate there will be no debt in appx 2 years or less. Dont believe the hype ,Research!
2007-10-30 18:07:20 · answer #2 · answered by strandlock 2 · 1⤊ 1⤋
How about we do what we have always done with record debt? Grow our way out of it.
2007-10-30 18:03:47 · answer #3 · answered by Yo it's Me 7 · 0⤊ 1⤋
How should it matter?
2007-10-30 17:59:53 · answer #4 · answered by Unbreakable Me 5 · 0⤊ 1⤋