Non partisan question here,let's keep it that way.?

Question

Can we realistically keep borrowing and spending as a nation without expecting negative results ? Regardless of party or person is it a sound financial plan?

Answer 1

The answers here will all be aligned in two camps and scattered along the road between them.

One bunch actually believes and has great faith that there is actually something out there which will eventually let them off the hook and give them a free lunch.

The others are people who believe that debts are like all other fluids and that they will continue forever, tirelessly, one step at a time if necessary, to seek the lowest level ground in the case of water behind a dam. As far as debt goes, payback comes in one form or another, at one time or another. But it will always come!

Most of us live somewhere between faith and nature's law. We try to manage our debts so that we have honest hopes of being able at some point in the future of honoring that debt. That is the balancing act called Life in the Modern World!

On a national level it is only slower to develop and recognize, but the same rules prevail.

Answer 2

To be honest about this , neither I nor 99.99% of any of the answerers here can answer that question thoroughly . It's not as simple as you put it either .
Similarly , if I ask a question about Bioremediation of contaminated soils and waterways with aerobic and anarobic microbes, I would expect a few to search the definitions but not likely that many or any could give a reasoned and thorough response .
One must humble oneself and recognize that we're not qualified to give expert opinions on many topics .
I'm no financial wizard , but I do know that there's much much more to the economy than just spending and borrowing . But if that was all there was to it , then I would answer as many others have here . No , it doesn't 'sound' like a good idea and probably isn't . But that's walking a fine line . . . . remember the phrase - "A little bit of knowledge can be dangerous".

Answer 3

No we cannot sustain this spending without wrecking the economy.

In my lifetime, 37 years, over 2 trillion dollars has been raided from the Social Security trust fund by Congress.

They are on a pay as you go system and that is why the system is going broke. If that money was there, SS would be solvent well into the next century.

Also, if they had to obey their own pension laws, they would all be in jail. A pay as you go system and raiding of the fund by Corporate America would land allot of people behind bars.

Look at the check writing scandal from about 10 years ago. One congressman wrote 900 bad checks. If you did that, they would lock you up forever.

Our government is corrupt and should be feared. I am not a conspiracy theorist or a nut jub, it is just plain common sense fact.

Watch the movie "Thank You for Smoking" or the "The Distinguished Gentleman". They are not far from the truth on how are government is run.

Answer 4

It depends on the rest of the world's economy - presently, we are feeling the crunch on our dollar as compared to numerous other currencies around the world. However, I don't expect deficit spending to go away in the near future, either by the government or by the consumers.
A sound financial plan - such as spending only what one has on hand with a percentage held out for emergencies - is simply pie in the sky when compared to the reality of easy credit and instant gratification - or in the governments case, easy access to high interest "loans."
Sooner or later, spending ones expected future earnings - whether by the government using projected tax revenues or by a consumer using expected future wages - is a very risky financial plan which can easily back fire and bite you on the butt.

Answer 5

If Moody Red thinks the national debt is shrinking, then why have we been raising the limit every year for the past six years? The last time this country was debt free was about 180 years ago and I don't expect any of us living now will ever see that happen again in our lifetimes.

Answer 6

No not at all. We as a nation keep spending more money than what we take in and there is no way that the US can ever get out of the debt unless serious changes are made. I think one of our biggest problems is the fact that we are so quick to give money to other countries and not to our own. Hence 1 reason why the US is headed down the road to another great depression.

Answer 7

last year, we paid a half a trillion dollars in interest alone on our debts. That is already a negative result. It will only get worse if it isn't fixed soon. There is nothing sound about borrowing and spending at this rate.

Answer 8

No, borrowing and spending is just bad. Is not being fiscally responsible, you want a war you pay for it. That is what responsible people do.

Answer 9

Realistically, NO.

Debt works the same on a national level as it does on an individual one.

Answer 10

of course not.bush cut taxes but didn't cut spending infact he increase spending .i'm going to be paying for this probably the rest of my life and my kids are to.and u can't borrow money to pay for the money we already borrowed,so why don't we print the money?because of the damn federal reserve.the federal reserve doesn't just gives us the money they loaned the money to us at interest.1 way to get the budget back to reasonable figures is to raise taxes which most con are against so if we cut taxes we need to cut spending also.

or we could back our currency again with silver.that would make ou money actually vauble again.kennedy pressed for this back in the 60's and passed a bill,that would allow for money to be redemable in silver,that bill hurt the federal reserve bad, but guess what he got his head poped off because of it and no president has put the bill in action since president kennedy did.