Our national debt: Are we ever gonna pay it off?

Question

II mean seriously: we've been throwing away money when we could have payed off some of it. I dont think we are ever going to pay it off. If we were in another world then how would we have payed it off?

Answer 1

I think you mean to say we've been throwing away money that we don't have. That's what's called deficit spending: each government agency gets a certain amount of money in the year's budget, but they can get more whenever they ask for it (and they often do). The government simply does not pull in enough in taxes to support everything, so it essentially borrows money from itself on the theory that it can pay it off later. This holds true for every special interest and power-hungry politician.

Now I'll answer your question. I don't think we can pay it off, unless we cut government spending back so that it funds ONLY the military and salaries for government employees. All the special bureaucracies will have to go, Social Security will have to be gradually scaled back to nothing (I mean, God forbid people should actually look out for their own retirement), and "emergency" spending should be restricted to those select instances in which the rights of the people (as laid out in the Constitution -- special interests are the source of many other so-called rights to which we are forcibly subjected today) are severely threatened.

Answer 2

IT WON’T WORK While your motives are good you fail to realize something. Even if we did away with the Federal Reserve the government would still be able to put itself into debt by issuing currency. The jack-@sses who run the nation would continue to run it with a National Debt. Why; because they can. They will continue to squander as much money as they can in order to secure as many kickbacks as possible. Government can easily run responsibly without debt regardless of the presence or non-presence of the Federal Reserve. But government officials do not wish to do so. They spend as much as they can get away with spending (even if it has to be borrowed). That’s how they keep contractors happy and their own bank accounts fat. Dissolving the Federal Reserve shall not change this mentality.

Answer 3

Pelosi submits 9800 earmarks..and there is fingerpointing and lies about Clinton being some wiz-kid debt eraser??


if they charge a nickle a post at yahoo..that debt will be retired in no time..but first they have to stop Congress from stealing the Social Security taxes they already have confiscated and allowing them to compound that debt with more and more interest every year..it adds up terribly..

those two steps are my plan..

Answer 4

We can absolutely pay off the national debt by cutting "entitlements" which are 60% of the budget and making those who are on the dole, and capable of working, get a job and pay taxes.

Answer 5

you do realize we have had debt since the civil war, we will always have debt so the answer is no we are never going to. And the fact is there is no problem with that.

http://www.optimist123.com/optimist/2005/10/why_debt_doomsd.html

http://www.optimist123.com/optimist/2005/01/national_debt_b.html

and to some above thinking China can just come and collect the debt please take macro economics. Bonds and treasuries dont work like that. They are investing in our economy and if they dump their bonds we dont owe the money its really not that complicated if you learn how it works. not to mention China doesnt own half the debt japan does and currently the english are buying more bonds than all other countries combined

Answer 6

Yep when Democrats stop supporting big government, Socialist policies and when Republicans stop using the military as a corporate goon squad.

I think realistically we have a better chance at seeing pigs fly.

Answer 7

The Con's will say the government will implement 'tax cuts.' They act like it will be a piece of cake. I will believe it when I see it. If it is so easy and will cure the trillion dollar and growing debt, why aren't they doing it now?

Answer 8

No, especially if everytime GWB wants a half a trillion dollars or so of taxpayer money to pay for his neverending war, then we will never be free of this debt monster. Why are we supporting his fiasco???

Answer 9

Usually the people who spends it is responsible. Its called accountability. Congress and the president should pay it off from their own bank accounts!

Answer 10

Probably not.

Even when we had that infamous Clinton Surplus that wasn't talking about the debt, just the budget.

Did you know you can donate funds towards paying down the debt? http://www.treasurydirect.gov/govt/resources/faq/faq_publicdebt.htm