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Old 02-01-2017, 10:55 AM
 
Location: Nebraska
328 posts, read 205,113 times
Reputation: 689

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First off, I am not an economist. And I've looked for similar posts to avoid redundancy.

The national debt of 20 trillion dollars, with yearly deficits. How do we pay this off, if ever.

I've read about just "erasing" the debt because most is owed to us. Increased taxes, massive inflation via printing money to pay off debt. How do we pay the debt. Or...does it just go on forever.
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Old 02-01-2017, 10:58 AM
 
17,669 posts, read 12,299,518 times
Reputation: 12912
You don't pay it off ever.
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Old 02-01-2017, 11:04 AM
 
Location: NE Mississippi
11,486 posts, read 7,473,095 times
Reputation: 17052
Yeah, you never pay that debt off. What we should hope to do is out grow it.

For right now, we have about a 17 trillion dollar GDP and a 4 trillion dollar budget. We should hope some day to have a 25 trillion dollar GDP, a 5 trillion dollar budget, and still service the 19 trillion dollar debt. I just made those figures up - they are not accurate, but the theory is the same.
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Old 02-01-2017, 11:04 AM
Status: "Trump: tantrums and lies until gone" (set 4 days ago)
 
Location: Washington, DC
3,831 posts, read 3,774,889 times
Reputation: 6426
Quote:
Originally Posted by krug View Post
First off, I am not an economist. And I've looked for similar posts to avoid redundancy.

The national debt of 20 trillion dollars, with yearly deficits. How do we pay this off, if ever.

I've read about just "erasing" the debt because most is owed to us. Increased taxes, massive inflation via printing money to pay off debt. How do we pay the debt. Or...does it just go on forever.
By continuing to keep taxes (revenue) low for the 1% (if not the .01%) and for corporations, it shows we really don't care about our national debt. And now we are about to expand the military dramatically.
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Old 02-01-2017, 05:07 PM
 
Location: Ohio
18,115 posts, read 13,303,693 times
Reputation: 13970
Quote:
Originally Posted by krug View Post
First off, I am not an economist. And I've looked for similar posts to avoid redundancy.

The national debt of 20 trillion dollars, with yearly deficits. How do we pay this off, if ever.
It isn't necessary to pay it off, but it is necessary to pay it own to manageable level in relation to GDP.

Quote:
Originally Posted by krug View Post
I've read about just "erasing" the debt because most is owed to us.
That would lead to strife, since States and many companies have their pension plans invested in US treasury securities.

Quote:
Originally Posted by krug View Post
Increased taxes, massive inflation via printing money to pay off debt. How do we pay the debt. Or...does it just go on forever.
It goes on until domestic and foreign entities stop buying your debt, and then Inflation sets in and starts destroying your economy.
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Old 02-01-2017, 05:11 PM
 
Location: Lake Grove
2,753 posts, read 1,809,769 times
Reputation: 4440
Quote:
Originally Posted by Back to NE View Post
By continuing to keep taxes (revenue) low for the 1% (if not the .01%) and for corporations, it shows we really don't care about our national debt. And now we are about to expand the military dramatically.
Revenue is at record highs. They have to (GASP!) stop spending so much. It's not the government's money, it's the people's money, the people who earned it.
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Old 02-01-2017, 05:13 PM
 
12,406 posts, read 9,251,495 times
Reputation: 8869
Quote:
Originally Posted by krug View Post
First off, I am not an economist. And I've looked for similar posts to avoid redundancy.

The national debt of 20 trillion dollars, with yearly deficits. How do we pay this off, if ever.

I've read about just "erasing" the debt because most is owed to us. Increased taxes, massive inflation via printing money to pay off debt. How do we pay the debt. Or...does it just go on forever.
It could go on forever or be paid off some day. The current system would have us keep it around forever and never pay it off.
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Old 02-01-2017, 06:14 PM
 
Location: New England
1,553 posts, read 662,095 times
Reputation: 1384
The debt gets paid off by collapsing the currency via hyperinflation, making us all worthless trillionaires. Alternatives to this would be growing the economy while shrinking government and overall improving GDP.

To start assessing our debt situation realistically, we need real data, and real statistics, which our government hasn't been providing. We need to understand not only the day to day costs and deficits, but long term obligations. Places like shadowstats help a lot. Until our government will be honest about it's fiscal condition, we really can't address the problem rationally.

Hyperinflation and currency collapse occur if nothing is done to manage debt. Each President has mangled various statistics for quite some time. The newest President hasn't yet started, we shall see what he does. His 23% unemployment rate is spot on, visit Alternate Unemployment Charts and see for yourself.

Ever see a 100 trillion mark note? Toddle here - German Hyperinflation Banknotes note in 1923 Germans used billion where we would use trillion, it had the same amount of zeros.

Once hyperinflation starts, the economic system will collapse. Anything over 25% or so inflation per month has no possible recovery but collapse and reorganization. Hyper inflation snowballs faster and faster until collapse. Note the 100 trillion mark note is printed on one side as it was too expensive to print on both sides, this started to happen after billion mark notes replaced mark notes. 100 trillion marks couldn't buy anything. Without a currency, barter is the only venue for trade, and barter is not an efficient method for a modern society to exchange goods and services.
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Old 02-01-2017, 06:48 PM
 
Location: S.W. Florida
1,713 posts, read 679,637 times
Reputation: 4675
Quote:
Originally Posted by krug View Post
First off, I am not an economist. And I've looked for similar posts to avoid redundancy.

The national debt of 20 trillion dollars, with yearly deficits. How do we pay this off, if ever.

I've read about just "erasing" the debt because most is owed to us. Increased taxes, massive inflation via printing money to pay off debt. How do we pay the debt. Or...does it just go on forever.
Given this nations love of living beyond its means I do not believe the debt will ever be paid off. It might however disappear one day should we go bankrupt.
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Old 02-01-2017, 07:31 PM
 
3,624 posts, read 2,033,796 times
Reputation: 6327
You tax the wealthiest generation in history that is responsible for this debt. They got rich and the country went on the verge of bankruptcy to support it. A death tax is required to pay it down.
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