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Old 05-13-2018, 04:02 PM
 
272 posts, read 123,878 times
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Obviously there is a lot of greed and corruption that hinders it, but do you think even if all of the politicians were great, honest, wholesome people, the U.S debt could ever be fully paid off? Or do you think we're too far gone and America will be destroyed before it could pay off 100% of its debt?

It's really mind boggling how much debt we are in yet we spend money worse than a teen girl who won the lottery. Uhh...Shouldn't you pay off all your debts BEFORE spending it on anything else?
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Old 05-13-2018, 04:59 PM
 
8,277 posts, read 3,452,461 times
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Quote:
Originally Posted by YuMart View Post
Obviously there is a lot of greed and corruption that hinders it, but do you think even if all of the politicians were great, honest, wholesome people, the U.S debt could ever be fully paid off? Or do you think we're too far gone and America will be destroyed before it could pay off 100% of its debt?

It's really mind boggling how much debt we are in yet we spend money worse than a teen girl who won the lottery. Uhh...Shouldn't you pay off all your debts BEFORE spending it on anything else?
The national debt will not ever be paid. It doesn't need to be paid off. Since the 1830's we have never paid down the debt, and continue to prosper as the greatest country ever.

Our burden is taxes, not national debt.
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Old 05-13-2018, 05:41 PM
 
Location: Philadelphia/South Jersey area
2,280 posts, read 1,033,859 times
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Quote:
Originally Posted by YuMart View Post
Obviously there is a lot of greed and corruption that hinders it, but do you think even if all of the politicians were great, honest, wholesome people, the U.S debt could ever be fully paid off? Or do you think we're too far gone and America will be destroyed before it could pay off 100% of its debt?

It's really mind boggling how much debt we are in yet we spend money worse than a teen girl who won the lottery. Uhh...Shouldn't you pay off all your debts BEFORE spending it on anything else?
macro economics doesn't work like household economics.

For most of our countrys history we've been in debt.
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Old 05-13-2018, 05:53 PM
 
Location: Honolulu, HI
4,550 posts, read 1,138,948 times
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To pay off the debt we would have to cut spending, raise taxes, or experience fast and massive economic growth

So no, america will never pay off all its debts nor does it have to so long as the economy continues to outgrow the debt allowing us to make our payments.
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Old 05-13-2018, 06:20 PM
 
721 posts, read 398,145 times
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Quote:
Originally Posted by Hoonose View Post
The national debt will not ever be paid. It doesn't need to be paid off. Since the 1830's we have never paid down the debt, and continue to prosper as the greatest country ever.

Our burden is taxes, not national debt.
You have no idea what you are talking about and your economic understandanding is close to zero. It's ok because majority of our citizens don't understand hoe economy works and are brainwashed by so called Economists who regularly appear on TV and are nothing more then paid TV shills selling you illuison.

Debt must be destroyed before the global economy can reach a state of organic growth again.There will be no growth in the economy again until we have MANY bankruptcies and defaults. We enjoyed the party; now we have to pay for the party. We are in a very bad place. Our leaders have engineered a Great Global Debt Mirage. Debt makes you think the economy is growing. But, its it just an illusion and mirage. You all have been fooled for the last 16 years, yes fooled!!!!

America had total debt at 330% of GDP in the 1930's and today it's closer to 390%, and still growing. It took us a Great Depression AND a World War to get that debt back down to ground zero, 130%. How are we going to do it today? Civil War? WW3?
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Old 05-13-2018, 06:25 PM
 
608 posts, read 280,904 times
Reputation: 1932
In modern economics, debt = money. There is no way to "pay off the debt" because that would shrink the supply of money and cause serious deflation. Deficit spending by governments is a different problem, and yes they should stop that nonsense but since the bill is on the backs of the little people, most pols don't care. The saddest thing in the world is a politician with no money to spend.
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Old 05-13-2018, 06:25 PM
 
857 posts, read 370,660 times
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Paying off? no; default on debt interest payments would be bad enough.

Government uses debt to create an image of bigger than really is. China bought trillions of US treasury securities, and Pentagon spends 700 billions of it on defense each year. And they play enemy roles to each other. Tax payers must pay each year.
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Old 05-13-2018, 06:26 PM
 
Location: Southern Colorado
2,927 posts, read 1,429,178 times
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No...we are living high off of debt. Never a happy ending to that.
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Old 05-13-2018, 06:31 PM
 
Location: Prepperland
13,115 posts, read 9,199,435 times
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No.
Isn't the public debt fraudulent?
The question cannot be asked, pursuant to clause 4, Amendment 14, US CON.
. . .
However, one might note that dollars, as defined by the Coinage Act of 1792, have not circulated since 1933.
And dollar bills, authorized by 12 USC Sec. 411, are IOUs (debt) which cannot pay debt. (Minus + Minus = more Minus)
. . .
The public debt, in excess of 20 trillion DOLLARS (not dollar bills), computes to an obligation to pay roughly 1 trillion ounces of gold, stamped into coin. (Silver was demonetized in the Coinage Act of 1873)

Problem #1 : Ft. Knox depository only holds 147.4 million ounces.
Problem #2 : World supply (est) is 5.6 billion ounces.
Problem #3 : At current mining rates, and if the debt and interest were frozen, it would take over 7000 years to mine enough gold.
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Old 05-13-2018, 06:43 PM
 
Location: Cebu, Philippines
2,154 posts, read 795,391 times
Reputation: 4322
America (i.e., "Americans") will never pay off the debt. They will just wiggle off the hook.

The European allies, after WWII, just said "What debt" and built the EU in a generation. The Chinese are decent people, they won't hold America's feet to the fire. They will just shrug and treat America the way America treats Canada. Which is not so bad. Stop worrying about it.
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