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With the United States facing double digit budget deficits, is it possible for them to get out of debt? Or has the government promised more than it can deliver?
Never completely, no country ever will. Even if they do it would be for a short time. Debt is a good thing, thats why our founding fathers immediately went into debt after the revolution. But to much debt is bad, which is where we are at now.
I think it is possible for us to get out from under our crushing debt, but it probably won't happen for a long time. Too many changes would have to occur, and change takes time. Unemployment probably (I don't have statistics, I'm just guessing) increases our debt, but until we get people employed, we need unemployment benefits. Right now, there just aren't enough jobs around, but how do you create jobs? Jobs cost money to create. We really need to start making things in this country again. Importing less and exporting more would help decrease our debt. Higher taxes, or at least the end of tax cuts, could help reduce our debt, but only if the government spends the tax money on our debt.
Hmmm...that's a rather rambling post. But I try to be optimistic. I think it can be done. I'm just not sure how, and it will take a while.
A list of countries with the highest debt is pretty much a 1 for 1 analogy with a list of the largest economies in the world. So in short, no. Not without a precipitous plummet from economic relevance.
Considering how much each working and taxpaying American would have to pay to get the country out of debt, I would say no. Especially when you consider that in many areas of the USA, more children are being born to government dependency than to taxpayers. The burden is placed on fewer and fewer - and it's not going to be possible to pay down the debt.
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