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Old 01-05-2013, 11:59 AM   #120
CLX CLX is offline
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Join Date: Sep 2012
Location: Nunya
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Quote:
Originally Posted by FD View Post
The U.S. has run deficits almost continuously for the past 100 years, and yet we have always paid back what we've borrowed. Debt levels have fluctuated considerably in that time as well. We will probably always carry some national debt, but that is in now way the same thing as saying we wont pay back what we borrow.
In the past the debt has not been anywhere near the level it is now and where it will be going due to AHCA (Obamacare) and other give away programs in the government. As it stands now our gross national product is less than the current debt. In recent years, last 40, we have never paid off the debt, we have paid towards it but I would bet we are nearing the point, if we haven't already achieved the distinction, our annual payments may not even cover the interest on the debt.

If you want to think we will pay the debt of, then more power to you. To achieve a payoff our taxes, for all people in the nation, would virtually take all of our paychecks for several years.

At the end of the day the statement stands, we cannot keep borrowing to run the nation. Revenue in to the tax coffers should be the only money the government is allowed to spend. When the money runs out what do you do? When my money runs out I can no longer purchase stuff, I do not run a deficit household.
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