Originally Posted by CLX
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.
You are confusing the idea of paying off the debt with repaying our debt. They are different.
How do you think the U.S. can borrow money at rates lower than we have ever seen in our history if we aren't going to repay that money?
Homer: [looking at watch] Two hours? Why'd they build this ghost town so far away?
Lisa: Because they discovered gold over there!
Homer: It's because they're stupid, that's why. That's why everybody does everything.
Last edited by FD; 01-05-2013 at 12:41 PM..