sam_24 asked:
The U.S. government is in debt over $65 trillion dollars! I don’t feel like the people in DC really care as much about it as they should; they feel okay about leaving it to the next generation. If the government could get out of debt think of how much extra money they would have for other things such as education, health care, any many other things that would benefit the people. It may be a pain to get out of debt right now but the sooner we can get out of debt the more money we’ll have in the future.
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The U.S. government is in debt over $65 trillion dollars! I don’t feel like the people in DC really care as much about it as they should; they feel okay about leaving it to the next generation. If the government could get out of debt think of how much extra money they would have for other things such as education, health care, any many other things that would benefit the people. It may be a pain to get out of debt right now but the sooner we can get out of debt the more money we’ll have in the future.
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The tradeoff is how to get out of debt. Collect more in taxes but pay for it in reduced economic growth. It’s not the absolute amount of the debt that matters it is how large it is in relationship to the ability of the government to make good on its obligations.
The debt is like 11 trillion, not 65 trillion. The rest, and I’ve read wildly varying figures, represent promises for social security, medicare, government guarantees, pensions, etc. They will walk out that by rewriting the rules of the game. You will retire older and with less money than you thought you would.
Inflation is another way the government will repudiate its debts. Nobody is more screwed by this debt than our creditors, they buy our t-bills because they feel they have no choice.