According to this; https://www.cbo.gov/publication/50724 Between now and 2025 the US will have another $7,007,000,000,000 (this is $7 TRILLION) in additional debt. Also during this same time period Americans will not pay down a single dime of federal debt. Therefore, in about nine years the US will have a total of ~$26 TRILLION in federal debt. In the year 2025, the USA will not only create $1.008 trillion in additional debt but also pay the interest on $26 trillion (let's guess this is $750 BILLION) In 2025, the federal government will spend $6.007 TRILLION which is 50% greater than today...in only nine years! In 2025, the federal government deficit spending of $1.008 TRILLION is over 100% greater than today' deficit spending. Not today, or during the next nine years, is there a single attempt to control government spending...nor any attempt to pay down a dime of US debt...nor any attempt to reduce deficit spending. Many people even believe we should give zero thought to deficit spending and debt and just go on our merry way as if it's all meaningless. I'm guessing not even 5% of Americans can grasp these large numbers or even care about the numbers. Why is this? Why do so many want more government welfare, or to pay less taxes, or to pay no taxes and demand a refund...IMO it's because they simply don't care about deficits and debt and out of control government spending. Gotta wonder where this leads us...
What do you think happens when US debt is retired in the same way as personal debt? Think about it for a second. Say the government had 27 trillion dollars and paid the whole thing off. On the face of it, it appears that all they have to do is issue more dollar bills by instructing the Treasury to print more dollars which in turn would then be spent buying up promissary notes (t-Bills) issued to the lenders (us). We get our 27 trillion back in the same currency we paid them in, issued by the same body that created the dollars we used to buy the notes and all of us would instantly have more capital in our bank accounts. We would deposit them in banks that are insured against default up to a limit by the very same government so in case that bank went under, the same body would create more money out of thin air to pay us off before we all revolted. So I ask you once again, what is the point of paying off the debt? Why can't the government just issue more currency to pay us off without relying upon taxes to do it? The answer is that we have set this up on purpose to keep the government from doing this very thing but an act of Congress could change that in an instant. So then you have the inflation fears. That 27 trillion was once in our pockets, now all we get is interest payments and a note in return for giving them our money. So if we all suddenly had 27 trillion dollars more to spend, would that really cause inflation or would it drive the demand side of the economy to heights of prosperity? Imagine a personal stimulus of 27 trillion dollars. Just think of all the things we could buy.
You assume we just print more money? The collective 'we' created the debt so the collective 'we' should pay down the debt...this is tax payers, American citizens...not printing more money. In 2025 Americans will be REQUIRED to pay about $750 BILLION in interest on that debt...do you think it's possible that we would be better off spending $750 BILLION on infrastructure, etc. or in interest expense of which we get absolutely nothing in return? Reducing the annual interest payment, instead of continually growing it, would be a good thing. The debt was never in our pockets? Debt is created by spending money we DO NOT have. The collective 'we' knowingly demand more and more government even though we know we won't pay for the government which we demand...this is pure greed and self-serving behavior! Further, FORCING the debt and debt service onto future generations, while the collective 'we' get to spend money which we don't have, is despicable! Most Americans could care less! What's really stupid and arrogant about Americans is most of them today are demanding to pay less or no income taxes, while in parallel demanding more government, which creates more deficit spending and more debt...what does this say about our bragging Americans?
