National Debt? How will we pay this?

Question

The Clinton administration had balanced the budget and paid off a large portion of our national debt, back then roughly 5.3 TRILLION dollars. The Bush administration took over in 2000, and since then has our national debt increased by a huge portion: as of April 2008 do we hold a national debt of approx. 9.5 TRILLION dollars, meaning the Bush administration has almost doubled our national debt in 8 years. According to Wikipedia, this amounts to over 30.000 dollars PER PERSON. Now, as a responsible credit card holder I have to pay my debt back. So can someone figure out how to pay this huge amount of debt WITHOUT raising taxes? It seems to me that we have to do something or America belongs to some other country, right?

http://archives.cnn.com/2000/ALLPOLITICS/stories/05/01/clinton.debt/

http://en.wikipedia.org/wiki/United_States_public_deb

Answer 1

We'll always have debt, it is not as big of a deal as the average person would think.

The founding fathers wanted to have a debt, it's how a country establishes credit and keeps currency circulating.

Answer 2

Yep.

Cut the size of Government.

Cut the size of Democrats' Welfare Checks.

That would help a lot.

If Democrats would just get jobs, and pay taxes like the rest of us------ There would be No National Debt.

Answer 3

What the h**l have you been smoking?  Clinton might have cut down the deficit a little bit, but the debt?  Balanced the budget?  Get some better sources than CNN and.......is that wikipedia?

Oh gosh.  I stand corrected.  Hey everybody--she's checked WIKIPEDIA!!  We can't argue with her.

Answer 4

We won't be able to.  The debt, along with the $60 trillion in entitlements including social insecurity, will be unmanagable.  The country will be insolvent.

Answer 5

we already belong to the Chinese (and capital markets) for all intents and purposes.  we buy their products, use their capital, and pay huge amounts of $ in interest on those loans.  the solutions is fairly simple:  stop spending so much on such things as the war in Iraq, raise taxes somewhat (in proportion perhaps to the number of children that people force into the public school system) and impose trade tariffs.  If we favored imports from Mexico, the immigrants who come up to look for work, have babies and create a huge public burden (emergency rooms, public schools, etc, etc) would have work in their own country and would stay there.

But apparently we prefer to trade with China and foment the creation of an economic superpower at the expense of our Nafta partners.

Answer 6

yea, eliminate 90% of the federal government.