Why does it matter if the U.S. has a national debt? No one can force us to pay it, right?

Question

Why does it matter if the U.S. has a national debt? No one can force us to pay it, right?

Answer 1

Over half the debt is  held by US banks and individuals and a lot of the rest is held as reserves by Central banks around the world. If we defaulted it would bring down the financial system  world wide and rip off our own citizens.

Answer 2

Actually as a percentage of GDP, our debt is not really that high. However, if we continue to spend like we are, we will enventually be in bad shape. In Japan, their government debt is 152% of GDP. If the US government was to default on our debt, it would probably crash the world economy..Our currency would be worthless...

Answer 3

When the natural resources of this country have been used as collateral . An that is the reason why we no longer drill for  oil in this country the same as mining .

Answer 4

That's what Russia thought 90 years ago.  The communists reneged on the bonds held by Europeans, and the ruble became worthless in the international markets.  

The $US has lost 40% of its value against other currencies, especially the Canadian $.  This is largely due to the growing US debt, and the declining Canadian debt.

Lesson:  pay your bills.  It's good for business.

Answer 5

the whole money system is based on confidence. If confidence fails, - our money isn't worth anything.

So if the feds defaults, - there's no hope for the rest of us.