We are behind the compound interest eight ball.
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And this president is responsible for 11 trillion of the 17? 18? trillion in debt.
He obviously intentionally ran it up in order to make paying it off impossible.
Just have to work the printing presses harder.
We are behind the compound interest eight ball.
A hole too deep to climb out of ... by design.
If the country had the will, it could be paid down. But it would mean bringing industries back here so as many as possible could work and it would also mean freezing many gov programs (ie social security, medicare/medicaid/obamacare ) which would not be popular.
but...
but.. we still get the free s__t, right?
“There are two ways to conquer and enslave a nation. One is by the sword and the other is by debt.”
— John Adams, 1826
“The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
— Thomas Jefferson, letter to John Taylor, 1816
“[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.”
— Thomas Jefferson to Samuel Kercheval, 1816
“To preserve independence, we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers.”
— Thomas Jefferson, to Samuel Kercheval, 1816
When our supposed representatives continue to spend borrowed money, money that this generation cannot possibly repay, they are enslaving our grandchildren economically. They are robbing them of their God-given, unalienable right to government by consent. And remember, these are all representatives who have been required to swear a sacred oath to support and defend the Constitution of the United States, a document whose highest stated purpose is ‘to secure the Blessings of Liberty to Posterity.’ What they should be securing, they are obliterating
It may not be politically possible, but how would it be mathematically impossible to start walking back entitlements, reducing the bureaucracy, to balance the budget, then start paying down the debt as surpluses grow?
The only way this ends is a collapse, which allows capitalism to grow again, free of most regulations and free of most taxes.
It will take a collapse for this to be allowed. The 9/11 trade tower collapse is both precursor and metaphor.
Default on all foreign held debt and pay off American held debt with deeds to Federal owned land.
There is an old Peanuts strip where Linus asks Lucy why mountain climbers are always tied together.
Lucy explains that it’s “so that if one falls, they ALL fall.”
It’s for that reason that the debt will never be repaid. And it really will not matter.
Borrowing money to pay down the debt is tricky business, especially when lack of inflation isn’t allowing more worthless money to pay for the worthmore money that was borrowed.
This country needs a thorough enema to clean out the social and economic engineers driving it towards certain death.
The dollar is the world currency...so in some ways debt is meaningless....
At some point the “value” of the dollar will be reset to adjust for the debt....
Poof...it’s gone....
Of course the US citizens will be left with devalued currency, probably 50 on the dollar, but we will be solvent...
When you owe the bank a $1,000 and can't repay it, you're in trouble. When you owe the bank $10 million and can't repay it, the bank is in trouble.
When our country owes over $18 trillion in debt and we can't repay it, we're not in trouble, the debt holders are. Of course, that's simplistic but it makes the point. If we were to default on our debt, this analogy doesn't factor in the steep inflation of the dollars (or whatever the government issues as new currency) that would occur when we used them to conduct our daily business and financial affairs. The currency would be worthless.
So?
Just REPUDIATE the debt. Refuse to pay.
Throughout history, that is what governments HAVE ALWAYS DONE.
Exactly what’s so different about today?