My friend, there is so much apparent hysteria (almost like Leftist hysteria on global warming) about the national debt.
I would suggest you read “Will America’s Massive Debt Really Doom Us/” by Ken Fisher of Ken Fisher Investments, in the Sept. 22 issue of USA today. Here is a summary:
** $23 trillion debt vs. $21 trillion GDP = 103% (lower than Japan, higher than Germany)
** Federal government owes 25%+ of debt lowering it to $16.7 trillion or 67% of GDP
** America’s hard assets (collateral) is $175.3 trillion or 10 times national debt
** Solvency is not about paying debt off but making interest payments which currently is 9.8% of tax revenues
** Interest was 8.15% 30 years ago now about 2%
** America can borrow at 1.62%; Turkey at 15.18%
Debt does not loom over America
I stopped worrying about the debt when I realized it wasn’t going to be our country much longer.
Trump is trying mightily, but not much progress has been made on reversing the Bush Plan for North Mexico (aka USA)
My point is, the auto-pilot massive Fed.gov is fed by huge spending, and large debt. by saying “our debt is not that large” it simply confirms my point - the massive DC, leftist nanny state will continue to roll on! Please don’t complain then when we get more government and more leftist social engineering.
Regarding some of your other points:
**GDP will always rise with injections of money. It merely raises the overall price level. We are not Zimbabwe, but for comparison - what is Zimbabwe’s GDP in its local currency? Its probably a huge, and rapidly-growing, figure
**America’s “hard assets” - what does that mean? Does that mean YOUR and MY assets the gov’t can confiscate as needed
** Note that at present levels, the amount of debt-service of Fed.gov pays from budge will double from 2017 to 2026. That’s $400 billion more each year. And that’s at 2% interest rates. What if interest rates double to a still historically low 4%?
“Solvency is not about paying debt off but making interest payments...”
That’s the way a debt slave thinks: “Oh, I’ll be alright as long as I can make the minimum payment on the credit cards next month!”
If we keep thinking like that, our nation will always remain in debt, and the debt will always keep growing.