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A couple years ago the GAO had a report that showed the Federal Debt would indeed be paid down to zero in less than 10 years. No doubt that report should be updated, but once we get through this period we should be back on a track to pay down the debt at some point in the future. We will miss that early date, but we aren't lost, yet.

"A couple years ago the GAO had a report that showed the Federal Debt would indeed be paid down to zero in less than 10 years."

The Fed and the banks don't want the Federal Debt to be paid down. They want the interest on the loans because they never put up any principal. The debt has increased (if you include Social Security and Medicare) every year in the past 20 years (or maybe 30 years) They will not allow the debt to be paid down, silly boy...

A couple years ago the GAO had a report that showed the Federal Debt would indeed be paid down ....

Wasn't that the days of the phony "budget surpluses as far as the eye could see" based on tax revenues coming in from the "New" (Bubble) Economy? I'm a rank novice at economics, but the experts I read don't give me a lot of hope for a recovery any time soon. This guy Pupluva sounds a little bit like an economist from the Austrian School (Von Mises, Hayek, etc). I think we're in for trying times when the baby boomers retire en masse and social security and medicare and the pension funds all strain to stay solvent. Many companys report pension fund gains as revenues and this is the only reason some of them have reported earnings of their quarterly reports. Now with the market down these funds are in trouble and those reports won't look so rosy. We could see the whole Keynesian experiment go down the tubes.