Quote:
Originally Posted by theking
Since I cannot see a future where revenues will increase to the point that revenues will cover expenditures...one would have to think that it has to die off...but this will of course create a whole set of other problems...as in order for it to die off it will mean that a multitude of government jobs will have to die off...a multitude of social programs will have to die off...and military spending will have to be drastically decreased.
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Yep, if they want to do away with the debt they have to either increase the amount they bring in or cut the amount that they spend. Since every president for the last 80 years has had a bigger budget than the president before him I don't see an end to the spending anytime in the near future. Which means they will either have to increase taxes or just let the debt continue.
Realistically we can sustain the debt forever, unless those that we owe demand payment and when they don't get it they decide to stop investing in the country. Technically we could just keep printing money to pay out bills, but if other countries stop covering our debt then the value of our currency will continue to drop and soon it could turn pretty ugly.