Do you think USA will ever be able to pay it's debt? Do you think it's possible?

Just curious what others think?

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  • 7 years ago
    Favourite answer

    No. Never.

    I don't know what is going to happen.

    I'm afraid our children are going to end up being "slaves" in the economic sense. Working their whole lives, but having ZERO discretionary income. That will be our new normal.

    We are already heading that direction now.

  • 7 years ago

    Sure, no problem.

    We just inflate the dollar to worthlessness and print as much as needed to pay the debt.

    This has been the plan since Nixon took us off the gold standard.

    Sucks to hold treasury bonds or to have dollars in the bank, though. By the way, a very large part of our debt is held by us. The Federal reserve and the Social Security Trust Fund hold trillions in bonds. So inflation or default steals from us.

    But it is great for everyone who has debts denominated in dollars, as many wealthy people and organizations do. They borrow dollars, buy real wealth and pay back the loans with inflated (less valuable) dollars. Borrowed money steals value from everyone holding money or promises of money.

    --

    Regards,

    John Popelish

  • 7 years ago

    No it is physically impossible because of the compounded interest for a start. The question that the American people should be asking is Why does the US Government borrow money from an independent bank at interest when under article 1 section 8 of the US Constitution the Government is given the authority to create and issue it's own currency interest free ?

  • Anonymous
    7 years ago

    The debt must decrease to remove money form circulation when inflation is a threat. Inflation will likely get arrested well before the debt is fully paid off. Otherwise it is paid off in worthless currency (and it is worthless debt.) So it's possible, but unlikely. If there is no inflation, there is no need to pay it off as long as there are enough taxes to pay the interest. Taxes can be increased by law if they are insufficient.

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  • Anonymous
    7 years ago

    We're actually talking about this in Economy.

    The debt is lower per citizen then in most countries surprisingly.. With an average of 42,000$ per citizen.

    There's a website that is updated per second that you can check out.. So in other words, no country with as many government services as the U.S. has will ever pay off there debt.

    On another note there is not one country debt free, go figure.

  • Anonymous
    7 years ago

    in 1930 the USA was in the worlds Biggest depression and By 1945 was the Richest country on the planet from selling to ALL sides from 1933

    so WW3 could get the USA out of Debit But only of they can Find stupid allies to pay for it

  • Anonymous
    7 years ago

    It's possible, but I would not be surprised if it takes at least two or three more presidential administrations before anyone even bothers actually trying (as opposed to just giving lip service while increasing the rate of spending).

  • Anonymous
    7 years ago

    In the middle ages a ruler who taxed his people more than 6% was considered a tyrant and could expect to be overthrown and beheaded in a violent revolution in short order.

    Just sayin'

  • As soon as our politicians stop squandering our tax dollars in meaningless wars in the Middle East and do a radical change in our vehicles changing from Gasoline cars to electric cars so we depend less on Arab Oil, if that happens then yes.

  • Anonymous
    7 years ago

    No need to.

    As a Christian-dominant nation, the government has way too many expert in the art called "excuse".

    ...been in effect since the dawn of the nation.

  • 7 years ago

    It's really irrelevant. What's relevant is that it continues to take in enough money to service the debt. Nations aren't run the way a household is. The U.S. has always had a national debt and always will- every modern nation has.

    http://en.wikipedia.org/wiki/History_of_the_United...

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