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The National Debt of the USA

US Politics & Gov't (tags: national, debt, us, usa, unitedstates, america, deficit )

Phil
- 53 days ago - philforhumanity.com

Before it is too late, please contact U.S. politicians to demand immediate fiscal responsibility through a balanced budget and a gradual decrease in the National Debt.

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Comments

Past Member (0)

Friday September 26, 2008, 5:28 am

Noted, especially the following:

"I think we are only kidding ourselves if we believe that Americans don’t have to pay off this debt. Approximately half of this debt is owed to foreign governments and banks, and they will want their money back. The other half of this debt is "publicly held." In other words, this money is owed to the U.S. from the U.S. through the process of putting more money into circulation.

The financial impact of just having this debt is huge. First, printing more money will cause inflation, quite possibly a very high inflation rate for a very long period of time. Second, the economy will most likely stall and cause a long and protracted recession or depression, even with a bailout. Third, funding for certain programs will eventually cease, if the U.S. can no longer borrow more money. Just see Social Security and Medicare for examples."