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The National Debt questions??????

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alabama

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The National Debt

I have some questions about the National Debt and would like some of y'all to help me to understand it. I may even be asking the wrong questions but this is serious to me and my expectations for the future of this country.

1) When will we pay off the national debt? Or do we even need to plan to pay it off? Is there an optimal amount of debt that the nation should maintain?
2) How big can the national debt become before it causes the country to become bankrupt or cease to operate and collapse. Is there such an amount?
3) Do we need legislation to limit the debt or could that cause the demise of this country. Is there a plan to repay the debt? I know when I borrow money I have to have a plan to repay it before it will be loaned to me.
4) Who holds the note on this country? Who does the US borrow from?
5) What would happen to the economy if the country had no debt?
6) How much of my tax money goes to pay the interest on our debt?

Please think about this and help me to understand why our government allows the debt to grow every year.
 
Remember the 1994 Republican takeover of the House?(We don't have many of those type Republicans anymore)...balanced budget amendment and term limits!!! Time to renew those demands!!!
 
RobertMac said:
Remember the 1994 Republican takeover of the House?(We don't have many of those type Republicans anymore)...balanced budget amendment and term limits!!! Time to renew those demands!!!
Click to expand...

I do rember that and that was part of what sparked the questions. Where is all that legislation. I thought that put a time limit on balancing the budget. Was that just a smoke screen and they voted it down later?
 
alabama said:
RobertMac said:
Remember the 1994 Republican takeover of the House?(We don't have many of those type Republicans anymore)...balanced budget amendment and term limits!!! Time to renew those demands!!!
Click to expand...

I do rember that and that was part of what sparked the questions. Where is all that legislation. I thought that put a time limit on balancing the budget. Was that just a smoke screen and they voted it down later?
Click to expand...

They never went anywhere...may have been passed in the House, but died in the Senate. Being a Congressman is an institution...asking Congress to limit the wealth gaining ability of that institution(themselves) would take the majority of Congressmen to be "Statesmen". How many Statesmen do you think we have elected to Congress????
 
AL,

In the condensed version, we can not pay off the national debt.
We are disfunctioning with a fiat currency, it is debt based. If we were to pay off the national debt there would be no money in circulation, the money is loaned into circulation.
The latest reck on wall street, the root of the problem, "borrowed money" so what is there answer to the problem more "borrowed money".

Three dollar Bill Clinton was on his soap box about the budget surplus when he was in office, nooot they just cooked the books!

Read the book, "The Creature From Jekyll Island" by G. Edward Griffin for starters.
 
Here is alittle more info on where the greenback is headed.

http://www.marketoracle.co.uk/Article747.html

http://www.counterpunch.org/whitney10232007.html
 

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