Who is going to pay the debt?

productive people through lose revenue from regulation and heavy tax theft
all of us through massive inflation
our kids through governemtn debt paymetns and further needed rasied taxes later to pay for the debt
the poor with huge prices and lack of commodification from lack of capitalism

democrats might actualyl default, the bastards

kill all democrats

 

Who is going to pay the debt?

The bottom line answer to this is everyone for generations to come.

Today, 155 million taxpayers are paying on average approximately $13,354 each per year in federal taxes including FICA.

First thing to consider is that in order to even stop the $1 trillion deficit spending, to stop accumulating more debt, each of these 155 million taxpayers would need to fork over an extra $6,451 'per year' in additional federal taxes...which ain't going to happen! So it is unlikely we'll even have a balanced budget within the next 20 years. By then the national debt will be $25-$30 trillion.

So if we are generous and say the debt in 20 years will be $25 trillion, and let's guess there are 160 million taxpayers, in 2033 each taxpayer has a debt obligation of about $156,250. If we were to assume that on average each taxpayer was to pay an additional $2000 per year in taxes to pay down debt, it would require about 78 years to pay off the $25 trillion debt. Note; these are very gross numbers.

SO...2033 (to stop deficit spending) plus 78 years (paying down debt) equals the year 2111...this is the answer in the 'best case' scenario...all taxpayers during the next 98 years will be paying the debt.

We're not the 'pass the buck' generation...we are the 'pass the trillions in bucks' generation...

 

Simply false. You are assuming that the deficit would have to be covered by equally taxing each person the same amount. Of course that is not true at all. The 1% take 20% of the nation's income, they can fund eliminating a big chunk of the deficit all by themselves.

With a conservative application of historic growth rate of about 5%, GDP in 20 years will be $42.5 trillion, and if the debt is "only" $25 trillion, will be fine.

That is a big *if* however. Unless we start electing folks who will compromise on tax increases and limiting spending for the good of the country, the debt is likely to be much higher.

 

Who is going to pay the debt?

The debt is not going to be paid. America will eventually go into default; throw itself on the mercy of the world; and turn into another dismal third-world country. China, Brazil and some other prosperous nations, in conjunction with the United Nations, will toss America some scraps to keep it from starving.

That's what over one half of America voted for, so it's probably all good.

Today's young children won't know the difference -- As adults, they'll think America has always been an impoverished country and as long as Democrats give them burgers, video games and a guitar they will vote for them.

 

Just be wary, it's easier to control a already poor population than one which scrumble below the poverty line. However since the US are investing massively in interior security i think they will be able to maintain a authoritarian governement.

The current debt of many states is essentially a live long taxes for banks via interest rates. Not to mention the effect on inflation via the printing of money

 

I believe positive multiplier effects should be paying the debts of the United States and picking up the moral slack of the Right regarding "goodwill toward men".

Only the Right is willing to soothsay doomsdays for free; liberals believe we should be burdening the wealthiest with doomsday tax rates.

 

A nation has the right to control and print its own money, debt free!

Change to debt free money, which granted might mess with the whole 'world currency' thing, and gradually pay it off.

Pay off the debt over time, of course the dollar will come under pressure but that makes imports cost more, exported products cheaper, creating jobs with being more competitive.

 

The US is not spending nearly enough on internal security to become the authoritarian government you think. Besides that, authoritarian governments require central control of every and all authority apparatus and that is certainly not happening. When the Feds take control of the local police you should worry, but not until that becomes imminent which will be approximately never.

 

By throwing large (trillion) amounts at the masses/people it causes lots of anger (emotion), these large trillion numbers do the psychological work, it is propaganda. Many people buy into it. This is how they cause anger and fight in masses of people.
By this one day either a majority of people is going to cast their vote on ('their') one party/leader, or it can trigger a revolt in a large mass of people, and by that (a revolution), and they are able to organize that majority behind a leader. Since y2k people have never been so propagandized (and also organized) as before in history (in Germany there was less propaganda then in this world of mass media and mass propaganda), and by that revolutionized. Revolutionized means that more and more people are politically fighting or taking part in a massive demonstration (they bring you to a ballot, or on the streets in large numbers, organisation on a full scale) (you see an increase in protests/demonstrations in southern Europe), or have joined a political party or other system created organisation. This is how people are going to loose their liberty and country and way of live one day, this is how countries become totalitarian systems/dictatorships or empires. The debt is always going to be payed/taxed by the lower class, because that is the largest group of people. Notice that politics very often, if not always is picking a subject that influence large numbers of people (collectivistic politics), this is a detail were you can see politics is working to cause more and more fight in people. Politics and the media (all, msm and new/alternative) is not liberating (includes radiostations, tv channels/networks or political parties that are using the label liberty or freedom)

 

I believe positive multiplier effects should be paying the debts of the United States and picking up the moral slack of the Right regarding "goodwill toward men".