Another article on the Net that is ridiculous and makes you wonder where the authors went to school.
There are numerous combinations of ways the country could pay all it's debts. There are for example the obvious increase in revenue and/or reduction in spending not related to any of the items mentioned in the article. Taxes could increase, we could charge nations for the use of our military to save their country are two that come to mind but use your imagination... We could reduce our share of UN and NATO payments by 75% to a more fair 6% rather than 22 to 25%.
The country can form $20T of money without even printing any. Of course, the dollar would be near worthless and inflation wild but the debt would be gone.
A much more reasonable way is through growth. Automate the world with our robots etc...
Of course, the more likely outcome is that debt will continue to be discussed but life will go on just as it has in Europe, especially Greece, if our debt continues to increase vs GDP.
Latest Comments
It Is Mathematically Impossible To Pay Off All Of Our Debt
Another article on the Net that is ridiculous and makes you wonder where the authors went to school. There are numerous combinations of ways the country could pay all it's debts. There are for example the obvious increase in revenue and/or reduction in spending not related to any of the items mentioned in the article. Taxes could increase, we could charge nations for the use of our military to save their country are two that come to mind but use your imagination... We could reduce our share of UN and NATO payments by 75% to a more fair 6% rather than 22 to 25%. The country can form $20T of money without even printing any. Of course, the dollar would be near worthless and inflation wild but the debt would be gone. A much more reasonable way is through growth. Automate the world with our robots etc... Of course, the more likely outcome is that debt will continue to be discussed but life will go on just as it has in Europe, especially Greece, if our debt continues to increase vs GDP.