Some folks, like those at about.com, feel that there is no plan to repay US National debt:
“In addition to the public debt, there is the money that the government loans to itself each year. This money is in the form of Government Account Securities, and it comes from the Social Security Trust Fund. These loans are not counted as part of the deficit, since it is all within the government. However, as the Baby Boomers retire, it will need to be paid back. Unfortunately, there is not yet an effective plan to do so.”
Others, however, believe that there is hope, and don’t even think that the national debt the US has is as substantial as some may suggest..
There are many different approaches to debt repayment, and like politics as usual, some proponents say ‘save’ while others say ‘spend’.
My understanding is that there is no plan for the government to pay back its’ debt other than to tax this generation and many to come. The truth is, we owe China so much money for bonds sponsored by the federal government that trying to pay them back could possibly bankrupt this country. Our country owes them more than one trillion dollars. They have a frightening amount of control because of the tremendous amount of money we owe them. The one thing protecting us is that if they destroy our economy and the strength of the dollar, they will ultimately lose all this money they’ve loaned us. Makes you wonder why our government continues to spend the american dollar like it’s monopoly money. Come to think of it, monopoly money may be worth more than the dollar if this ridiculousness keeps up.
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