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National Debt


National Debt  

20 members have voted

  1. 1. Our National Debt is nearly $20 trillion dollars or $165,000 per taxpayer, and we bring in $3 trillion through taxation. Will we ever pay off our national debt?

    • Yes, some president or party will save up the money and pay it off over time, despite the interest spiraling out of control.
    • Yes, because it will ultimately be forgiven, either because we can't pay it off, or we force the forgiveness.
    • No, because the interest rate and the level of our debt is spiraling out of control, and it is impossible to catch it.
    • No, because we will never intend on paying it off.
    • Other [comment below]
  2. 2. Should we pay off our national debt

    • Yes, because all people and nations should pay off their debt, even if paying it off might be impossible.
    • No, because it is impossible to pay it off, the world knows we can't pay it off, and we are just throwing away money we could use on our own country. Might as well keep spending, while we can.
    • Yes, other [comment below]
    • No, other [comment below]
  3. 3. What will happen if we never pay it off? [Select multiple answers if you wish]

    • Nothing big will happen, so long as we are a major world power and the world needs us as a committed world leader.
    • Other world powers will quickly outgrow us in economic and financial strength
    • Our economy will tank and we will suffer from something that is worse than the Great Depression
    • We will devolve into a 3rd world country
    • At some point, maybe in a hundred or two hundred years, the economic system will change so much that the concept of debt will be mostly extinct or innocuous
    • Other (mention below in the comments)
      0


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Just now, Reagan04 said:

Let's just do both

PragerU is an extremely unreliable and biased source filled with multitudes of logical fallacies (which @NYrepublicanĀ likes to criticize me for having the same ones, despite posting the videos), and the videos (from the ones I've seen) have absolutely zero sources to actual information.

Also Dennis Prager is a narcissistic asshole and his face makes me want to keep him away from my nonexistentĀ children.

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9 hours ago, ThePotatoWalrus said:

PragerU is an extremely unreliable and biased source filled with multitudes of logical fallacies (which @NYrepublicanĀ likes to criticize me for having the same ones, despite posting the videos), and the videos (from the ones I've seen) have absolutely zero sources to actual information.

Also Dennis Prager is a narcissistic asshole and his face makes me want to keep him away from my nonexistentĀ children.

All the video does is demonstrate the extent of the US debt issue.

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1) No, because politically there is not the will to enact reforms curtailing special interests that benefit from the debt.
2) Yes, because the economic consequences will be severe. However not all debt need to be repaid. For example, government debt owned by multinationals participating in tax dodging (eg Apple) and bought with funds illegally gainedĀ should be declared null and void. In addition, the US will likely need a debt restructuring (eg interest freeze) in order to service the debt without painful political consequences.

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