Is It Even Possible To Pay Off Our National Debt?

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Is there any way out other than collapse?

By Blaze and Spitfire AMERICA’S FREEDOM FIGHTERS –

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Simple question. Why does the government have to borrow from a private financial institution, aka “the Fed”, in order to spend more than it takes in in taxes and thereby place this debt’s liability on future generations? Was not the government able to, at least at some point in our history, simply print Treasury notes off the federal printing press and incur no consequential debt?

Michael Snyder / The Economic Collapse reports:

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Did you know that if you took every single penny away from everyone in the United States that it still would not be enough to pay off the national debt? Today, the debt of the federal government exceeds $145,000 per household, and it is getting worse with each passing year. Many believe that if we paid it off a little bit at a time that we could eventually pay it all off, i don’t think thats the answer. It has been projected that “mandatory” federal spending on programs such as Social Security, Medicaid and Medicare plus interest on the national debt will exceed total federal revenue by the year 2025. That is before a single dollar is spent on the U.S. military, homeland security, paying federal workers or building any roads and bridges. So no, we aren’t going to be “paying down” our debt any time in the foreseeable future. And of course it isn’t just our 18 trillion dollar national debt that we need to be concerned about. Overall, Americans are a total of 58 trillion dollars in debt. 35 years ago, that number was sitting at just 4.3 trillion dollars. There is no way in the world that all of that debt can ever be repaid. The only thing that we can hope for now is for this debt bubble to last for as long as possible before it finally explodes.

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But even now things are a giant mess. We are told that “deficits are under control”, but that is a massive hoax that is based on accounting gimmicks. During fiscal year 2014, the U.S. national debt increased by more than a trillion dollars. That is not “under control” – that is a raging national crisis.

I’m not sure who has a better deal in this day and age-the prudent man who has no debt, or the debtor who totally throws caution to the wind and goes into hock up to his ears and takes out credit cards on his cat’s name, too. When the house of cards collapses, the prudent man with the bank account full of savings will probably see his money seized to pay for a state of emergency, while the debtor will probably be bailed out by the government using the prudent man’s money, either way if things don’t change an economic collapse is inevitable.

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It seems that America is using the Roman Template of self destruction. Over spend on your military and run up large debts, what next? Well Rome turned on its own people for cash which has happened many times in different societies. This leads to less freedoms and economic totalitarianism. These are scary times we live in and in many cases America has been compared to the Roman empire for obvious reasons. I pray we can turn things around and not fail like they did. In my opinion it’s up to “we the people” as much as anyone to make sure that doesn’t happen.

Dean James AMERICAS FREEDOM FIGHTERS

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Disqus Comments

3 Comments

  1. Gary Hunt says:

    Here is an article that demonstrates an even greater debt, from 2007:

    Rules ‘hiding’ trillions in debt

    Liability $518,348 per U.S. household

    By Dennis Cauchon

    USA TODAY

    (May 29, 2007)

    The Federal government recorded the $1.3 trillion loss last
    year — far more than the official $240 deficit — when corporate-style accounting
    standards are used, a USA TODAY analysis shows.

    The loss reflects the continued deterioration in the
    finances of Social Security and government retirement programs for civil
    servants and military personnel. The loss
    — equal to $11,434 per household — is more than Americans paid in income
    taxes in 2006.

    “We’re on an unsustainable path and doing a great
    disservice to future generations,” says Chris Chocola, a former Republican
    member of Congress from Indiana and corporate chief executive who is pushing for
    more accurate federal accounting.

    Modern accounting requires that corporations, state
    governments and local governments count expenses immediately a win a
    transaction occurs, even if the payment will be made later.

    The Federal government does not follow the rule, so promises
    for Social Security and Medicare don’t show up when the government report its
    financial condition.

    Bottom line: taxpayers are now on the hook for a record
    $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every
    U.S. household. By comparison, U.S.
    households owe an average of $112,043 for mortgages, car loans, credit cards
    and all other debt combined.

    Unfunded promises made for Medicare, Social Security and
    Federal retirement programs account for 85% of taxpayer liabilities. State and local government retirement plans
    account for much of the rest.

    This hidden debt is the amount taxpayers would have to pay immediately
    to cover government’s financial obligations.
    Like a mortgage, and it will cost more to repay the debt over time. Every U.S. household would have to pay about
    $31,000 a year to do so in 75 years.

    The Financial Accounting Standards Advisory Board, which
    sets Federal Accounting standards, is considering requiring the government to
    adopt accounting rules similar to those for corporations. The change would move Social Security and
    Medicare on to the government’s income statement and balance sheet, instead of
    keeping them separate.

    The White House and the Congressional Budget Office oppose
    the change, arguing that the programs are not true liabilities because government
    can cancel or cut them.

    Chad Stone, chief economist at the liberal Center on Budget and
    Policy Priorities, says it can be misleading to focus on the governments unfunded
    liabilities because Medicare’s financial problems overwhelm the analysis.

    “There is a shortfall in Medicare and Medicaid that is
    potentially explosive, but that is related to overall trends in health care spending,”
    he says.

  2. Randy Jump says:

    http://www.usdebtclock.org/
    at 2 trillion per year we could do it in 12 to 15 years. not as difficult as you might think. after 2 years our dollar would be worth more. stronger energy policy would go very far. sinking that damn TPP is vital.

  3. Matthew Faulhaber says:

    So the real question is where will you find the money? Cut the military? Every politician is beholden to the military for the jobs in their state. That’s why no base is ever closed. And here’s an interesting statistic, the US military spends more than the next twenty-five industrial nations combined. Why? Who are we fighting?

    Cut social programs. Sounds good and every conservative believes the poor and the destitute deserve their fate. Truth is, all our social programs combined don’t amount to that high a percentage. The savings would disappear in a fraction of a second with the military.

    Foreign Aid? Hell yeah, let our enemies hate us for free. Let friendly nations fend for themselves. Not going to happen. Piss off another country and you might have a trade war. Since we are a consumer nation, it only hurts us.

    I admit I don’t know what the answer is. The federal budget is just too complicated. Next time Congress talks about the pending budget, check out the page count. Last time I heard that number, it exceeded War and Peace by a factor of ten. What reasonable person can comprehend such complexities?

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