How and will we ever pay back our 13 trillion debt?

Also our gdp is around 13trillion so does that have anything to do with our debt. So does it even out?

How and will we ever pay back our 13 trillion debt?
1. Reduce taxes


2. Cut federal spending by an amount greater than a coterminous reduction in federal taxes.


3. Reform the Tax Code. Eliminate all tax deductions and credits. Tax consumption in addition to income.


4. Pass a balanced budget amendment or statute


5. Prohibit earmarks


6. Line item veto to the President


7. Term limits for Senators and Representatives


8. Properly fund IRS and DOJ to enforce tax laws.


9. Enact transparent campaign finance laws.
Reply:We could start by printing our own money instead of borrowing from the federal reserve at an interest rate
Reply:that is a good question...that is so much money I can't even fathom how we would ever be able to afford to pay that , especially since we are not really taking any steps to pay it down, in fact our situation is so dire, I don't see us being able to tackle the debt issue for a very long time. right now the issues are foreclosures, banks failing, job losses, high gas and food and the war. Once these are stabilized, then we can put the national debt on the table
Reply:It's $47.863 trillion excluding corporate debt (only ~$10 trillion is federal government debt)...





http://www.federalreserve.gov/releases/z...





It only "evens out" if you produce the same quantity of goods and services, sell them to somebody else (China or India), and pay your creditors with the money. But it also means you go without food, shelter, clothing- everything, for that year.
Reply:WISH I COULD ANSWER THIS ? MY WIFE AND I ARE IN THE MFG. INDUSTRIES AND THE U.S. DOES NOT MFG. ANYTHING ANYMORE. ARE WE WORRIED? YOU BETCHA!!!!!!!!!!
Reply:Never
Reply:we can do it, but it wouldn't be easy. we have to get the bureaucrats to not spend money on stuff that we don't really need. another thing, put a 50% teerif on anything that comes from china. dont give africa 30 billion for aids. what are they going to do with that money? they cant even keep the people fead, might as well set them up with our space program. i say stop all big spending for 3 years. no NASA checks, no defence contracts, and stop paying our polititons huge money. when was the last time you had the chance to vote yourself a pay raise? and they are ALL millionairs. every lousey one of them.


you want the debt solved? put me in bushed seat for 8 mos. the $#!% will hit the fan. no china imports, no forign money going to N. koria, or any other nation. we will make our own items, and good wages at that. i would also let people use buifules without the DOT giving them fines, as long as they arent breaking major laws. there aint enough space on this page to list HALF of the things we SHOULD be doing.


god help us. we are now going to reap what we have sown. and I for one, dont like it. i see a revolt in the near future.


Life Liberty, and the Persuit of Happyness, can you realy say that today?
Reply:Easy. You don't.


You go to war with the country you owe the debt to. And win.
Reply:Kenneth E: Kennedy tried that: the Red Seal bank notes were property of the US government, not the Fed Res.


kul_inc: I hope you are joking, because the number of major wars won by the US since 1945 is, um, er, ZERO! Besides, what would that do, the debt is still extant and there is the rest of the world to consider: we won't let you!





The biggest itm on the Ferderal Buget is the usuary on the debts you already owe. The US is bankrupt and pretty much unable to service it's debts anyway.





Taxing the crap out of your citizens won't help either. It does not work in the UK or Australia either. That is why I, on a big income, minimise my tax (legally) as much as possible, because I do not consider that my government (Australia) does a good job with my money. I give over 60% of my income away each year, but I decide where it goes. I pay fair tax on the rest. Taxes are over-inflated in Western nations these days.
Reply:If everyone put all their work for one year into paying the debt we could pay a $13 trillion debt in one year. Or at 10% tax it would take about 12 years because of interest.