View Poll Results: Should we even try to pay down the national debt?

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  • Yes, it's critical that we do so.

    39 25.00%
  • Yes, but only if we can.

    39 25.00%
  • No, it's really not that important.

    39 25.00%
  • Other.

    39 25.00%
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Thread: Should we even try to pay down the national debt?

  1. #11
    Sage

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    Re: Should we even try to pay down the national debt?

    Quote Originally Posted by radcen View Post
    Should we even try to pay down the national debt?

    Note debt, not deficit, though you'd have to take care of the deficit first before you could tackle the debt, of course.
    I would have said 'if we can', but it doesn't quite cover it. We should reduce the debt to an optimal level and we should do it, when the economy is growing instead of increasing interest rates.

  2. #12
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    Re: Should we even try to pay down the national debt?

    Quote Originally Posted by radcen View Post
    Should we even try to pay down the national debt?

    Note debt, not deficit, though you'd have to take care of the deficit first before you could tackle the debt, of course.
    That could cause problems for bond holders. Loss of dividend, and a loss of value to the debt they hold. Too much could cause a recession.


    Quote Originally Posted by Jetboogieman View Post
    This issue has been plowed more times than Paris Hilton.
    Quote Originally Posted by Oborosen View Post
    Too bad we have to observe human rights.

  3. #13
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    Re: Should we even try to pay down the national debt?

    Quote Originally Posted by celticwar17 View Post
    Expecting our GDP to quadruple?
    In about 47 years

  4. #14
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    Re: Should we even try to pay down the national debt?

    Well I mean from a UK perspective in our merry go around from dem socialist (labour) to conservative everytime one person starts sensibly reigning in the spending Labour get in and spend it all again.

    Its worse from an American one though right, because they both do it in spades. They just don't like cutting, on one hand its wasteful spending with democrats on failed healthcare reform perhaps or insane military spending.

    The question shouldn't be if you should but whether it is remotely possible. Ron Paul like him or hate him, might have been a good influence. With an economy that can grow like the US just agreeing to a complete freeze of say the military budget would help.

  5. #15
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    Re: Should we even try to pay down the national debt?

    A monetarily sovereign nation's debt can be "too large," although there is no exact line in the sand of what constitutes too large. There is evidence, including recent real world evidence (not just macroeconomic theory published papers and articles by Paul Krugman evidence) that countries with exceedingly high debt-to-GDP do not gain much from additional stimulus to try to boost demand. They do not experience positive Keynesian effects from more stimulus. Countries with relatively low debt:GDP can experience very enjoyable effects from stimulus to boost demand during recessions. But when you're already at super high debt:GDP, it's like offering a heroin addict who's going through withdrawals a couple of ibuprofen. Unsurprisingly, it doesn't achieve the addict's desired effect. At that point they basically turn to the last refuge, which is aggressive inflation-triggering policies, or bite-the-bullet austerity.

    Deciding we should be deficit hawks is not as important as how, or in other words what expenditures need to be cut or changed to reduce this pressure. Medicare, Social Security and Defense should be some big, easy targets.

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