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Adjusted for inflation, the national debt fell under Clinton, though not significantly.
I see no reason to "pay the debt down" at any time, provided that I am assuming by this you mean actually pay it off or pay it down significantly. Why would we need to?
I don't mean "pay it off". We're talking 16+ Trillion dollars so paying it off isn't going to happen any time soon....unless we inflate the hell out of the dollar.
We need to start paying the debt down to show both ourselves and the rest of the people we want to invest in this country that we can manage ourselves financially. The key to a fiat currency is confidence and if that confidence erodes we are totally screwed.