Congress
could pay off the national debt if they paid it off with and extra $1 trillion
out of the general fund for the next 20 years. This would be in addition to the
$1 trillion they are paying for interest on the debt. With a $2 trillion a year payment, the amount
of interest paid would slowly decline and the amount of principle that would be
paid would increase.
The fact
that Congress has never paid off their debts suggests that they never
will. This means that future Americans
will be playing musical chairs as the country becomes more and more insolvent.
When the music stops, they won’t have a chair to land on. We see this happening
in other countries like Venezuela where the government over-borrowed and then
defaulted on their loan.
The
amount government borrows should be tied to government assets, not all the
assets of their citizens. To assume that citizens are in charge and therefore
are responsible is crazy. We need to
reform government in the US to be “corruption free”.
Our
national debt is $21 trillion and our unfunded liabilities are $125 trillion
and the value of US federal government owned assets is $3.19 trillion in
non-financial assets and $1.7 trillion in financial assets with a negative net
worth of -$11.5 trillion. Total
financial and non-financial assets owned by all in the US is $269.6 trillion.
The federal
government needs to stop the10 year budgeting that adds expected inflation to
future years. This practice just drives up spending.
Norb
Leahy, Dunwoody GA Tea Party Leader
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