|06-23-2019, 08:57 PM||#1|
Join Date: Oct 2018
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"It's Unlikely America Will Ever Pay Off It's National Debt" & 4 Ways To Pay Off Debt
It's unlikely America will ever pay off it's national debt. But most creditors don't worry until the sovereign debt is more than 77% of GDP (World Bank). In early 2019, the U.S. debt-to-GDP ratio was 105%.
Four ways to pay off debt:
Under current plans, the US government raises $3.6 trillion in taxes and spends $4.7 trillion. Paying off the debt in, say, 25 years by raising taxes would require roughly a 50% increase in taxes. If the US had the same tax rates but people still had to pay for their health care, retirement and other things, the country wouldn’t stand for it.
Cutting spending 50% could also pay off the official debt in 25 years or so, but it politically unthinkable. It means mostly cutting military and entitlement spending. Restructuring is the most likely scenario. Debt will continue to grow as a fraction of GDP, perhaps for a very long time, maybe even until people no longer value money. Read more ...
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