We spend tons on importing and for oil and such and we dont have as much goin out as we do comin in so that is why we are in debt. It will probably not be paid off for a long time. im talkin 150-200 years becuase we r that deep in debt
Other countries stil owe the USA millions which has never been paid. The USA imports products from the companys that took our jobs overseas,so that they can make more money leaving us without jobs to create more revenue to put back into or Federal Reserve. Paying off the debt won't happen until USA stops allowing this to happen.
All we are doing is printing money to pay the interest on the money we printed before. The money we printed before was used to pay the interest on the money we printed before that. Obummer keeps spending money we don't have for crap we don't need. There is no way taxing the rich will pay off our debt. If the government taxed every American 100% of their income next year that STILL would not pay off the national debt. There is absolutely no way it can ever be paid. What's going to happen when China wises up and decides to cash in all those U.S. bonds they bought? Why do you think they call it a fiscal CLIFF? The overpaid prez and all the overpaid congressmen are all on their million dollar vacations now because they CAN'T solve the problem. The fed keeps adding to the problem by printing 4Billion bucks a month to buy up mortgages thus adding to the national debt, increasing inflation, and further reducing the value of our Dollar. The truth is we're screwed.
This is a huge problem that involves each of us in one way or another. There are not enough taxes to be collected from anyone to cover the spending of this current administration , the people re-elected him due to his willingness to promise everyone all sorts of entitlement money with no plan to pay for it. At some point the takers will outnumber the contributors, investors will lose confidence in our ability to pay off our debt and things could really go south in a hurry. The biggest help would be to foster job growth and increase the GDP in my opinion.