Myth:*national debt is a burden that will ruin our children’s futures

[bripat9643]

America paid off its debt just once, and that by a Democratic president. So how did the payoff effect America, what happened to our economy, our way of life; did Americans rejoice in the streets buy new stuff? Well one result of the debt elimination was an economic depression.

America has never paid off its debt.

 

[regent]

For practical purposes the debt was paid off with Jackson. But if it is impossible to pay off the debt then why are conservatives worried. Bigger than that, is now all those history books claiming Jackson paid off the debt have to be changed.

 

[HenryBHough]

To believe deficits are going to destroy our children's future requires that you also not believe that global warming is going to kill us all.

 

[bripat9643]

For practical purposes the debt was paid off with Jackson. But if it is impossible to pay off the debt then why are conservatives worried. Bigger than that, is now all those history books claiming Jackson paid off the debt have to be changed.

Asking why conservatives are worried is like asking why Bernie Madoff's clients were worried.

 

[Rozman]

America paid off its debt just once, and that by a Democratic president. So how did the payoff effect America, what happened to our economy, our way of life; did Americans rejoice in the streets buy new stuff? Well one result of the debt elimination was an economic depression.

So I guess we can run the national debt up to $30 trillion instead of the $20 trillion we are closing in on.

 

[regent]

America paid off its debt just once, and that by a Democratic president. So how did the payoff effect America, what happened to our economy, our way of life; did Americans rejoice in the streets buy new stuff? Well one result of the debt elimination was an economic depression.

So I guess we can run the national debt up to $30 trillion instead of the $20 trillion we are closing in on.

So how did paying off the debt affect our economy? If we paid off the debt tomorrow for the second time in our history what would be different? If history is any indicator we would immediately start creating a new debt, but what would we have spent the money on?.

 

[CrusaderFrank]

America paid off its debt just once, and that by a Democratic president. So how did the payoff effect America, what happened to our economy, our way of life; did Americans rejoice in the streets buy new stuff? Well one result of the debt elimination was an economic depression.

When was this, in the 1800's?

 

[eagle1462010]

To the OP.

Since debts don't matter just end all Taxes. I'd appreciate it................Thanks in advance for ZERO TAXES..............

 

[eagle1462010]

Give me all the taxes back from my lifetime as well...........Including all my S.S. taxes.........All the taxes paid on consumer goods. It's not needed because the OP just said so.........

 

[Delta4Embassy]

Wont ruin our children's futures so much as make some of the 'economic collapse' survivalists on "Doomsday Preppers" seem rational and savvy.

 

[EdwardBaiamonte]

If history is any indicator we would immediately start creating a new debt, .

Unless we made debt illegal as Republicans have tried to do 30 times with BBA's (Balanced Budget Amendments) despite Democrat success in killing every effort at fiscal responsibility! Democrats want to keep the welfare money and votes flowing at any cost!!

 

[CrusaderFrank]

BWAHAHAHAHAHA!

Man, you kill me!

You mean government couldn't issue securities before the Federal Reserve began issuing Federal Reserve notes? How did the government borrow money before 1914?

Do you ever think about the idiocies you post?

We were on a gold standard back then. It was a different ball game from an operational standpoint, especially give the real constraints imposed by a gold standard. We don't even need Treasuries at this point. Literally.

The US could stop the issuance of Treasuries if it wanted. All that would occur is the deficit spending would accrue as excess reserve balances at the Federal Reserve. It makes zero sense continuing to issue Treasuries at this point, especially with a floating f/x regime and non-convertible currency. Treasuries basically function as a way to support the term structure at higher levels than they'd naturally be at. Longer term rates are the result of investment while higher rates only distort the prices of real goods and services.

So we should print dollars instead of selling bonds

They're both the same thing, except bonds are a less liquid version of cash. Think about it, we're talking dollars deposits over at the FED that simply accrue some interest. They basically function as a mechanism to drain excess reserves from banking system at the end of the day.

Oh yeah, if it were up to me, I’d also make it policy for the Treasury NOT to buy any financial assets. This should only be done by the FED. When the Treasury purchases financial assets, the political class tends to have fits over such things due to their ignorance about monetary operations. They misinterpret these operations as a form of deficit spending which they inaccurately believe as affecting fiscal policy.

Really? You have to pay interest on printed dollars?

 

[CrusaderFrank]

Democrats even did away with the whole concept of a "Budget"

 

[Rozman]

Bush in office national debt important.
Obama in office....ain't no big thang.

 

[regent]

If history is any indicator we would immediately start creating a new debt, .

Unless we made debt illegal as Republicans have tried to do 30 times with BBA's (Balanced Budget Amendments) despite Democrat success in killing every effort at fiscal responsibility! Democrats want to keep the welfare money and votes flowing at any cost!!

But surely in those thirty times Republicans have tried to pass a BBA they must have came close, perhaps we should check Reagan he sure talked a lot of fiscal responsibility and many voters voted for that Reagan fiscal responsibility?

 

[EdwardBaiamonte]

If history is any indicator we would immediately start creating a new debt, .

Unless we made debt illegal as Republicans have tried to do 30 times with BBA's (Balanced Budget Amendments) despite Democrat success in killing every effort at fiscal responsibility! Democrats want to keep the welfare money and votes flowing at any cost!!

But surely in those thirty times Republicans have tried to pass a BBA they must have came close, perhaps we should check Reagan he sure talked a lot of fiscal responsibility and many voters voted for that Reagan fiscal responsibility?

dear, it does not matter if they came close. They failed!! They failed to make deficits illegal in America because liberals stopped them. Still over your head??

 

[bripat9643]

America paid off its debt just once, and that by a Democratic president. So how did the payoff effect America, what happened to our economy, our way of life; did Americans rejoice in the streets buy new stuff? Well one result of the debt elimination was an economic depression.

So I guess we can run the national debt up to $30 trillion instead of the $20 trillion we are closing in on.

So how did paying off the debt affect our economy? If we paid off the debt tomorrow for the second time in our history what would be different? If history is any indicator we would immediately start creating a new debt, but what would we have spent the money on?.

For one thing, we wouldn't be paying $300 billion a year in interest on the debt. For another, government borrowing wouldn't be crowing out private sector borrowing, and interest rates would be lower. Our economy would grow faster and we would all be wealthier. Aside from that, there's no benefit to paying off the debt.

 

[bripat9643]

America paid off its debt just once, and that by a Democratic president. So how did the payoff effect America, what happened to our economy, our way of life; did Americans rejoice in the streets buy new stuff? Well one result of the debt elimination was an economic depression.

When was this, in the 1800's?

Andrew Jackson was president from March 4, 1829 to March 4, 1837

 

[regent]

America paid off its debt just once, and that by a Democratic president. So how did the payoff effect America, what happened to our economy, our way of life; did Americans rejoice in the streets buy new stuff? Well one result of the debt elimination was an economic depression.

When was this, in the 1800's?

Andrew Jackson was president from March 4, 1829 to March 4, 1837

Seems like no one was much interested in how Jackson did it.

 

[bripat9643]

America paid off its debt just once, and that by a Democratic president. So how did the payoff effect America, what happened to our economy, our way of life; did Americans rejoice in the streets buy new stuff? Well one result of the debt elimination was an economic depression.

When was this, in the 1800's?

Andrew Jackson was president from March 4, 1829 to March 4, 1837

Seems like no one was much interested in how Jackson did it.

It's easy when the government doesn't have to feed 150 million ticks.