Quote:Who said anything about paying it off? :mellow:

 

On a more serious note there's two possibilities, either increasing taxes significantly (and there's room for it, regardless of what republicans will scream) or simply "printing money".

 

I'm not worried about the latter possibility because if it came to that then the currency would already have been deemed worthless by the rest of the world before we actually even undertook such action.

 

There are 0 possibilities.  The dollar will collapse and its just a matter of whether we want to bite the bullet or we want our children or grandchildren to bite the bullet.

 

The current debt is almost 18 trillion.  There is only like 11 trillion dollars in the entire world.  There is only like 2 trillion in non-electronic currency.  Raising taxes isn't even a drop in the bucket.  Even at the lowest interest rates we've ever paid at 2.4% we're paying $500 billion IN INTEREST ALONE per year.  If we literally doubled the income tax and people were paying 60-70% of their paychecks into taxes, it would still take like 25 years to pay off the debt.

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