How does the National Debt affect the average citizen?

[MeachTheMonster]

I keep hearing how we need to reduce the debt, but I want to know why. As far as I know we have almost always been in debt, and other countries have always been indebted to us.

So why is reducing the debt so important that we forgo our citizens direct needs to attempt to reduce the debt?

 

[theworldismine13]

Wow, do you know much money is spent servicing the debt, there is huge chunk of money that is paid every year just on interest payments, you can google it and get an exact figure but it's huge

But the people who pay the price are the future taxpayers, just like we are making interest payers on debt that was taken out years ago, the future taxpayers will pay for the debt we rack up now

 

[theworldismine13]

Double post

 

[theworldismine13]

Double post

 

[MeachTheMonster]

Wow, do you know much money is spent servicing the debt, there is huge chunk of money that is paid every year just on interest payments, you can google it and get an exact figure but it's huge

But the people who pay the price are the future taxpayers, just like we are making interest payers on debt that was taken out years ago, the future taxpayers will pay for the debt we rack up now

I understand all that, but how will it really affect the future tax payers? I know we all pay taxes but how will their daily lives be affected?

Sorry to sound so misinformed on the issue but truth is I never understood the worry about the national debt. Can china repo the country or something?

 

[john goodman]

It's no big deal, just a scare tactic politicians use

There's a lot of more important issues than the national debt

 

[CrimsonTider]

It is a big deal.

Just think of it like this the gov has 100% of your tax dollars to spend.

The bigger % of the pie that goes to servicing debt, the less goes to social security, infrastructure and other types of things.

You want the tax dollars to be reinvested back into the economy not spent on paying back monEy we already spent.

 

[MeachTheMonster]

It is a big deal.

Just think of it like this the gov has 100% of your tax dollars to spend.

The bigger % of the pie that goes to servicing debt, the less goes to social security, infrastructure and other types of things.

You want the tax dollars to be reinvested back into the economy not spent on paying back monEy we already spent.

Thing is we are expected to sacrifice those things already to reduce the debt. To reduce the debt politicians propose that we cut things like healthcare, Medicaid, education, infrastructure, job creation.

To me it makes more sense to spend the money on improving the citizens now, so that in the future they can actualy pay taxes.

 

[theworldismine13]

I understand all that, but how will it really affect the future tax payers? I know we all pay taxes but how will their daily lives be affected?

Sorry to sound so misinformed on the issue but truth is I never understood the worry about the national debt. Can china repo the country or something?

for example, right now we are paying 343 billion every year just to service the debt Government - Interest Expense on the Debt Outstanding

so the debt is costing 343 billion dollars right now, if you are wondering how 343 billion effects the taxpayer, im not sure what to tell you, its self evident that it effects the taxpayer

for future tax payers it will get worse unless the deficit is reduced

 

[theworldismine13]

Thing is we are expected to sacrifice those things already to reduce the debt. To reduce the debt politicians propose that we cut things like healthcare, Medicaid, education, infrastructure, job creation.

To me it makes more sense to spend the money on improving the citizens now, so that in the future they can actualy pay taxes.

there is a difference between the deficit and the debt

the us debt is so huge its not going anywhere, but what we can do is reduce the deficit so we wont add to the debt

technically speaking the debt is manageable right now, so john goodman is technical right, its actually the deficit that is out of control and the longer we have a deficit the more likely for the debt to to become unmanageable in the future

you can argue about what has to be cut and what taxes have to be raised but the budget deficit has to be reduced or else the debt will become unmanageable in about 10 or 15 years, unmanageable means that the government is using most of its money to pay of debt instead of using it to function

 

[MeachTheMonster]

for example, right now we are paying 343 billion every year just to service the debt Government - Interest Expense on the Debt Outstanding

so the debt is costing 343 billion dollars right now, if you are wondering how 343 billion effects the taxpayer, im not sure what to tell you, its self evident that it effects the taxpayer

for future tax payers it will get worse unless the deficit is reduced

That's exactly what I'm wondering. How does me making sacrifices now, like less chance for an affordable education and a job. Help me in the future. I know the debt is high and we all have to foot the bill. But it's not self evident how I am directly affected by the debt. I'm 28 now and in my adult life the debt has ballooned but i honestly don't see how this has changed my life.

there is a difference between the deficit and the debt

the us debt is so huge its not going anywhere, but what we can do is reduce the deficit so we wont add to the debt

technically speaking the debt is manageable right now, so john goodman is technical right, its actually the deficit that is out of control and the longer we have a deficit the more likely for the debt to to become unmanageable in the future

you can argue about what has to be cut and what taxes have to be raised but the budget deficit has to be reduced or else the debt will become unmanageable in about 10 or 15 years, unmanageable means that the government is using most of its money to pay of debt instead of using it to function

So what exactly is the deficit and how does it differ from the debt?

 

[Domingo Halliburton]

there is a difference between the deficit and the debt

the us debt is so huge its not going anywhere, but what we can do is reduce the deficit so we wont add to the debt

technically speaking the debt is manageable right now, so john goodman is technical right, its actually the deficit that is out of control and the longer we have a deficit the more likely for the debt to to become unmanageable in the future

you can argue about what has to be cut and what taxes have to be raised but the budget deficit has to be reduced or else the debt will become unmanageable in about 10 or 15 years, unmanageable means that the government is using most of its money to pay of debt instead of using it to function

unmanageable how? we're talking about the united states aren't we? the biggest economy in the world? we're not defaulting... ever. the entire world depends on us. It's mostly a scare tactic that these retard republicans embrace because they know they can't win in november. You got to run these big deficits in the interim to get out of this slowing economy. You know cutting spending is just going to hurt jobs, right?

 

[john goodman]

The fed is inflating the currency.... Hopefully til manufacturing comes back

So we'll pay them back but with worthless money, we'll be fine. No need to worry about it

 

[theworldismine13]

That's exactly what I'm wondering. How does me making sacrifices now, like less chance for an affordable education and a job. Help me in the future. I know the debt is high and we all have to foot the bill. But it's not self evident how I am directly affected by the debt. I'm 28 now and in my adult life the debt has ballooned but i honestly don't see how this has changed my life.

i dont get this question, the government spends 343 billion paying debt, thats 343 billion its not spending on other things, why is that hard to understand how it effects you?

didnt you just say you think the government should spend money on healthcare and other things? if the government is spending money paying off its debt then obviously it cant spend it on other things

So what exactly is the deficit and how does it differ from the debt?

https://www.google.com/search?q=dif...&sugexp=chrome,mod=3&sourceid=chrome&ie=UTF-8

the government operates the exact same way you operate, if you come up short when paying your rent and you have to borrow $100, then your deficit for that month is $100

but lets say the person you borrowed it from wants $20 interest

so now your deficit is $100 and your debt is $120

so the next month if you come up $100 short again and borrow, your deficit is still $100 but your debt will be $240 and so on

at some point if you continue to have a deficit you will be unable to pay your actual debt

 

[Domingo Halliburton]

edit ^ he explained it