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Estimating the time it will take to pay off the national debt depends on future revenues and expenses--not just the current amount owed. If expenditures are productive--that is, they grow the economy and generate better-paying jobs, then tax revenues will rise faster.
Projections are largely hokum. Consequently, projections into the far future are hokum compounded. Your formula would be garbage-in, garbage-out.
What we must do is be pragmatic and look more at policies and less at mathematics. Do our policies channel resources from the poor and middle classes to a small élite of wealthy plutocrats? If so, we may never see an end to the accumulating debt.
If our policies, on the other hand, take revenue at a maximum income-tax rate of 90% (what it was during the 40s, 50s, and into the 60s) from those whose taxable (not gross) income is $1 million and up, and if we invest the revenue in new income-producing R&D and technologies, then we may be surprised at how quickly we will be able to reduce the national debt.
Keep in mind that during the final two years of the Clinton Administration we were running annual surpluses. Bush cut taxes mostly on the wealthy élite (along with enforcement of the tax laws) and the result speaks for itself.
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What did the economic nationalists wanted to do in 1776?
secure a charter for the Bank of North America; congress assume payment of the entire national debt; use tax revenues to pay off the growing national deficit
What is circular debt?
Circular debt is when, to give a three-person example, A owes B, who owes C, who owes A. Circular debt relates to subsidies which the government in Pakistan is providing to the electricity consumers. By not collecting the bills KESC does not have the funds too pay its oil supplier , which could be PSO which in turn does not have the funds to pay its supplier, National Refinery say and then National Refinery does not have the funds to pay for imported oil. A better name is incorporate debt,
What economic problems troubled the nation at the beginning of Washington's presidencyhow were they solved?
One problem George Washington faced was uniting the colonies. Other problems that his administration faced were forming an alliance with Britain, establishing a cabinet and forming treaties with the Indians.
What is the total national debt of the United States?
Currently over $9.6 trillion. Keep in mind that the "total national debt" = "total public debt" + "total intergovernmental debt". Often when you hear that the "national debt" has been decreased (i.e. during the Clinton years), they mean only that the "total public debt" has been decreased, which is the amount of government-issue debt held by the public. HOWEVER, the other component of the "total national debt", "total intergovernmental debt", is just as important - it is the amount of money the government borrows from itself to pay off public debt. This is what is contributing to the future meltdown of the social security system: the government borrows from current social security surpluses (that are the result of all the baby boomers still paying social security taxes and not retiring and receiving benefits yet), and uses these borrowings to reduce its "public debt". BUT, when baby boomers start retiring and the social security system starts owing much more money than it is taking in, that money will not be in the social security vault because the government used it to pay off its public debt. Barring a MAJOR reform before this happens, this will result in either a) massive, massive tax increases to fund these social security obligations, b) massive amounts of money being borrowed, resulting in a likely $10-40 TRILLION increase in the national debt over the next 20-40 years, or c) these obligations not being met. This is why if you are under 40 you should hate the AARP... you hear nothing about this crisis in the election talk, but even if you end up having to pay 50-60% income tax twenty years down the road so your parents' generation can comfortably retire, your generation will still face a huge shortfall in your social security that it will have to somehow account for down the line. FORM AN AAYP (American Association of Young People) ASAP, you are being cruelly and recklessly taken advantage of by the preceding generation.
Where do fire departments get money?
From government, so our taxes.Yes from Government, But not the taxes. Taxes are not used for infrastructure in the least amount. It is being used to pay on the INTEREST of the national debt alone.
What was Hamiltons plan to pay off national debt?
Hamilton's plan to pay off the national debt had three parts. The first was to pay off all war debt, next was to raise government revenue and last to create a national bank.
Why did Hamilton's want national taxes?
to pay off the national debt
Who was the president to pay off his national debt?
my mom
Why did Alexandria Hamilton proposed the first National Bank to?
Pay off the national debt
Why was the first national bank proposed by Alexandria Hamilton?
Pay off the national debt
What was Alexander Hamiltons biggest challenge?
to pay off national debt
Who was the first president to pay off the national debt?
andrew jackson
How did Thomas Jefferson's view of the national debt from that of Alexander Hamilton?
Jefferson wanted to pay off the debt; Hamilton did not.
How did thomas Jefferson view of the national debt from that of Alexander hamilton?
Jefferson wanted to pay off the debt; Hamilton did not.
How did the national assembly hope to pay off the national debt?
They confiscate the property of the Catholic Church and the emigres.
Do you have to pay credit card debt from 5 years ago?
If it is debt, you must pay it, no matter how long you put it off.
How did the national assembly plan to pay off government debt?
They would give them whiskey.
