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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.
What else can I help you with?
Can taxpayer money be used to pay off national debt?
Yes, taxpayer money can be used to pay off national debt, as government revenues primarily come from taxes. However, the national debt is typically managed through various financial instruments, including issuing bonds rather than directly using tax revenues for repayment. While taxes contribute to the overall budget, which can include debt servicing, the decision to pay down debt involves broader fiscal policy considerations. Ultimately, the use of taxpayer money for this purpose depends on political priorities and economic conditions.
How is the national debt serviced?
The national debt is serviced primarily through the payment of interest on outstanding government bonds and securities. The government uses tax revenues and other income sources to make these interest payments, ensuring that it can maintain its creditworthiness. Additionally, when bonds mature, the government may issue new debt to pay off the old debt, a process known as refinancing. This cycle continues as long as the government maintains its borrowing and spending practices.
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 one of the major problems caused by a high national debt?
One major problem caused by a high national debt is the burden it places on future generations, as they may have to pay higher taxes or face reduced government services to repay the debt.
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 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 was the first national bank proposed by Alexandria Hamilton?
Pay off the national debt
Why did Alexandria Hamilton proposed the first National Bank to?
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.
Who was the only one to pay off the national debt?
Andrew Jackson was the only president to date to actually pay off the national debt. President Jackson paid off the debt in 1835. He was a wise man by doing so. Many people get confused and believe that there is no national debt when there is a surplus. The last president to balance the budget and regain a surplus of revenue was Bill Clinton and he did it only for one fiscal year.
