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Originally Posted by flstf
This kind of thinking (forgiving of debt) could catch on if it is a good thing. I wonder what the result would be if our government forgave the debt of all of our poorest citizens and gave them a fresh start. Better yet maybe also declare our national debt paid in full and let our government start with a clean slate and begin to act responsibly.
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That's ummm, interesting.
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What Is the National Debt?
The national debt consists of Treasury notes, T-bills, and savings bonds that were sold to raise cash to pay the ongoing operational expenses of the federal government. National debt held by the public consists of debt instruments sold to anyone other than a federal trust fund, such as the Social Security trust fund. Most federal debt held by the public is owned by state and local governments, pension plans, mutual funds, and individual retirement portfolios.
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The national debt is also money borrowed from government trust funds such as Medicare, the Highway Trust Fund and the Federal Employees Retirement System.
I'm not sure that bankrupting SS, Medicare, state and local governments, mutual funds, individuals, etc. would be deemed "responsible."