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Originally Posted by pan6467
If we had a growing middle class, that can afford to save and invest money; a strong economy and a manufacturing sector, I wouldn't worry about the debt.
However, as we lose good paying jobs overseas, as we see a shrinking middle class that cannot afford to have a savings account, let alone invest, a manufacturing sector that is dying.... I worry.
If we have a strong and growing economy the debt is growth and as the country grows and less investment is needed the government can back down a little. We are far from that.
Short of just saying fuck it and forgiving the debt .... I don't know how we can maintain it and survive.... how much of our taxes go to pay a year on it now, I know it's a God awful amount.
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If you look at tax receipts, they are growing faster than the growth of GDP for now. If more taxes are being paid, it supports the fact that the economy is growing and is strong. Our economy doesn't grow without a strong "middle class."
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Tax receipts for the first eight months of 2007 have been strong, up by 8.0 percent, compared with tax receipts for the first eight months of last fiscal year. For the full fiscal year, overall receipts are projected to grow by 6.9 percent, which is faster than the rate of growth in GDP, and are expected to total $2.574 trillion, $34 billion higher than estimated in February
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http://www.whitehouse.gov/omb/budget.../pdf/08msr.pdf
page 4.
To me the issue goes back to controlling spending in Washington.