Does the Federal Govt pay off its debts?

[thatsright]

We have a 10+ Trillion federal deficit. I know the Feds pay the interest on the debt each year, but have we ever paid off a loan in full in the last few years?

(Yes, I've totally run out of computer related questions...)

 

[IEC]

That's a question we should be asking the numbskulls in Washington.

Our currency isn't backed by anything right now except our own word, which is worth little these days. Although you could say our military backs it...

 

[xanis]

No idea. I thought China had been buying our debt for years so it wasn't a big concern... but I know almost nothing about economics so I'm probably wrong and misinformed.

 

[PlasmaBomb]

Deficit = excess of expenditure over revenue != debt

You have a deficit of $455 billion and a debt of $10.6 trillion.

Wikipedia puts your GDP at $14.3 trillion. That is scary...

 

[PlasmaBomb]

http://en.wikipedia.org/wiki/I...GDP_Forecast_Chart.png

That looks even more scary...

 

[Flammable]

Originally posted by: PlasmaBomb
http://en.wikipedia.org/wiki/I...GDP_Forecast_Chart.png

That looks even more scary...

explain in laymens term please

 

[Evadman]

Originally posted by: Flammable
explain in laymens term please

The US owes a metric shit ton of money now, and it will be a imperial shit ton in a few decades.