U.S. debt paid in full — in 2079
The debt: This is not a party problem, this is a national problem. It is most likely more complicated, but the simple arithmetic is this:
The most recent surpluses were 1960, 1969, 1998, 1999, 2000, 2001.
Our best surplus year (which was under Clinton) was the year 2000: $236 billion.
If we were to get to a surplus of $236 billion [in 2013], and then had a surplus of $236 billion from here on out, and apply those surpluses to the debt, it would take 67 years to bring the debt to zero.
That is the year 2079.
Well, I won’t be around; our kids will be in their 90s, our grandkids will be in their 60s, our great-grandkids will be in their early 40s, and our great-great-grandkids will be in their teens or early 20s.
The money the government borrows TODAY (and the services used TODAY) will not be “paid off” until at least the year 2079, and the folks paying for the services that we are using today will be our (yours and mine) great-great-grandkids.
It just doesn’t seem right.
Thomas Jefferson: “Loading up the nation with debt and leaving it for the following generations to pay is morally irresponsible. Excessive debt is a means by which governments oppress the people and waste their substance. No nation has a right to contract debt for periods longer than the majority contracting it can expect to live.“