I am not here to incite a debate, but only to offer an opinion as an economist (PhD). The U.S. Debt is not wholly evil, and indeed it is vital to the growth of our consumer driven nation. In the simplest terms, and without writing a book, it can be illustrated (never fully explained) in simple bullet form. Thus:
1) Our debt is a meter of our borrowing activity and illustrates our society’s capitalistic ventures (including business loans, consumer goods, auto loans, etc.)
2) During this economic crisis, the true danger is fear, and a sudden shift to “saving or decreasing” the national debt (often falsely related to our own personal financial position), has historically proven to both extend and exacerbate economic crisis.
3) While some claim that China is going to overpower America due to its increased stake in our “investment” (and out increased budget deficit) is completely false. The truth is that it must be viewed as it is… China simply does not have enough investors or individuals vying for loans, and thus loans the money to hopefully profitable ventures from American entrepreneurs.
Without taking too long, as well as too much space, I would just ask that you think about the above facts before criticizing the government too much… Is the increasing debt alarming? Maybe (depends on the economist that you ask)! Is it crippling and completely detrimental to our great nation? I do not believe so. However, again, this is just my humble opinion.
