Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Did you know that without DEBT, the US wouldn't exist?
The colonies went into debt to fund the revolution.
The US debt increased when we spent to defend ourselves from the British invasion of 1812.
Also, we went much further into debt to buy war supplies and other goods during WW2 and yet had the biggest economic boom in our history?
fact: the US had been in debt since the beginning.
9 Answers
- ?Lv 510 years agoFavorite Answer
Andrew Jackson paid it off once.
But yeah... we are perpetually in debt.
- 10 years ago
That is correct in a general sense. But the government does not have to borrow money at interest. They have from the beginning been able to print money for the government to use to without having to borrow. In effect they would be borrowing on the credit of the American people but without paying interest. It's a long story however how the International money interests (banksters) got hold of the US treasury and control of our money supply. But if the Congress was more frugal and responsible we would not have ever gotten to the dangerous place we are now as a nation.
- Anonymous10 years ago
That's because the economy runs off of interest. But lowering the debt will still be good for the economy.
- MLv 710 years ago
Some debt will always be necessary to fund development, but the level of debt we have now is TOXIC. We must reduce our debt.
- How do you think about the answers? You can sign in to vote the answer.
- Anonymous10 years ago
Did you also know that the US debt at present is 14 Trillion Dollars, and equates to $275,000 for each family. in America, and if the US defaults on its repayment, it will be bankrupt in 3 years or less.
Source(s): Financial Times - Scott HLv 610 years ago
The difference is that in the examples you cite, the USA had the means and the will to pay the money back. That is no longer the case.
- Anonymous10 years ago
Pure BS.
We can exist with or without debt.
- Anonymous10 years ago
of course, i do not recall any president ever having to balance the budget without credit