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Line 285: − + − It will take decades for Americans to pay off the [[national debt of the United States]] if this happens. And it will require Americans retiring later, controlling defense budget costs, a merit-based legal [[immigration]] system,, and sound growth economic policies. The failed presidency of Jimmy Carter was followed by 12 years of Republican rule.+ − − Watch the videos which give an overview of America's federal debt problem: − − *[https://www.youtube.com/watch?v=EQ55BY7NKVk Does National Debt Still Matter? America's Gamble], [[libertarian]]/small government view, ReasonTV − − *[https://www.youtube.com/watch?v=bAlF39Y_Lvw The US Debt Situation Explained], Discusses dangers and not being super/overly concerned. − − *[https://www.youtube.com/watch?v=FC5Gkox-1QY Professor Antony Davies: Taxing the Rich Will NOT Fix The Deficit]
→Debt to GDP ratio
''See also:'' [[National debt of the United States]] and [[Federal Debt Limit]]
''See also:'' [[National debt of the United States]] and [[Federal Debt Limit]]
During [[World War II]], federal debt peaked at 106% of gross domestic product in 1946.<ref>[https://www.washingtonpost.com/opinions/2020/05/27/this-is-not-your-grandfathers-debt-problem/ This is not your grandfather’s debt problem] By Eugene Steuerle, Washington Post, 2020</ref>
During [[World War II]], federal debt peaked at 106% of gross domestic product in 1946.<ref>[https://www.washingtonpost.com/opinions/2020/05/27/this-is-not-your-grandfathers-debt-problem/ This is not your grandfather’s debt problem] By Eugene Steuerle, Washington Post, 2020</ref> Back then there was a plenitude of Treasury bond buyers owing to the 24% of GDP national saving rate generated by an [[economy]] fully mobilized for [[war]], and subject to harsh rationing a few consumer goods to buy.
US government interest payments per day doubled from $1bn per day before the [[covid pandemic]] to almost $2bn per day in 2023.
US government interest payments per day doubled from $1bn per day before the [[covid pandemic]] to almost $2bn per day in 2023.
[[Reagan]] [[CBO]] director [[David Stackman]] commented on a 2024 [[Congressional Budget Office]] (CBO) forecast based on Rosy Scenario assumptions where will be no [[recession]]s, no [[inflation]] flare-ups, no [[interest rate]] spikes, no [[financial]] crises, no big [[war]]s, no global [[energy]] crises for the next 30 years. Publicly-held debt of the US government is projected by the CBO to hit 166% of GDP, towering far above the [[WWII]] peak of 106%.<ref>https://davidstockman.substack.com/p/americas-fiscal-armageddon-and-how</ref>
== Liberal views on China ==
== Liberal views on China ==