Who is Responsible for the US National Debt and How Can it Be Addressed?

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In summary, the conversation discusses the perpetual nature of US debt due to its status as a dominant global power, the unlikelihood of nations asking for their money back and the complexities of US debt owed to foreigners, as well as the benefits and drawbacks of owning government debt in a 401k.
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Nebula815 said:
President Bush knew there was risk of a real-estate crash,
No doubt everyone would admit to some risk, the question is how much. I've never seen anything definitive from Bush on that score.

that was one reason he tried to reign in Fannie and Freddie multiple times,
True.
but the Congress killed it every attempt;
Including the Republican Congresses. It was Republican representatives that sponsored the reign-in attempts, and it was Democrats that mainly opposed them, but never the less they failed under Republican majorities in both houses.

it was one of the things Barack Obama voted against even as a Senator.
I'm not sure Obama overlapped with those reign-in bills, but he certainly exhibited support for FM. See for instance this video of a Congressional swearing-in ceremony which includes Obama, which is hosted by 'family' member Daniel Mudd, CEO of Fannie Mae. I've never seen anything remotely like this, where a corporate CEO presides over such a ceremony.
 
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<h2>1. Who is responsible for the US National Debt?</h2><p>The US National Debt is the total amount of money owed by the US government to its creditors. This includes both domestic and foreign debt. The responsibility for the debt lies with the US government, specifically the executive branch, which is responsible for creating and implementing the federal budget.</p><h2>2. How did the US National Debt get so large?</h2><p>The US National Debt has been growing for decades due to a combination of factors, including government spending, tax policies, and economic downturns. The debt also includes the accumulation of interest on previous debt, which can significantly increase the overall amount owed.</p><h2>3. Can the US National Debt be paid off?</h2><p>Technically, yes, the US National Debt can be paid off. However, it would require a significant amount of fiscal discipline and a strong economy. It would also likely require a combination of spending cuts and tax increases to generate enough revenue to pay off the debt.</p><h2>4. What are the consequences of having a large US National Debt?</h2><p>A large US National Debt can have several consequences, including a burden on future generations, higher interest rates, and a weaker economy. It can also limit the government's ability to respond to economic downturns and other crises.</p><h2>5. How can the US National Debt be addressed?</h2><p>Addressing the US National Debt requires a combination of fiscal responsibility, economic growth, and strategic budget planning. This could include measures such as reducing government spending, increasing taxes, and implementing policies to promote economic growth. It may also involve addressing underlying issues such as healthcare costs and entitlement programs.</p>

Related to Who is Responsible for the US National Debt and How Can it Be Addressed?

1. Who is responsible for the US National Debt?

The US National Debt is the total amount of money owed by the US government to its creditors. This includes both domestic and foreign debt. The responsibility for the debt lies with the US government, specifically the executive branch, which is responsible for creating and implementing the federal budget.

2. How did the US National Debt get so large?

The US National Debt has been growing for decades due to a combination of factors, including government spending, tax policies, and economic downturns. The debt also includes the accumulation of interest on previous debt, which can significantly increase the overall amount owed.

3. Can the US National Debt be paid off?

Technically, yes, the US National Debt can be paid off. However, it would require a significant amount of fiscal discipline and a strong economy. It would also likely require a combination of spending cuts and tax increases to generate enough revenue to pay off the debt.

4. What are the consequences of having a large US National Debt?

A large US National Debt can have several consequences, including a burden on future generations, higher interest rates, and a weaker economy. It can also limit the government's ability to respond to economic downturns and other crises.

5. How can the US National Debt be addressed?

Addressing the US National Debt requires a combination of fiscal responsibility, economic growth, and strategic budget planning. This could include measures such as reducing government spending, increasing taxes, and implementing policies to promote economic growth. It may also involve addressing underlying issues such as healthcare costs and entitlement programs.

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