Quote:
Originally posted by Torrere
I didn't get much of the story. However, my government teacher (who is not necessarily trustworthy) says that most of the American debt is in the form of bonds. He also says that for most of the government's loans, if they paid the debt off early there would be a fine that usually would amount to MORE than the interest.
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He's half right. The debt consists of various instruments with varying timeframes. Since there is no way the goverment could pay off 6.5 trillion at once, the debt would be paid off gradually.
I have heard that the US has a 10 trillion dollar economy. Owing 6.5 trillion is the equivalent of a person who earns 100K a year having a 65k credit card bill.
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