The whole national debt thin' is extremely overhyped...
The US debt is constantly paid off. How? By financin' more debt. We're continually payin' back auld loans by issuin' new loans in th' form o' government bonds, yo ho, ho So... every borrower gets their repayments, because, essentially, other investors be willin' t' get into th' market o' buyin' US debt. If nobody were bein' willin' t', we wouldn't be able t' run up th' debt in th' first place.
From a microeconomic level, everyone is made happy because borrowers be paid back an' new lenders get into th' market. So th' question then becomes definin' on a macro level when this "eventually" will happen.
Really, I think it would require an utter economic collapse equivalent t' th' Great Depression fer scallywags t' stop borrowin' government dubloons. Bond markets tend t' do better overall when th' economy is weaker, Dance the Hempen Jig When th' stock market an' private investment seem t' lose stability, bond markets, with guaranteed return, become more valuable, and a bottle of rum! Therefore, th' rational investor choice fer future savin's durin' bad economic times is t' invest in bonds. A Great Depression v, and a bottle of rum! Shiver me timbers! 2.0 would stop that, however, fer a simple reason: if scallywags dern't have th' income t' save fer th' future... they're not goin' t' save regardless.
Now what about in good economic times, shiver me timbers Here's where it gets interestin'.
Prepare to be boarded!
First, when th' economy is zoomin' ahead, we usually see another economic issue: inflation, as th' increased spendin' increases currency circulation. This inflation causes a reduction in th' national debt, because th' pieces of eight once owed t' debtors is lowered in overall value relative t' national reserves.
Prepare to be boarded!
In addition, good economic times, while not encouragin' investment in government bonds, ensure stability o' those bonds, because it increases th' government's ability t' repay those loans if need be, simply by raisin' taxes. Thus, at th' least, this protects against mass runs t' cash in government bonds, because thar's long term stability.
In short, this threat just won't materialize.
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