> Does anyone really think the National Debt will ever be paid back?
No, the debt is never paid off. But we continue to pay the interest on it in perpetuity, and at a certain point the interest paid on the debt will exceed the revenue available to pay it. Note that today, interest rates are near a historical low, so it's really cheap for the government to borrow money. But if the promised (and very unrealistic) growth predictions actually materialize, the Fed will raise interest rates to put the brakes on inflation. Re-financing the existing debt will get a lot more expensive, which will increase the need for revenue to cover interest.
No Toto, we're not in Sam Brownback's Kansas. But it sure seems familiar.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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