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NPR: What If We Paid Off The Debt? The Secret Government Report


SkinsHokieFan

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I actually remember talk about this in 2000, that the entire 5 trillion dollar debt could be paid off by the end of the decade, and the consequences of the US being entirely debt free. This was, believe it or not, a very serious concern, in particular with t-bills and where would the government park the surplus dollars.

It seems like a completely different world, but its interesting to talk about

http://www.npr.org/blogs/money/2011/10/20/141510617/what-if-we-paid-off-the-debt-the-secret-government-report

Planet Money has obtained a secret government report outlining what once looked like a potential crisis: The possibility that the U.S. government might pay off its entire debt.

It sounds ridiculous today. But not so long ago, the prospect of a debt-free U.S. was seen as a real possibility with the potential to upset the global financial system.

We recently obtained the report through a Freedom of Information Act Request. You can read the whole thing here. (It's a PDF.)

The report is called "Life After Debt". It was written in the year 2000, when the U.S. was running a budget surplus, taking in more than it was spending every year. Economists were projecting that the entire national debt could be paid off by 2012.

Click link after rest

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I actually remember talk about this in 2000, that the entire 5 trillion dollar debt could be paid off by the end of the decade, and the consequences of the US being entirely debt free. This was, believe it or not, a very serious concern, in particular with t-bills and where would the government park the surplus dollars.

It seems like a completely different world, but its interesting to talk about

Well, fortunately, the GOP passed a bunch of tax cuts (which will only last for one year. See? We can afford them.), for the specific, stated purpose of saving us from that problem.

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