A Hypothetical Math Question Relating To The National Debt

[ownyourfuture]

I have been concerned about the debt for as long as I can remember. At 56, in my lifetime, all I can recall is that it has increased. Yes, there was that short theoretical time at the end of Bill's second term when they said the budget was balanced, but I don't recall that ever materializing. No matter how large the number or how it compares to GDP, I just don't see how practically everyone on this board understands that one has to live within their means (or below) and our government never has to live within it's means? Let alone live debt free? There's a train wreck waiting to happen. Just a matter of when and what it will look like. My bet is printing money and significant inflation.

Well done Jerry
I'm 55 & feel the same way.

 

[ChiliPepr]

Let's just say (hypothetically) the ‘real’ debt totals 73 trillion.

Let's also say that beginning on January 1, 2018 the United States agrees to address it.
They do the following: From that day forward, they will not issue any additional debt. They will only spend as much as they take in.

They will pay no interest on the existing loans/debt. They will set aside 1 million out of the revenues that come in & pay off the ‘existing debt’ at the rate of 1 million per day.

With a zero interest rate loan of 73 trillion dollars, & a payment schedule of one million per day, how many years would it take to pay it back ?

I come up with 200 thousand years.

Is this correct ?

It is correct, but it is similar to saying that if you owed $730,000 and paid 1 cent a day (or $3.65 a year) on it, it would take you 200 thousand years to pay it back.