How long will it take to pay off the debt?

[artemishunter1]

What if U.S. nationalizes Oil, and opens up oil drilling to maximum capacity, how long will it take to pay off the national debt completely?

[zoomgpally]

What if U.S. nationalizes Oil, and opens up oil drilling to maximum capacity, how long will it take to pay off the national debt completely?

Forever

Unless they pay 250m and see it as 1b

[Zergin8r]

If you count fracking as part of drilling, honestly it would probably increase the debt as you would have to borrow money to fix the following environmental disasters.

[Templar 331]

EVIL SOCIALISM!! /jk

While I'm not entirely against the idea of nationalizing oil, I would think that if you went full capacity that the price of oil would drop.

[Kalis]

While I'm not entirely against the idea of nationalizing oil, I would think that if you went full capacity that the price of oil would drop.

Indeed, you'd have to do a complex calculation based on how having such an increase in oil on the market would affect the rates, taking into account the probable reactions of the other oil producing countries, and a huge number of other factors.

Nobody would want to do it, as it isn't a likely scenario, so it would be a waste of time.

[FireVoodoo]

What if U.S. nationalizes Oil, and opens up oil drilling to maximum capacity, how long will it take to pay off the national debt completely?

You don’t really know how petro dollar actually works? You think oil is expensive per se? You are wrong. In fact It’s very very cheap. You see, 80% of income Arabs got for their oil they “invest” in treasuries (in exchange of “protection” from US). And prices are high to increase demand for production of FR’s printing press (dollars), because Arabs trade their oil exclusively for dollars, you see. So, World needs dollars. And like 80% of those dollars return to US. Why bother with drilling? Learn basics of how FRS works before trying to solve problem of so called “debt” of yours (which is fraud anyways, it was fraud from the very start in 1913)

This particular scheme was invented in May, 1973 by Builderberg club & was executed by Kissinger. Nixon was against it so Watergate happened ;D

[Hooked]

They arent even thinking of paying off debt in this administration. He will leave it for your children to worry about. The debt has risen 10 trillion dollars under obama.

http://www.usdebtclock.org/

[Aeluron Lightsong]

They arent even thinking of paying off debt in this administration. He will leave it for your children to worry about. The debt has risen 10 trillion dollars under obama.

http://www.usdebtclock.org/

I could say the same about Bush but that'd be too logical.

[Dismack]

They arent even thinking of paying off debt in this administration. He will leave it for your children to worry about. The debt has risen 10 trillion dollars under obama due to bush and republican party policies.

http://www.usdebtclock.org/

Fixed that for you, with a few facts added into the bullshit.

[Vyxn]

What if U.S. nationalizes Oil, and opens up oil drilling to maximum capacity, how long will it take to pay off the national debt completely?

nationalizes oil? please look up what nationalizing oil did to Venezuela and Mexico

[Gheld]

Short answer: It doesn't work that way.

[runedhill]

A country's debt isn't like an individual's debt. It's not something you can just pay off over time because they're constantly creating more debt than can be possibly "paid back".
By the way, the United States already drills more oil than any other country on the planet. "Drilling to maximum capacity" would be an absolute disaster and will have 0 affect on the national debt.

[Mister K]

Will USA eventually default? They don't really have to pay of the debt though.

Also, what is the professional term for countries financial default? I have completely forgotten the term :/

[Skroe]

Why in gods name would we ever want to pay off the debt?

National Debt is nothing like credit card debt. Nothing. I wish there was a different word for "debt" for what we call the national debt because it just confuses people.

Oh and for that useless "leave it for our children" comment, if leaving debt for our children were actually a serious priority, we'd raises taxes to the 70% range and cut entitlement spending on Medicare, medicaid and socials security. Debt would close pretty fast. But we don't because the only way to erase elderly poverty is for the young to pay for the old, the same way the old paid for their old when they were young. The word for that is 'fair'.

So we can screw the old if we like and change the deal for the young, but don't hilariously pretend you're protecting "our children".

[artemishunter1]

If oil is not going to work, I am not sure we have any other resource to pay off the debt

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Why in gods name would we ever want to pay off the debt?

National Debt is nothing like credit card debt. Nothing. I wish there was a different word for "debt" for what we call the national debt because it just confuses people.

Oh and for that useless "leave it for our children" comment, if leaving debt for our children were actually a serious priority, we'd raises taxes to the 70% range and cut entitlement spending on Medicare, medicaid and socials security. Debt would close pretty fast. But we don't because the only way to erase elderly poverty is for the young to pay for the old, the same way the old paid for their old when they were young. The word for that is 'fair'.

So we can screw the old if we like and change the deal for the young, but don't hilariously pretend you're protecting "our children".

Well, the debt limits our foreign policy. We can not seriously move against China if they hold our debts.

[Durandro]

Never. National Debt isn't a real thing, really. Its a method of controlling the value of money, and a way for banks to never ever go out of business (completely, at least). Without it the currently economic model simply wouldn't work, unfortunately.

[wxcopy]

What if U.S. nationalizes Oil, and opens up oil drilling to maximum capacity, how long will it take to pay off the national debt completely?

I'm glad to see many people aware of the truth. The national debt can never be paid off. It is your economy, and increasing the debt is the economy. No debt means no money for the people. Our current fiat currency model is insane.

Any time you hear the media or a politician talking about paying off the debt, they are full of shit lying to you.

[Mukki]

It's a long video, but Tony Robbins says we can never pay it off.

[Moralgy]

South park already gave us the answer, now we just wait for our little jewish savior to appear.

[Prokne]

The trillions, with just oil, impossible. To be honest it seems like a hole you wont beable to crawl out of, that amount of money is just staggering.

It wouldnt really be that hard. It would probably take a few decades but it took that long to make it in the first place. Just stop cutting taxes and use the surplus to pay it off. The Bush tax cuts added trillions to the deficit by themselves and most of the money went into rich peoples bank accounts never to be seen again.

I think the real question is should we pay off the debt. If we can still function normally with it, just keep it. Only bump it up if its necessary like to pump up the economy during a recession. The only reason we have gotten crap for anything related to the debt is when Republicans threaten to default on it.