""The fact is The United States of America is in so much debt, it can never be paid back. ""
Another fact you just made up? U.S. had debt of 122% of GDP in 1946 after the end of the war, with state and local debt adding another 7%. Then dropped to below 50% by 1980 when taxes were aggressively cut. U.S. debt will be paid back through growth in the economy. A 16 trillion debt is very manageable with a $50 trillion economy. But empires and wars are expensive as Britain found out. Between 1760 and 1860 their national debt was never lower than 100% and from 1780 to 1845 was never lower than 150%( Napoleonic wars). Britain never defaulted and by 1914 Britain's debt was down to 15% of GDP. They didn't pay it off they simply grew their way out. The simple mistake common on this board is to compare the U.S. to Greece or Russia.
"Resolving the fiscal crisis would prevent a sudden and severe shock to the economy, help reduce unemployment and strengthen growth, he said. That could make the new year “a very good one for the American economy,” Bernanke said."