Entertain me. If there are 280 million people in the United States and if each one gave $5 to our deficit...?

would that help us as a country. Would you be opposed to paying an extra $5 on your taxes if you knew that it would ONLY go towards our country's debt and nothing else?

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  • 1 decade ago
    Favorite Answer

    The budget deficit and the national debt are two different things. Suppose you want to spend more money this month than your income. This situation is called a "budget deficit". So you borrow. The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you don't have enough money to cover your spending (another deficit), you must borrow some more, and you'll still have to pay the interest on the loan. If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don't have any money left over for anything else. This situation is known as bankruptcy.

    Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress's appropriations. The total borrowed is more than $10,000,000,000,000 (ten trillion dollars) and growing. Even when government officials claim to have a surplus, they still spend more than they get in. We pay interest on that huge debt.

    The bailouts of 2008 and 2009 are completely deficit spending. Expect to see enormous deficits in the forseeable future; and interest payments on that debt will become the largest item in the federal budget.

    In Fiscal Year 2008, the U. S. Government spent $412 billion of our money on interest payments to the holders of the National Debt.

    Nice, huh?

  • Bryan
    Lv 7
    1 decade ago

    Wouldn't even make a dent. That would amount to about 1.4 billion. The current numbers for the national debt put each person's responsibility at about 30 thousand give or take a couple of thousand. Even if we each paid 5 dollars a week that would only amount 110 dollars per person per year. I am sure you can figure it out from there.

  • 1 decade ago

    i doubt that children under the age of 15 would have 5 dollars to devote to the nation's debt. theres a lot less than 280 working people.

  • sure, but not enough, and only the top 10% pay most of the budget so it's going to be much more than $5 a piece. They are going to get roasted.

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  • Anonymous
    1 decade ago

    300 million time 5 dollars would be 1.5 billion. At that rate, it would take 6,666 years to pay off the debt. And that's if the government suddenly stopped spending more than it took in (which it won't).

  • 1 decade ago

    Then it would only cover a couple days in Iraq. If we wanted to deplete the deficit, wed need to do that 7,500 more times.

  • 1 decade ago

    That would amount to a bit over a billion dollars, a drop in the bucket. The budget deficit is currently $10.8 trillion.

  • kejjer
    Lv 5
    1 decade ago

    280 milllion times 5-- would equal 1.4 billion.

    The interest on the debt--is about 3.5 billion a day.

    http://www.brillig.com/debt_clock/

    Source(s): That thing on my shoulders
  • Anonymous
    1 decade ago

    their are about 320 million now in the u.s. and i hear what you are saying but unfortunately the money would not be used for what it is supposed to be for

    social security is a perfect example of what happens when the government has money

  • Ynot!
    Lv 6
    1 decade ago

    I can tell you are one of those pie in the sky liberal there is nothing to prevent Americans from doing that now....guess what the government would just spend it on pork.

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