Reconciling "The National Debt"

     With the Chinese credit rating downgrade, and the raising of the debt ceiling by Congress, I think that it is time to analyze the entire concept of "The National Debt" to figure out what exactly the U.S. government is doing, and decide if it is where Americans want to go.

I have several questions concerning what is referred to as "The National Debt":

(1) What individuals receive the borrowed money to spend?
(2) What individuals will be forced to pay the spent money back (plus interest)?
(3) Will Americans renege or revolt to paying back the money spent by others?
(4) If Americans do default, will China declare war on us?
(5) Is the further increasing of "The National Debt", in essence, delivering Americans into long-term servitude to China?

Some politicians are often fond of relating a political national debt to an economic credit card.  But, if you analyze the two, you can identify that the political "credit card" is controlled by government; and only the political leaders and their friends get to choose how to spend it--while those who are not favored by Washington are forced to pick up the tab.  Further, it becomes an ever increasing, private, financial burden every time the limit is extended.  On the other hand, an economic credit card is under the owner's personal control.  If the individual spends oneself into debt, then what is owed back is not a result of the unwanted spending of others.  If debt is incurred, the individual pays for the consequences of one's own actions.

Paul Wharton
Objectivist Capitalist Medicine Promoter

Special thanks to Eli Lilly & Co. (LLY) for being the fuel of my mind