Is the size of the U.S. national debt a pressing issue?

[Redalgo]

It is a pressing issue in that it is inter-generational exploitation. Future generations should not have to pay for the desires of their ancestors, and likewise I feel it is immoral for current generations to borrow against anticipated tax revenue - money to be either skimmed off from the incomes of their children and grandchildren or passed on in turn to their progeny. I reckon it would be better to make do with what we have even if it means settling for a more modest pace of progress on some issues, leaving it to people to decide in the future whether to continue building upon current endeavors.

[Redalgo]

Asking everyone, really, if the debt is not a serious issue what will be done about it in the long term?

The way I see it, during good times people demand low taxes to avoid "stiffing growth" while leaders in power spend a lot of money anticipating revenue to remain high for the foreseeable future. Then during the bad times people demand low taxes to avoid "stiffing recovery" while leaders in power spend a lot of money anticipating it is necessary to cope with increased demand for state assistance and to help jump start the economy again. At no point in this recurring cycle is there apparently a proper time when most people agree tax rates (on most Americans - not just those at income levels different than ones own) should be increased and spending by the state significantly reduced. Sure, a lot of people say they want less spending, but even now I think you'd be hard-pressed to find many specific things most folks want to scale back funding for that have significant weight in contributing to the increasing debt.

What do we do about it in the long run, if we wait until the problem is no longer easy to remedy? Do we print an obscene amount of money? Do we gut social programs (again)? Do we sharply raise taxes? Is there a plan that could realistically get through Congress that won't ensure the bill is paid too much by lower and middle income earners? Our prospects when it comes to having a strong foundation for future development relies on making responsible decisions today.

[Redalgo]

Ya, even for me in thinking balanced budgets are important to have, income tax cuts and robust defense spending are the most bothersome measures and get in the way of increasing funds for social programs.