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U.S. national debt

Dear OTA: Could you please answer the following:

In 2003, the U.S. national debt totaled approximately 6.7 trillion dollars, or roughly $100,000 per family in the United States. Although the government has occasionally paid off parts of the debt, in general the amount is growing rapidly.

Should the government/private citizens be concerned about the size of the national debt?
Do you think the country would be better off with zero debt?
Are there any positives associated with the debt?

Thank you!

Solution Preview

Dear OTA: Could you please answer the following:

In 2003, the U.S. national debt totaled approximately 6.7 trillion dollars, or roughly $100,000 per family in the United States. Although the government has occasionally paid off parts of the debt, in general the amount is growing rapidly.

Should the government/private citizens be concerned about the size of the national debt?
The government and private citizens need to be concerned about the size of the national debt because of the following:
1. The public will have to pay an increased amount of taxes that are ...

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This answer provides you an excellent discussion on U.S. national debt

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