"From the gut (and the heart)"
Editorials by Paul Olivier
On The National Debt, 
a nice political football.
Both presidential candidates suggesting that they intend to use some of the "budget surplus" to pay down the National Debt. George W. includes a "tax break" in his proposals. "Algore" promises to first save the Social Security and also to pay down the ND and than some more targeted give aways.
Talking about paying down of the ND sounds good, is a nice distraction from the real purpose. It  because the conscience and the gullibility of the American Public as it feels responsible for coming generations, inheriting debt that they compiled. But it seems to be forgotten what is left behind for them? If it is not all perfect, it is still more than earlier generations left behind. If Gen. X, Y, Z not like what they get, they can do whatever they want to make it better or they can sell the Brooklyn Bridge.
I am not an economist and someone has to tell me what is wrong with my understanding. The ND in great lines exists in the form of "bonds", secure loans to the National, State and Municipal Governmental entities of the United States by individual or institutional lenders, at a  fluctuating relatively low, around 6%, interest rate. They are a compared to stocks, secure investment in public works. That is, the risk of defaulting on these loans is covered by the Government and thus by the taxpayer. Taxes, that is Your money, is the only money the government has or can tap into to secure money they borrow or for whatever it wants to spent money on. Many aging citizen depend on these "bonds" or "notes" to secure income for their retirement days rather than on Social Security benefits only. They can live from the coupons, periodic payments of interest without having to use the principal sum. The Government pays the interest from . . . . . . of cause the taxes it collects. Who is paying taxes? Only the middle class and up. In general these are also the group who make use of the security of these financial instruments. They thus are securing their loans with their own (tax) money! In other words: "garbage in is garbage out". Some of these bonds are "triple tax-free". However not all. So again you pay taxes, for the favor of lending money to the Government. Isn't that ironic?
Now how about the expected "surplus"? The surplus is what the government is expected to overtax its citizenry in the coming ten years. Naturally only the ones who pay taxes are qualifying to be overtaxed. The contemporary GOP leadership philosophy is to decrease the tax load on the taxpayer, what will be good for the economy and thus good for all people. 
The Clinton-Gore-Banior-Daschle-Gephardt socialists, better known as "democrats", don't like this surplus tax revenue to slip out of their grubby hands, because they like to direct this "price" to those who could keep them in power. Paying off the ND and no tax relief would only mean, to keep the overtaxing in place and this "trillions purse" under government and as they hope under the democrats control. And have no elusions about the "lock box" under socialist control; there is always more tax money to be extorted from the productive segment of the population. Leaving out my obvious political site taking, let Greenspan or anyone else tell me, what is wrong with my understanding of this economics topic.
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