Let’s assume for a moment that our creditors would take less. The bulk of the national debt is money we owe to ourselves. Is Trump going to ask the Social Security trust fund to take pennies on the dollar because we had a couple of wars that were too expensive and some handouts to fix the mess? How much less should those people who won’t be able to retire when the fund is wiped out take? They’ve been putting 6.2 percent of their paycheck into that fund since they started working. How much less should they settle for?
As for our other creditors, We’re not defaulting on rented furniture. We owe other countries a great deal of money, plus interest, that they provided to us in cash. We use that money to fund the government. If creditors start seeing those kinds of tactics we’ll have our credit rating lowered and lose credibility as a country. There’s also a good chance the dollar would be removed as the world standard currency. Ask Donald Trump what he’ll do when we can’t just print more money.
The bottom line is, Trump has no idea what he’s talking about.
