The National Debt isn't as bad as it looks nor is it dangerous. 5.1 trillion of the debt is owed to the Federal Reserve Board. Since half the Fed is owned by the Federal government, the debt is statutory. We pay the interest on it. We have no intentions of paying the principal and never have.
Another five trillion is owed to Social Security. Again, we pay the interest on this and have never intended to pay the principal.
What we need is an across the board tax cut of about a trillion over the next three years.
This will stop the bleeding and by the time the tax cuts expire, the oil gas boom in the NAFTA countries will be on line and pulling us out of this economic mess. In ten years, we will be energy dependent on the countries of NAFTA and nobody else.
It is imperative that environmentalist not be allowed to destroy our economy. The drilling and extraction can be done safely. This is so important that it President Obama doesn't signal that he will support this “Drill, baby drill” attitude, I will vote for a Republican for the first time in my life.