posted on Apr, 15 2010 @ 01:17 AM
reply to post by GreenBicMan
No, not a single country has paid all it's debts. Usually when a situation arises that they would need to, they would just default. And governing
debt of course is not a sign of prosperity.. credit can be a very good thing is not abused. Nearly every country in the Wolrd has debts of some kind,
even the richest Nations. I think the only reason ours is excessive.. is because since we are in a recession we are raising taxes by rather
substantial levels (state, local and federal) while increasing spending. This is an oxymoron about Governments. Though economically speaking, its a
necessary evil, while I don't believe for a second stimulus saved or created 2.2 million jobs as the Gov claims.. without intervention things would
have been far more dire.