Paying off national debt via austerity measures would free-up money used for interest payments  The first of the baby boomers start retiring in 2011 and, as a result, qualify for Medicare. There are 78 million people in this generation and all of the statistics suggest that they are likely to live significantly longer than previous retiring generations [i] . As a result the US has some very big bills coming in the next few years and a decreasing base of those working and paying tax revenue to pay them.  This is really not the time to be wasting money on interest for deficits built up to support programmes that are unnecessary. Paying down the debt frees up tax revenue for much needed support, both financial and medical, for seniors as they retire.  [i] Laurence J. Kotlikoff and Scott Burns. “The Coming Generational Storm.” MIT Press 2004.