The growth of the national debt, if not stopped, will bankrupt the nation.

My opponent asks " how long does this deficit have to go on before it actually starts to hit the economy. " He then goes on to quote sources that say it already has impacted the economy where he cites " A study by the World Bank found that if the debt-to-GDP ratio exceeds 77 percent for an extended period of time, it slows economic growth. Every percentage point of debt above this level costs the country 1.7 percent in economic growth." (1) He then states "Most of the experts think this deficit won't affect us too much just our kid's children, to their children and grandchildren." Note that PRO did not cite an exact year for the bankruptcy. The argument is that IF things do not change there will be bankruptcy.Whether it takes place during our lives or our children"s lives is irrelevant in terms of this debate. He then cites this statement ""The U.S. debt-to-GDP ratio is 104 percent. But that's not a critical for a country which can issue debt in its own currency. The United States can simply print more dollars to pay off the debt. For this reason, the risk of default is very low" but avoids the rest of the quote".to wit"."On the other hand, the debt holders wind up with money that's worth less. This will eventually make them avoid U.S. debt." (2) Given in rough numbers, for 2017, federal income was $3.5 trillion. Mandatory spending was $3 trillion, so at that point there was a $500 billion surplus. Then Congress spent the $500 billion ( discretionary spending and debt service) and borrowed an additional $600 billion ( to spend on additional discretionaries) .Total spending amounted to $4.1 trillion. At this point the equation is $3.5 trillion (revenue) minus $4.1 trillion (spending) = a negative $600 billion (deficit). The $600 billion ( deficit) is borrowed. $400 billion is raised through the sale of bonds. $200 billion is borrowed from the Social Security Administration. The $600 billion ( deficit) is then added to the $19.4 trillion ( previous debt ) to arrive at the current debt of $20 trillion. The borrowed money must be repaid with interest, thus increasing the future deficits and future debt, and so on and so on. Here is where the problem lays. In 2017 the US will spend $242 billion on debt service. That number may reach $1 trillion by 2020. Several scenarios could disrupt this procedure and could eventually bankrupt the nation. Scenarios #1 Investors stop buying bonds. #2 Social security no longer has a surplus to loan #3 New revenue sources will be unavailable #4 Debt service will consume a higher and higher percentage of the US budget. #5 Default #6 Bankruptcy #1 Why would investors stop buying? "Because" T-Bills offer relatively low returns compared to other debt instruments. In fact, rates on T-Bills can be less than most money market funds or certificates of deposit (CDs). The returns from T-Bills are only realized when they mature, making them a somewhat less attractive income vehicle " especially for investors seeking a steady cash flow." (3) #2 Social security will no longer have a surplus to loan after 2033 (4) #3 There are no new major revenue sources I will deal with 4, 5 and 6 in the next round. https://www.thebalance.com... https://www.thebalance.com... https://www.investopedia.com... https://www.inquisitr.com...