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

Now that we near the debate"s end, I present my summary. New revenue sources will be unavailable. I have already addressed this while my opponent was only able to show existing revenue sources. These sources have not been able to grow at a rate that has reduced the debt in the last 60 years. Thus the debt will grow at a rate that exceeds the growth of the economy. Existing zero cost funding sources will dry up The biggest source of zero cost funds is the excess funds from the Social Security Administration . Currently one third of the deficit is covered by these funds. This source will exhaust in 2033. The treasury will then have to sell 50% more bonds to compensate for the loss. Debt service will consume a higher and higher percentage of the US budget. An inspection of the table shown earlier will show that the US government is not even paying the full interest on the debt. In 2016 the US government paid $242 billion in debt service even while the interest charge alone was $432 billion. Thus nearly half the cost was charged to future budgets. This alone may make investing in government bonds less attractive. Investors stop buying bonds. As the funding situation becomes more apparent, investors will look elsewhere for investing. The government would have to pay a higher interest to attract sufficient dollars to pay the deficit. This increases the cost of debt service, even while we are not even paying full cost today. Thus the deficit becomes a growing problem. THe government could print more dollars, but that just reduces the value of the dollar, which will result in the bonds being even less attractive as an investment. Default As investors demand repayment on their bonds, the stress on the system will become unbearable. The government would be forced to reduce governmental services so money could be redirected to debt payments. This could be a short term "reorganization" known as a "default" Bankruptcy As the short term default bleeds the system further and further, the result is bankruptcy. When the government pays out more than it gets in, it has to borrow When it borrows, it first uses Social Security Administration excess funds When that excess disappears it must sell more and more bonds When it sells more and more bonds, the debt service increases When the debt service increases the government must borrow more money" When it borrows more and more it becomes an endless spiral When it becomes an endless spiral, it leads to bankruptcy See "The Bankruptcy of The United States United States Congressional Record, March 17, 1993 Vol. 33, page H-1303" . http://www.afn.org... My argument is that the only way to reduce the threat of bankruptcy is to reduce the debt. The debt is reduced by eliminating the deficit. THe deficit is eliminated by a fiscally responsible Congress. It was apparent that there were numerous misunderstandings by Con that clouded his reasoning. Con seems to think that if the bankruptcy doesn"t happen in his lifetime, then it doesn"t matter. That is exactly the kind of reasoning the government uses, and that is why it is a problem. Quote by Con. . " It (sic) not happening right now nor anytime in the near future. So, why does it matter? " It matters because bankruptcy will impact basic governmental functions. Quote by Con. "You brought up the nation faults five different times. Okay that's true. And what happened to the United States since then? Oh they just grow to the most powerful nation on the planet. So tell me why does this matter? " It matters because so much of the debt is now held by foreign entities. Quote by Con. " China and japan the biggest dept ( Sic) we have is with them," Quote by Con. "every time the market had a crash. ,,,it will always go back up. " This faith based assertion has little basis in fact when dealing with bankruptcy. Be positive.