How can the national debt be reduced?

Saudi Arabia reduced its debt burden from 80% of Gross Domestic Product in 2003 to just 10.2% in 2010 by selling oil. Bailout Getting rich nations to forgive your debts or hand you cash is a strategy that has been employed more than a few times. read more

The IMF says that the better way to deal with this is for the economy to grow and the existing debt to become a smaller and smaller percentage of GDP. This should be a huge blow to all those (and you know who you are) who perpetually insist that the national debt is a tool of the devil and the federal budget must always reduce or eliminate it. read more

But raising the debt ceiling only postpones that crisis. And if lawmakers want to avoid it, they have to get serious about bringing the nation's debt under control. In the last year alone, the total government debt grew from almost $10 billion to nearly $12 trillion. The total government debt is on course to reach 100% of GDP by the early 2020s. read more