The current strategy seems to be one of two options.
1) Print so much money that the $ will drop like a stone and then repay the debt with worthless money
2) Declare national bankruptcy.
Let the creditors come and try to collect.
Work was a little slow today so i had a little fun online reading about our national debt. Now the last time our debt decreased was 1960, when we went from 290.7 billion to 290.2 Billion. At the time, this was like $1,250 per person.
Now since 1960, we have grown the debt to $10,024,725,000,000 as of EOY 2008, about 32K per person, or 95K per tax payer. By the end of 2016 the CBO puts the debt at just over 16,000,000,000,000, that's $50K per person and about 150K, per tax payer. The GDP of this country, even if we grow at 4% until 2016, will still be under 15 TRILLION. We will have more debt than GDP since FDR and the great society (no i'm not trying to point out any political connections).
How do we stop this?
What ideas has EITHER side come up with to stop this destruction to this country?
Yes, i've heard a lot of people talk about a balanced budget, but even with 0 in budget deficit, we'll still pay almost 800 BILLION in interest alone on 16 Trillion in debt.
What has ANY polotician even mentioned about not only balancing the budget but paying down the Debt that will end this nation within 20 years?
"I know you guys enjoy reading my stuff because it all makes sense. "
Dumbest post ever! Thanks for the laugh PO!
The current strategy seems to be one of two options.
1) Print so much money that the $ will drop like a stone and then repay the debt with worthless money
2) Declare national bankruptcy.
Let the creditors come and try to collect.
What I can't understand is why the USA forgives the debt of other countries, gives foreign aid to other countries, and here we are hoping Obama can make nice nice.
What are you talking about it was all the spending and the "great society" that got us out of the depression!
But seriously, does any have or heard any real ways to get out of this?
"I know you guys enjoy reading my stuff because it all makes sense. "
Dumbest post ever! Thanks for the laugh PO!
Well I have an opinion.
But it will require quite a bit of pain.
We got into this problem by living on credit.
And like people who have over extended themselves.
You cut your spending and pay of your debts.
Yet this will lead to a very severe economic contraction in the short term.
And many will suffer.
And unlike the 1930's
A lot of Americans have grown too soft to survive in such a dire situation.
How about we end the lifetime of health insurance for ALL members of congress and the senate? How about they are limited to $80,000 a year and can only serve 2 terms?
How about we abolish the presidential expense account of $50k a year?
How about we abolish the use of federal vehicals for all non presidential officials?
How about we stop sending monetary, military and financial aid to all non close allied countries?
How about we call in our own outstanding debt other countries owe to us?
How about we place an import tax on ALL products which are not manafactuered inside the US.
How about we secure our borders so that illegals can no longer leach off our system?
How about we force those who wish to attend our schools, or work in our country, must first prove citizenship?
All public aid: Must prove citizenship
Stop barrowing money from the SS cookie jar.
Actually go after the COST of healthcare instead of throwing more money at it.
Put a economy wide freeze for the next 10 years on ALL federal taxes and fees.
Reduce the Military budget by 1/2
Remove our soldiers from 150 countries around the world. Bring them home.
Sell our military bases to the countries for which they are located.
Drill in America.
Tell China to get off our oil field.
Stop exporting Oil and gasoline.
ALL pork should be eliminated from every budget.
No more stimulus bull****.
Each congressman is allowed only 2 staffers each, which are capped at 40K per year and must drive their own vehical to work or take public transit.
Remove security details.
eliminate federal income taxes on ALL businesses that gross under 250K per year.
Deport all illegals.
Any hospital found to be over charging Medicaid for care, will lose federal funding.
Abolish the Department of Education. Fire everyone who works there.
Disband DHS.
Willful ignorance is the downfall of every major empire in history.
"Political power grows out of the barrel of a gun." - Mao, 1938
PLease FMD, you do that and you'd have no purpose for those 580 currupt fools in DC!!
Enough, you may want to updatr your avitar, it's about 2 Trillion short.
"I know you guys enjoy reading my stuff because it all makes sense. "
Dumbest post ever! Thanks for the laugh PO!
GREAT post, FMD
Except do not expect the few that hold 99% of the power to give a rat's ass about the "peasants" whose labors have made their lives of luxury & hedonism possible.
"They" either know about all the great realistic ideas which would put America back on top in a FLASH and/or just don't care because the laws which are so oppressive to most of us,
are beneficial to the elite lawmakers and their elite country club, yacht club friends.
It really IS possible for the rich to stay rich and become even richer but they don't want to risk losing one drop of power for the very fear of losing what they've inherited, stolen or worked hard to achieve, albeit often through very dirty work.
All these think tanks and well-paid advisors in D.C. and elsewhere are WELL AWARE of the things you listed and MORE, FMD-
They
just
don't
care.
Never have.
Never will.
Coincidence is the word we use when we can't see the levers and pulleys.
Emma Bull
What we need is a fire sale in DC.
Willful ignorance is the downfall of every major empire in history.
"Political power grows out of the barrel of a gun." - Mao, 1938
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