How are we going to solve the problem of national debt?
July 29th, 2010 | by admin |Obviously, the best solution is to raise taxes and cut government spending (on healthcare, police, education, and other essential public needs), and use the extra money to pay off the debt, but no politician can ever do that without jeopardizing their career, because not many people are going to support tax raises and cutting back on public goods and services.
8 Responses to “How are we going to solve the problem of national debt?”
By Steel Rain on Jul 29, 2010 | Reply
The first step is to stop all the entitlements for illegals, banks, auto workers, unions etc, etc. Second remove all the burdens placed on business that stifles growth. Third balance the federal budget that means stop spending money we don’t have.
By Buck on Jul 29, 2010 | Reply
maybe after WWIII
By Cold Hard Fact on Jul 29, 2010 | Reply
Inflate the currency.
Why do you think that Gold is over $1100 an oz.?
It has been repeatedly shown that when a country reaches a certain amount of debt, they either default honestly, or default dishonestly by devaluing the currency (Argentina, Weimar Republic, Zimbabwe, etc.).
If you think the economy is bad now, just wait 3 years.
By Philip H on Jul 29, 2010 | Reply
Give the USA to China. They seem to know how the free enterprise system works better than Liberal Socialists do.
By vrrJT3 on Jul 29, 2010 | Reply
How we should and how the government is addressing the problem are unfortunately different.
The best solution in my opinion is to
1. Require a balanced budget.
2. Eliminate all programs that do not fall under the scope of government. This includes all national welfare programs and the federal programs that should really be state programs such as education. Yes, eliminate the federal department of education and leave it up to the states. This will actually allow states to improve their education. Eliminating federal welfare programs will actually encourage and empower local, private welfare.
3. Since #1 and #2 will have reduced the cost of government, we should reduce taxes. This will stimulate the economy and actually result in a net gain of tax money collected.
Eliminate capital gains taxes. Eliminate taxes on tax refunds. Eliminate inheritance taxes. Eliminate the IRS. Eliminate all federal taxes except one flat rate tax that does not exceed 5% (of either sales or income). Then the state tax should not exceed 5% either, and be a flat percentage. It’s immoral for the government to take more than 10%.
4. Phase out social security as a government program. Encourage individual retirement funds where your savings are 10 to 20 times the amount you get back from social security.
Right now, the government is playing the game of inflating the currency (de-valuing money by printing more) and calling the increase in GDP as growth and hoping we don’t notice that we’re still in a recession when you adjust for the effects of inflation.
Unrestricted government growth leads to a situation where the government is in control of everything. This leads to a loss of liberty, and widespread inefficiency at best, corruption as typical, and genocide at worst.
I think most people support cutting welfare, unless they’re on welfare.
By Bibs on Jul 29, 2010 | Reply
When is the government debt too high? Usually it is measured against the Gross Domestic Product. All the above answrs are good, but increasing the GDP is another way of solving the problem.
By thearticlepress on Jul 29, 2010 | Reply
I have been running across this same question and here is an article I have found that may help you
By Alex on Jul 29, 2010 | Reply
well China is buying a lot of our debt and Obama is talking to them about about buying more since it is a one way business as we are buying so much of their products and they are not buying anything from us. but as far as personal or business debt goes, my friend was in great debt and he got help from http://www.1st-debt.com They are really good and they really help you out. my friend feels so relieved now that he got help from them and he is debt free. I think that we should first find jobs and solve the citizens debt before focusing on national debt.