How do we reduce America's 8.5 trillion dollar debt?

Question

And are there any candidates running for congress or President who really know how to reduce the debt?

The three items America spends the most money on right now are: the military, medicare, and the interest on our debt. ("Paying off our debt slowly" is not working.)

Answer 1

legalize pot and tax it like alcohol and smokes

Answer 2

No, no candidates exist that have the faintest notion of economics. Our basic problem lies internally. We spend a billion dollars a day in Japan, and we continue to outsource computer technology to them and pay the price as the technology. We are involved in another quagmire like Vietnam where we spend lots of money, kill off many and solve nothing. We escalate our welfare system, it is pathetic that a lot of our steel is imported, and we stopped making TVs in America a long time ago. The media and entertainment is controlled by the Jews and the Japanese, we even outsourced books....We have a pressing demand for higher minimum wage and are less productive than other nations, our educational systems are doing badly compared to peer groups in other nations....But help is coming in the form that China will be the chief economic power within 15 years and perhaps we can get some foreign aid.

Answer 3

Look at the Conservative Republicans like JD Hayworth, Tom Tancredo, Dana Rohrbacher, etc. The best way to get a list is go to the Fair Tax website and see who supports it. http://www.fairtax.org

Before we eliminate the debt, we must make some changes in government. Specifically,

1. It is not the government's job to provide for everyone. This means health care, retirement, prescription drugs, welfare, etc. This entitlement mentality is what gets the spending out of control. Most of the budget covers these items. They would cost a fraction of what it does in the private sector. Besides, when you pay for it, you are more frugal. You spend other's money easily.

2. A willingness for elected politicans to tackle these issues. There is none currently.

When we get these under control, the problem will solve itself. Entitlements are the problem. When people are self reliant, they do not need big government.

Answer 4

The spending is out of control.

The IRS has been doing a good job of setting up taxes online, which should help both the gov. and tax payers.

I think that radical steps should be taken. I would try to pass tax laws for corporations that would allow them to deduct 100% of the amount of the wages over $100,000 for each employee (not including bonus pay), and bonus pay would not be taxable at all to the company or the employee. This would exclude 'executives' of course :-)

I would also pass a law that would allow 100% tax deductions for payments specifically to the national debt. I would allow this for company's and tax payers.

Answer 5

Step 1. Bring our troops home, stop defending countries that don't want us there. Our troops need to defend our borders.

Step 2. In war, when you win....you get the enemies land, resources, and assets. But with the US....we give it back to them AND pay them money to rebuild. Stop. Keep the spoils of war. Oil problem SOLVED.

Step 3. Continue to foster competition in the marketplace. Invest in small businesses.

Step 4. Stop outsourcing to foreign countries.....we have BILLIONS OF HOMELESS/JOBLESS ppl in this country that are POTENTIAL employees. More jobs here, more taxes are paid.

Step 5. Get rid of income tax and others. Institute a NATIONAL SALES TAX. Yes, it needs to be tweaked abit.......but think of all the taxes that go unpaid at tax time. A national sales tax would ensure the gov't gets its $$$ every time you make a purchase. No need to file every year and worry about FRAUD

Step 6. ONE OF TWO THINGS....either bring all of the GOVT salary down (judges,congress, and such) equal to the rest of the country..........or INCREASE MINIMUM WAGE to something that ppl can ACUTUALLY live off of...........$10/hr......still isnt enough for a single parent to live off of.

Step 7. Sit by and watch our kids and grandkids SUFFER, BECAUSE THIS ADMINISTRATION WONT DO A DAMN THING


just my thoughts.....send all hatemail to

WEallHAVEanOPINION@freespeech

Answer 6

The way to decrease debt is either to cut expenses (programs) or raise revenue (taxes). Neither is a popular option for candidates during an election. No one has (or will) come up with a plan because no one is willing to risk alienating a segment of their constituency.

Of course, the easiest solution is not to get into debt in the first place. I balance my checkbook every month. Why should I expect any less of my government?

Answer 7

Change the law so we can re- elect Bill Clinton. He is a smart man and led our nation into prosperity. Only took "W" a frew months in office to throw it and give it all away. We can not take anymore stupidity at the head of our nation - Impeach "W" NOW!!!

Answer 8

Two words GARAGE SALE
And I would love to run, but running for President requires lots and lots of money. Oh yeah two words GARAGE SALE what was I thinking?

Answer 9

George could always just right a check. But that ain't gonna happen any time soon.

Answer 10

By paying it off slowly.

Strengthen the economy until it runs nearly on its own then pay it off little by little.

It's all we can do.

Answer 11

Shake down all the countries that owe us money