You know that feeling get when you pay off a major bill and now you have extra money to spend that won't send you into further debt? What would it take to get our elected officials to spend our money that way?
Social Security won't be able to meet its obligations soon. The national debt is at $8,644,121,120,053.27 today. Federal spending is $2.47 trillion, but out income is only $2.2 trillion. Doesn't that seem ridiculous?
The prescription drug program is supposed to cost about $750B over ten years. We spent that much in INTEREST on the debt in the last two years alone! Just think, with no debt, we could outright afford this program, or we could not tax people and let them use the money as they see fit.
How do we act on the debt? Do we spend less? Tax more? Continue to spiral into more debt; debt that is owned by foreign governments that could strategically "attack" us by refusing to finance our runaway spending.
Should we fix this problem and if so, how?
2006-12-05 06:11:46 · 11 answers · asked by ? 5 in Politics & Government ➔ Other - Politics & Government
i am going to suggest something here. ok. if there were a president / us government that went to the us. peoples. told them, we are going to eliminate the national debt. it is going to take sacrifice from everyone to do it. and when the debt is not there. we will have more money to use for everything everyone wants. the plan will take X- # of years to finish. and this is how we are going to do it.
we are going to cut all programs across the board X %. we are going to tax everyone a little more, with a clause that says this tax will be eliminated after the debt is paid.
And all governmental employees will temporarily take a reduction in pay / benefits / and ammondities.
once the debt has been satisfied, we will return to the full pay / benefits / and taxes can be reduced again.
there are problems with my plan. like i have not found integrity in the white house / our government for a long time.
and many folks will be down right angry.
but to pay off our national debt, it might be worth making some angry. to satisfy our long term goals and health financially in this country.
forget politics
lets do what is right, what is best for our financial future.
in the long run, it will pay off for everyone and we can be more secure financially. which will help any nation to prosper.
2006-12-05 06:27:34 · answer #1 · answered by nurserascal 2 · 1⤊ 0⤋
The answer to the question is not to tax more. Most economists say that an increase in taxes actually decreases tax revenues (and vice versa, exp. the recent record breaking tax revenues collected after Bush's tax cuts)
The answer is to cut spending.
Also, to answer your other question, yes, foreign investors will one day decide that U.S. T-bills is not a good place to invest, and we will be forced to default, as our old debt is paid off by issuing new debt.
2006-12-05 14:20:27 · answer #2 · answered by Time to Shrug, Atlas 6 · 1⤊ 0⤋
The Democrats should be able to fix it now they are back in power. Every year under Clinton, our debt burden was reduced. Under both Bushes, it has gone up every year.
Democrats are more fiscally responsible and will balance the US budget, just as they did in 1999 (the last time the budget was balanced).
2006-12-05 16:54:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The real problem is the requirement that so-called "entitlement" programs annual funding be increased in rate with the pace of inflation. The government only has a small amount of money each year that is discretionary. We need to scrap Social Security ASAP, and drastically cut funding for almost every government agency.
2006-12-05 14:19:29 · answer #4 · answered by The Scorpion 6 · 1⤊ 1⤋
We need to tax those that can afford it; the richest 1% and corporations. Oil companies get tax credits instead of paying their fair share. All these companies that have offices offshore to avoid taxes need to be brought in line (no government contracts) and the cap needs to be taken off Social Security. The rich have had it great ever since Reagen was president, it is time they paid their fair share. A country is obligated to care for its people and the rich are obligated to contribute because this country gave them the opportunity to get rich.
2006-12-05 14:21:59 · answer #5 · answered by diogenese_97 5 · 1⤊ 1⤋
Start with the tax break to Exxon = A couple hundred Millions $$
$10 Billion Grants to Israel per year
Tax corporations that went to China like we would tax Jap products
2006-12-05 15:28:07 · answer #6 · answered by taco 2 · 0⤊ 0⤋
You will never fix that problem. National debt is just an entry on a computer some where, the country needs it to balance it's budget.
2006-12-05 14:17:33 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Reduce the amount spent on weaponry and war and reverse the tax cuts for the rich. Also close some of the loopholes used for tax avoidance.
2006-12-05 14:16:49 · answer #8 · answered by Anonymous · 1⤊ 1⤋
LEAVE IRAQ we are spendin billions there for what... nothin we have schools here that need to be fixed, there is so much we could cut back on!!!!!!!! we as people could cut back on a lot!!!
2006-12-05 14:22:36 · answer #9 · answered by Anonymous · 1⤊ 0⤋
cut out the lazy people that are abusing the welfare system; on welfare w/ 2 children - tie the woman's tubes; I'm tired of paying my hard earned money for women and their children whose only form of exercise or work comes from laying on their backs
2006-12-05 14:25:13 · answer #10 · answered by Anonymous · 1⤊ 1⤋