What can we do to help reduce the US National Debt?

Question

Forget the politicians. This is a major debt growing by the second. Anyone with concern for the health of the country had better watch the gross national debt number carefully. Are we willing to make some personal sacrifices for future generations?

Answer 1

It would help, I think, if anyone discussing this subject had a thorough understanding of the national debt. First, why does it exist? Well, to know that, one must know to whom we are in debt. Well, it isn't Britain, it isn't China, and it sure as crap isn't the United Nations. Hmm... Good Lord, we're in debt to OURSELVES! Why? Here's the answer to the first question: we keep spending ourselves into oblivion.

From whence comes all this money to spend, if we're so far in debt? From the future. Congress can appropriate any amount of money it wants because our currency is entirely valueless unless the government says so; therefore, they just tell the Treasury to print a few billion more bills and go from there. I won't go into that right now, but let's just say that money with a valuable base is something of an inconvenience to government spending because, by it's very nature, there's a limited supply; that's what makes it so valuable, is that it's SCARCE. Anyway, Congress keeps borrowing money from the government (although it's really from the people, as the government would be without funding were it not for us) into the trillions of dollars range, thereby forcing future generations to pay ever higher taxes as it mounts to previously unseen levels.

Many believe that it is the government's job to reduce the debt, and I wholeheartedly agree: they made the mess, they should clean it up. However, there is conflict over precisely how it should be done. Let me diverge slightly for a moment and point out that many Presidents who have supposedly sent the national debt skyrocketing -- Reagan, W. Bush, etc. -- have accomplished what many politicians claim they work so hard toward: cutting taxes. The problem with this is that the government still requires money to finance the many cumbersome projects they currently fund; by lessening the amount of solid currency coming in, these measures make it so that the government must begin spending more money that it does not have. As the non-existent money being spent is the source of the national debt, figures in relation to the debt appear to skyrocket; it is purely a fact of misunderstanding (or, more often, of political jockeying) that people blame a President's tax-cutting measures for increasing the debt.

Now to answer the question. What can we do to reduce the national debt? We continue to invoke tax cuts -- but before we do that, we must drastically lower the amount of money that the government is putting into projects. This would indeed mean getting rid of a good portion of them; my first choice would be Social Security, as the sinkhole draws in more government money than any other welfare program I can think of. That would likely leave a lot of people destitute and searching for people to blame, but they would have to get over it and start taking care of themselves. Imagine that -- independence, what the Founders of this once-great nation worked so hard to achieve.

Answer 2

Isn't it a bit too late? Haven't the politicians "sold" most of our valuable assets in this country? Foreign countries own our prestigious buildings, they are now buying our bridges and toll roads--I couldn't BELIEVE that they are allowing foreign countries to buy toll roads--I guess they can't figure out that terrorists could actually be buying these roads and bridges to plan future attacks on America? I am personally willing to sacrifice whatever it takes so I can die knowing my grandchildren can live in the US and do not have to escape to another country.

Suggestions:
1. Any company outsourcing work to foreign countries should have to pay a substantial penalty tax- after all, those were american jobs for americans who can't afford to pay taxes anymore because they are unemployed.

2. Tax tables for the rich and richer should be increased --yes, they may now be paying 40% BUT that percentage still figures out to be much lower than what the middle class is being taxed at in comparison to their gross wages.

3. Immigration has to be dealt with, PERIOD. There is an estimated 20 million illegal aliens-- which means the number must be about 30 million if their admitting to 20. In my area alone- and I live in NE PA, no where NEAR a border- Mexicans own cars, are given government loans to purchase homes and our schools are now having to hire bilingual teachers to educate their children---at the cost of the taxpayer.

4. Each and everyone of us is a descendant of an immigrant unless we are part Indian. Our ancestors came her by boats and no one was ready to give them a helping hand- no food stamps, no freebies whatsoever, in fact, if you check The Ellis Island records of your ancestors they ACTUALLY LIST HOW MUCH MONEY THEY CAME INTO THE COUNTRY WITH AND WHO THEY WERE GOING TO LIVE WITH IN THIS COUNTRY AND WHERE THEY WERE LOCATING TO. There was no such thing as having someone translate English to them- they had to learn the hard way...and it's time our country gets tough and returns to the "old values" of the US.

Answer 3

1. Cut-out pork barrel spending. (See source below).

2. Make the the three branches restrain themselves within the limitations imposed upon them by the Constitution.

3. Eliminate Congressional retirement pay and make their retirement incomes contingent upon 30 year bonds. That way, they will have to consider the long-term impact of their decisions and not just the short-term view of the next election cycle.

4. We could hold Federal spending at current levels, adjusted for inflation, and eventually economic growth would catch-up.

5. Move to the Fair Tax. Our current tax system was an ill-conceived revenue raising scheme from 1913 (16th Amendment). It is a drag on the economy. No wonder businesses are fleeing. Daimler-Chrysler could have headquarted in Detroit, but they said they moved to Germany because of the U.S. Tax Code. We would also collect revenue from all of the illegal aliens and the underground drug economy (billions and billions) and other sources. (See source below).

6. Vote Libertarian! (See source below).

Answer 4

GW has already submitted his plan. There is no reason to panic now. I remember during the clinton years the budget was way out there and there was no war then. GW took care of that in his first term.
The biggest change that will be coming about is going to be getting rid of our dependency on oil and moving to ethanol.
Big changes are coming, think about it.

Answer 5

The new Democratic congress just did what we need... they just implemented the Pay-As-You-Go system that Clinton used to balance, and keep balanced, the budget. Bush did away with this system as soon as he was elected.

Answer 6

Take back all the President's powers that he never should have had to begin with, save wherever possible, and when the government says "spend money o keep the economy going!" don't listen.

Answer 7

Stop the expenditures in war and divert it to basic services to cut the national debt.

Answer 8

give line item veto to the president for these spending bills.

balanced budget admendment.

and make china, japan and others actually value their currency for what its worth.

Answer 9

Return to pre-WW I tax rates.

Answer 10

um have you seen how much we are spending in iraq? there are so many things that money could be used for