How do you see we need to handle national debt

[mandym]

So what are your thoughts on how to handle the debt crisis we now face?

My thoughts are:

1. Stop all aid around the world.
2. All Federal programs need to be on the chopping block to include education and military. Nothing should escape it.
3. Bring all our Military home from everywhere around the world.
4. No new spending at all. Not just reduced future spending but no spending period.

All of this should be in effect until we have no debt. Then we need a balanced budget amendment to the Constitution. Just because we are the top world power does not excuse mishandling money.

The medicaid and ss that we pay into should not be allowed to be used or borrowed from for any purpose other than what it is collected for. It needs to be in a lock box.

There should never be a surplus. The government should never collect more than it needs to cover our responsibilities. Even obtaining a surplus is a mishandling of the tax payer money. And it gives some the idea they can spend irresponsibility.

 

[Crabtownboy]

So what are your thoughts on how to handle the debt crisis we now face?

My thoughts are:

1. Stop all aid around the world.
2. All Federal programs need to be on the chopping block to include education and military. Nothing should escape it.
3. Bring all our Military home from everywhere around the world.
4. No new spending at all. Not just reduced future spending but no spending period.

All of this should be in effect until we have no debt. Then we need a balanced budget amendment to the Constitution. Just because we are the top world power does not excuse mishandling money.

The medicaid and ss that we pay into should not be allowed to be used or borrowed from for any purpose other than what it is collected for. It needs to be in a lock box.

There should never be a surplus. The government should never collect more than it needs to cover our responsibilities. Even obtaining a surplus is a mishandling of the tax payer money. And it gives some the idea they can spend irresponsibility.

The meat axe approach will cause more problems. How about raising revenues by imposing an import tax, say of 25%, on all items imported from China? Beijing would scream, but ................... it would raise a ton of revenues. We import more than 100 billion a year. Such a tax would bring at least 25 billion.

 

[exscentric]

"25 billion."

and how long would it take to pay off the debt with that?

Might be a good start.

I personally think IF we had a trustworthy congress/president and IF we got a required balanced budget the American people would agree we need a tax increase for a time, but with controls of how money is spent.

 

[glfredrick]

Tax every man, woman, and child in America the amount, that divided up, would equal their portion of the debt.

If we look at just the American worker it works out like this:

The Bureau of Labor Statistics reports that the American civilian labor force was 153,910,000 in March 2010. Each of these U.S. workers’ share of the $14 trillion national debt is $90,962.25

 

[billwald]

Since you asked, bring home ALL the troops and impose an import duty on ALL consumer products and sub assemblies. That should be sufficient.

 

[freeatlast]

The debt cannot be fixed as we have went too far. It can be slowed, but down the road it is going to sink this ship. We are currently borrowing 40% off every dollar we spend. We spend 10 billion a day and 4 billion is borrowed.
With 310 million people in the US it would take 32.25 dollars from every person including babies, the retired and retarded, every day of the year or 11774.19 dollars a year to keep up with the current spending and that does not address the debt. All that would do is keep us from going deeper in debt if we did not spend any extra but the debt would remain.
While some come up with numbers showing how to cut the spending enough to fix the debt the fix will kill the patient. There is no practical way to fix what our leaders has brought on us.

Only about 53% percent of the tax payers in the US paid taxes in 2009 and 47% paid nothing because they did not make enough income, or had enough deductions to not pay.
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0

 

[InTheLight]

We are currently borrowing 40% off every dollar we spend. We spend 10 billion a day and 4 billion is borrowed.

Absolutely false, as has been shown numerous times.

 

[Bro. Curtis]

.......and impose an import duty on ALL consumer products and sub assemblies. That should be sufficient.

Looks good on paper, but companies will pay the tax rather than deal with the same unions and regulations that drove them overseas in the first place.

 

[mandym]

The meat axe approach will cause more problems. How about raising revenues by imposing an import tax, say of 25%, on all items imported from China? Beijing would scream, but ................... it would raise a ton of revenues. We import more than 100 billion a year. Such a tax would bring at least 25 billion.

Lack of revenues is not the problem. It will certainly cause a lot of discomfort but we are at a point where we have no choice. Bush and Obama have spent like drunken sailors. The fed is far to big for the constitution.

 

[mandym]

The debt cannot be fixed as we have went too far.

yes it can

 

[freeatlast]

Originally Posted by freeatlast
We are currently borrowing 40% off every dollar we spend. We spend 10 billion a day and 4 billion is borrowed.

Absolutely false, as has been shown numerous times.

Read this and tell me you are right and the government is wrong.
http://maciverinstitute.com/2011/07/how-much-of-federal-spending-is-borrowed-for-every-dollar/

 

[freeatlast]

yes it can

You might want to run on the Obama ticket as a side kick because he is going to need to have one that agrees with him.. :laugh:

 

[webdog]

A flat tax on anything purchased while doing away with the income tax would be a good start. You are at least collecting something from the illegals and the half of legal citizens who pay nothing.

 

[carpro]

So what are your thoughts on how to handle the debt crisis we now face?

My thoughts are:

1. Stop all aid around the world.
2. All Federal programs need to be on the chopping block to include education and military. Nothing should escape it.
3. Bring all our Military home from everywhere around the world.
4. No new spending at all. Not just reduced future spending but no spending period.

All of this should be in effect until we have no debt. Then we need a balanced budget amendment to the Constitution. Just because we are the top world power does not excuse mishandling money.

The medicaid and ss that we pay into should not be allowed to be used or borrowed from for any purpose other than what it is collected for. It needs to be in a lock box.

There should never be a surplus. The government should never collect more than it needs to cover our responsibilities. Even obtaining a surplus is a mishandling of the tax payer money. And it gives some the idea they can spend irresponsibility.

Bankruptcy is the only option. We will never pay off our national debt. We won't even pay it down.

It's going to get worse...much worse.

40% (and shrinking) of the taxpayers cannot sustain this country without the financial assistance of the other 60%...and that's not going to happen.

 

[glfredrick]

Bankruptcy is not an option for either a State or for our Federal government. What happens in that case is that they cease to exist as an entity unless some funds come in to cover their debt.

In the case of America, we have outspent our ability to ever recover at this point, and the only real help is to transfer the balance of power from "we the people" to centralized government, where the government has ALL the money that the entire nation holds, including private holdings.

Otherwise known as communism. :wavey:

 

[freeatlast]

Bankruptcy is not an option for either a State or for our Federal government. What happens in that case is that they cease to exist as an entity unless some funds come in to cover their debt.

In the case of America, we have outspent our ability to ever recover at this point, and the only real help is to transfer the balance of power from "we the people" to centralized government, where the government has ALL the money that the entire nation holds, including private holdings.

Otherwise known as communism. :wavey:

It's coming.

 

[glfredrick]

It's coming.

And we voted for it... (At least some did -- enough to win the election and stuff the Congress) :tear:

 

[carpro]

Bankruptcy is not an option for either a State or for our Federal government.

Correct. I misspoke.

It's not an "option" at alll. It's a given.

It will happen.

 

[th1bill]

There seem to be a lot of unresearched opinions on this matter and some of them are expressed here. Bankruptcy is not a Christian word unless it is a Carnal Christian word. We are always taught to pay our pledges and that does include our debts. The National debt is easy to solve but if we do it the World will crash, of course, I would do it and do advocate it any way.

We pay trillions in blackmail to Pakistan, Suadi Arabia, Syria and on and on to the nations that despise our very presence on the earth. Help our allies only and the debt does not exist.

 

[billwald]

>A flat tax on anything purchased while doing away with the income tax would be a good start.

Hasn't someone on this list insisted that half the people in this country don't pay any income tax. How many of them are Bible believing Baptists? I don't know. Do they tithe? I don't know. But if your suggestion was enacted they would be paying a sales tax on the remaining 90%.

Or would you have a healthy universal welfare payment as the Fair Tax people want? They propose a sales tax of around 30%.

I suppose only people with SS numbers would get the welfare kick back. Would you include people with student visas and people with green cards? Would you exclude visitors here on a passport? What would your plan do to the tourist industry? A 30% sales tax would kill business in Hawaii, Guam, Oregon . . . .