National Debt

[Jake7]

What do you guys think of our national debt and the government's handling of it? Also, do you have ideas on how to bring it down?

Let's try to keep this thread away from "Yeahhhh the government sucks" and comments like that - try and keep it constructive.

[Brian]

Originally Posted by Jake7

What do you guys think of our national debt and the government's handling of it? Also, do you have ideas on how to bring it down?

Let's try to keep this thread away from "Yeahhhh the government sucks" and comments like that - try and keep it constructive.

1. Repeal the Federal Reserve Act of 1913.
2. Immediately reduce the money supply by eliminating all physical and electronic dollars produced since TARP that have not been spent.
3. Put a hold on all derivative/CDS transactions by the banks relating to the mortgage meltdown until they can be unwound.
4. Default on most or all foreign debt. (There truly is no way we can ever pay it off.)

That will take the edge off and give us some time to think.

To truly return to a productive society, we will need to have a reckoning between those who believe the government should provide something to them and those who believe it shouldn't.

We will need to establish a currency that is backed by commodities. It is absolutely possible (and even easy) to re-establish a bi-metals or multi-metals standard for the dollar. If we fail to do this, we are only delaying the inevitable: monetary collapse.

My personal opinion is a return to a literal interpretation of the Constitution and the corresponding reduction in the federal government and restoration of state sovereignty would go a very long way toward increasing productivity and getting us on the road to becoming an economic superpower again.

[Funetical]

Yeah the government su.... Oh yeah.

I don't like what the government does, almost ever.

Why we trade with communism blows my mind. It will destroy us. Who owns the world? China. China is in it for keeps.

The only way out is war, and China has us outnumbered.

Out of debt, into war, historically that's how it worked.

[JDFANATIC]

This is a great discussion because no matter what side of the political spectrum you are on, we are in a mess. But as bad as it seems, Canada was in worse shape in the 90s. There is a great book by Brian Lee Crowley/Jason Clemens/Niels Veldhuis titled "The Canadian Century -- moving out of america's shadow", that details what Canada did to dig out. It should be mandatory reading in classrooms and by the politicians elected to run our country.

We can grow our way out of this mess, but we need a government that understands how an economy grows and how jobs are created. Though there is some hope from the last election, there are far too many career politicians who have never had a public sector job and do not know how sustainable jobs are created. We also have a corporate tax system (one of the highest in the world) that actually pushes jobs out of this country. If we want to create an environment where more jobs will stay in this country, then set the corporate tax rate at zero for businesses who operate in the U.S. Manufacturing, which is a place where real wealth is created, should certainly be taxed (not) in a way that gives incentive to making things in this country.

Just my .02

[YelloJeep]

I read somewhere (and it was some famous historical figure, don't remember who) that being in debt to many other nations was a good thing because it would become in those nations' interest for us to not fail and be successful. I may not be phrasing it correctly but that was the general idea of it. Maybe some of you know. That phrase is what I thought of while reading the first post.
I personally don't like any debt. LIVE WITHIN YOUR MEANS.... (Nations included)

[RedJeepXJ]

I would love for their to be an additional amendment that the budget must always be balanced (including any excesses from the previous year) and 5% of all debt paid back each year.

Any substantial overages for the year (example: war) would have to have a tax immediatly, so for the IRAQ war we would all receive a yearly bill for it. This would encourage us to only go into war/etc when needed

Originally Posted by YelloJeep

I read somewhere (and it was some famous historical figure, don't remember who) that being in debt to many other nations was a good thing because it would become in those nations' interest for us to not fail and be successful. I may not be phrasing it correctly but that was the general idea of it. Maybe some of you know. That phrase is what I thought of while reading the first post.
I personally don't like any debt. LIVE WITHIN YOUR MEANS.... (Nations included)

The U.S.A. is now "too big to fail", hooray!

[Musicinabottle]

I remember in the early 1980s when Chrysler was really in trouble, for that time period, and Mr Lee Iacocca took over for the unheard of sum of $1 and turned the company around. I'd sure love to see our congressmen and senators, who really love our country even above themselves actually put off personal gain and pitch one for the better good of the country! If a man could do it in the private sector, for a corporation, then wheres's the love? I'd love to see these guys put their money where their mouths are!

[YelloJeep]

Originally Posted by RedJeepXJ

I would love for their to be an additional amendment that the budget must always be balanced (including any excesses from the previous year) and 5% of all debt paid back each year.

I'm on board with that. I think our state just voted in something SIMILAR to that.

The U.S.A. is now "too big to fail", hooray!

YUP.

[teaberryeagle]

Originally Posted by Jake7

What do you guys think of our national debt and the government's handling of it? Also, do you have ideas on how to bring it down?

Let's try to keep this thread away from "Yeahhhh the government sucks" and comments like that - try and keep it constructive.

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Here's a video you may find interesting....

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"Joe, American" Challenges the Presidential Candidates

YouTube - "Joe, American" Challenges the Presidential Candidates

YouTube - "Joe, American" Challenges the Presidential Candidates