View Poll Results: What is the best solution for managing the national debt?

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  • Ignore it. It isn't a problem

    3 9.09%
  • Ignore it. It will eventually go away.

    0 0%
  • Reorganize a repayment under bankruptcy

    0 0%
  • Abolish the federal reserve and print money to repay debts.

    2 6.06%
  • Drastically reduce government spending

    25 75.76%
  • Drastically raise taxes

    3 9.09%
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Thread: What is the best solution for managing the national debt?

  1. #11
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    Re: What is the best solution for managing the national debt?

    Let's build a clock that will show the current amount of debt and then personalize it so that it shows each persons share of the debt.
    People in Dubai don't like the Flintstones but people in Abu Dhabi do

  2. #12
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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by vasuderatorrent View Post
    How often would it be collected? Every one hundred years? Every ten years? Every year? It seems like a very cruel form of taxation. I'm not sure the government could handle the political backlash of such a policy. I understand the rationale behind it. It just doesn't seem too practical. A milder form of the wealth tax could be a national property tax. In North Carolina all counties, cities and town governments efficiently collect a property tax. A national property tax could be very easily added to the property tax bills that already go out. This may not work nationwide though because I don't know if all states use property taxes to fund their government.

    I like your line of thinking. I truly appreciate the discussion.

    vasuderatorrent
    The spending would remain reduced and the tax would be levied once.

  3. #13
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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by AliHajiSheik View Post
    Let's build a clock that will show the current amount of debt and then personalize it so that it shows each persons share of the debt.
    In a way this link does that. You can see the aggregate National Debt per capita in the upper left box to the right of the National Debt.

    U.S. National Debt Clock : Real Time

  4. #14
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    Re: What is the best solution for managing the national debt?

    Maybe I misinterpreted, but I think the OP was asking what to do once fiscal crisis hits, not what to do about the debt in the present situation.

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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by francois60 View Post
    Maybe I misinterpreted, but I think the OP was asking what to do once fiscal crisis hits, not what to do about the debt in the present situation.
    I don't know what OP means. I keep seeing it but I don't know what it means.

    The poll question doesn't specify whether you are managing for a crisis or managing to avoid crisis. The very first post in this thread I specified about how we should react in the event of a crisis. Sorry for any confusion.

    I would like to know what OP means. I keep seeing it.

    vasuderatorrent

  6. #16
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    Re: What is the best solution for managing the national debt?

    It means Original Post. Thanks for the clarification though.

    My own opinion on how to deal with the current situation is that we have a spending problem, not a revenue problem. Revenues should be about 18% of GDP in the current environment and spending should not exceed 20% of GDP(and should be 17-18% of GDP when there is 6% or lower unemployment). The root of the spending problem is entitlements. Medicare, Medicaid, SS, and food stamps must be cut down to a more sustainable level. Defense spending should also drop, and programs which are a low priority or do not work should be eliminated.

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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by Korimyr the Rat View Post
    We don't need to drastically raise taxes or drastically reduce spending as long as we raise taxes and cut spending moderately.
    That would have been a cool solution, when Clinton was President. It would still have worked, when Obama became President, but a little less well.

    Sorrily we now owe 17+ Trillions. Just calculate the interest we will have to pay, when the rate is around 5 percent. Think of it as a mortgage. To reduce it to half in 30 years the required payment would be just shy 1 Trillion a year. As the deficit is now $ 700+ Billions that means we need 1,7 Trillions a year. That is not impossible to pay back. But 300 Millions people need to cough up an average per head of $ 5.666, if my calculation is correct. That seems moderate enough at $ 100.000 a year. But do not forget. A lot of Americans do not make $ 100.000. A lot of Americans make less and a lot of Americans make nothing, because they are at school or in a gang or something.

    Am I wrong? I could easily have miscalculated.

  8. #18
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    Re: What is the best solution for managing the national debt?

    It isn't necessary to pay off the national debt-- merely stop it from growing in proportion to the GDP. If the debt shrinks by any amount per year, or even simply grows slower than the economy, we'll be fine.

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    Re: What is the best solution for managing the national debt?

    True. However, even that is a challenge as the Baby Boomers age.

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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by francois60 View Post
    It means Original Post. Thanks for the clarification though.

    My own opinion on how to deal with the current situation is that we have a spending problem, not a revenue problem. Revenues should be about 18% of GDP in the current environment and spending should not exceed 20% of GDP(and should be 17-18% of GDP when there is 6% or lower unemployment). The root of the spending problem is entitlements. Medicare, Medicaid, SS, and food stamps must be cut down to a more sustainable level. Defense spending should also drop, and programs which are a low priority or do not work should be eliminated.
    Social Security and Medicare are separate tax deductions from income tax. Those programs should be trimmed down and only rely upon those withholdings. One way to do that or work towards it is to remove from SS and Medicare everyone who has never paid into those systems.

    Welfare can be almost totally eliminated and converted to a self-sustaining or near self-sustaining workfare program.

    Medicaid can be converted back to volunteer hospitals/clinics which will also greatly reduce costs for health insurance for working people.

    Defense cost could be greatly reduced by reorganizing it and also convert to direct manufacture of military items to eliminate extra cost of contractors and contractor fraud. Also it would greatly benefit from stable funding instead of the bust or boom cycles we have seen since the 1970s.
    Only a fool measures equality by results and not opportunities.

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