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. #21
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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.
    Well.

    According to the IMF, we would have to raise taxes and cut entitlement spending by 35%. Then it says if we do not cut entitlements, we will have to increase taxes by 88%.

    And that is with the ridiculously optimistic static scoring methodology.

    I would call that at least somewhat dramatic.

  2. #22
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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by Korimyr the Rat View Post
    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.
    The only problems with that plan are the future projections for Social Security, Medicare, Medicaid, and the ACA.

  3. #23
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    Re: What is the best solution for managing the national debt?

    As usual , the missing option....
    "none of the above" .
    The people with this responsibility must know exactly what it is.
    I suspect that few do, but many pretend.
    After we know exactly what we have, and all the ramifications , then we can go to work..

  4. #24
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    Re: What is the best solution for managing the national debt?

    Tax changes are a must if we believe in paying our bills. We need to tax ALL money coming into a persons pockets or accounts according to the same schedule. And we must immediately raise income taxes 5 points across the board for everyone making dollar one.

    And yes - we can reduce spending also by some $400 billion dollars a year - and that would be a minimum figure.
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  5. #25
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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by cpwill View Post
    The only problems with that plan are the future projections for Social Security, Medicare, Medicaid, and the ACA.
    Separate issue. Those programs do need drastic reform.

  6. #26
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    Re: What is the best solution for managing the national debt?

    Impeach Obama.

  7. #27
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    Re: What is the best solution for managing the national debt?

    1. Give the President the Line Item Veto that can be overturned by the same number of Congressional Votes which original bill passed but as a stand alone item. I know, if would require a Constitutional Amendment.
    2. Cut spending.
    3. Give bonuses to federal workers who come up with creative ways to cut waste, with nothing squirrelly going on like create the waste in the first place in order to cut it for the bonus.
    4. Raise taxes on companies that export jobs from America to overseas, whether directly or indirectly indexed in some way to the economic impact the loss of those jobs has on the American economy.
    5. Allow American taxpayers to designate up to $1,000 of their annual taxes to federal agencies and expenditures of their choosing including paying down debt. If every American designated their whole $1,000 to pay off the debt, according to my fuzzy math, we'd have the debt paid off in a little over 30 years if we did nothing else.

    PS. I think our secret debt retirement plan is oil on US land that is sitting there growing in value undrilled. The longer we leave it alone, the more valuable it gets as every other country depletes theirs. If we just have the will-power to hold out as long as possible, eventually the rest of the world will have used up theirs and we'll be sitting on the richest oil country in world history.
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  8. #28
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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by cpwill View Post
    Then it says if we do not cut entitlements, we will have to increase taxes by 88%.
    Since I pay 0% in income tax, what is 88% more? My income is really low, I have two kids and I usually get back $5,000-$7,000. I only pay in around $2,000-$3,000 in Social Security and Medicaid taxes. My employer only pays in around $2,000-$3,000 in Social Security and Medicaid taxes on my behalf.

    I think poor people should be required to pitch in too. When I say poor, I don't mean people living on less than $2 per day. That's the global definition. I meant people earning less than $40,000 could help out too. They may not have to pay a lot of money but there are a lot of "poor people" so it would really add up. Some reason poor people are considered unpatriotic and unwilling to pay taxes. I think this is a numbers game to minimize the back lash of the masses. I really think we should all be Americans. This would include "poor" people.

    vasuderatorrent

  9. #29
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    Re: What is the best solution for managing the national debt?

    I'd say you don't need to do anything listed in the poll options. Clearly, your debt to GDP ratio is a problem and getting worse so you need to increase economic output or reduce spending or preferably both. You should ask yourself why your President, his economic and budget administration officials, and both houses of congress don't seem to have a multiyear budget that proposes a plan to scale back in-year deficits and move to a balanced budget. That's the first step, the most basic step.

    Just by comparison, and it's a simplistic comparison admittedly - take Canada and the US in comparison.

    Canada currently has a debt to GDP ratio of just over 30% - in the US, it's over 70%

    Canada's Throne Speech this week - that's the government's statement on what it intends to do this year and years in advance - proposes that the country is on track to eliminate its in-year deficits by 2015 and is on track to have its debt to GDP ratio reduced to 25% at a minimum with a goal of 20% by the year 2020. Does anyone know what the Obama administration's goals or proposals are? Do they have any?
    "Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." William F. Buckley Jr.

  10. #30
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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by vasuderatorrent View Post
    What are the best options for solving the national debt problem if we ever see our self in a disaster scenario?

    Bankruptcy? hyperinflation? less government spending? higher taxes? Something more creative that nobody has thought of?

    I'm sure somebody has a good idea. Let's pretend doomsday is here. What do we do? Print money like a mad man? File for bankruptcy? Stop social security checks? Fire 75% of all federal employees? Go door to door collect taxes?

    What ever shall we do? Oh my!

    vasuderatorrent
    a flat tax rate meaning everyone has to pay more taxes when government spends more. Rather than the current scheme where the masses look to the rich to pay for all the government they want



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