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?

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    What is the best solution for managing the national debt?

    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
    Last edited by vasuderatorrent; 10-19-13 at 02:41 AM.

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

    We're actually in a better position to handle such a crisis than your average country, because we are a federation of states. If the federal government was in a position where they could only pay interest on debts, then the states would simply have to decide which federal services to maintain through their own revenues and which to just let lapse.

    However, in the real world we'd probably do what all countries do in those situations: raise taxes a lot, cut spending a lot, endure a depression, and hopefully learn from the experience. The Germans are STILL haunted by their own experience under the Weimar Republic and so have been more fiscally responsible than most countries. I'd imagine any country going through that trauma will spend more wisely afterwards.

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

    We don't need to drastically raise taxes or drastically reduce spending as long as we raise taxes and cut spending moderately.

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

    Raise some taxes and cut spending, specifically the three gigantic chunks of the federal budget- Medicare/Medicaid, Social Security, and Defense

    Defense is totally bloated, we don't need 50,000 troops in Germany and 30,000 and Japan and whatnot. Cuts there are easy

    I believe if we had a real universal healthcare system it would cost less than the current crap, because we currently spend more taxpayer money per person than any country on Earth (because the corporate middlemen take most of it)

    As for social security, I really think people should be able to opt out of it in exchange for any private retirement plan if that's what they want. Also it needs to be means tested. Warren Buffet shouldn't get a social security check every month.

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

    Quote Originally Posted by Voltaire X View Post
    Raise some taxes and cut spending, specifically the three gigantic chunks of the federal budget- Medicare/Medicaid, Social Security, and Defense

    Defense is totally bloated, we don't need 50,000 troops in Germany and 30,000 and Japan and whatnot. Cuts there are easy

    I believe if we had a real universal healthcare system it would cost less than the current crap, because we currently spend more taxpayer money per person than any country on Earth (because the corporate middlemen take most of it)

    As for social security, I really think people should be able to opt out of it in exchange for any private retirement plan if that's what they want. Also it needs to be means tested. Warren Buffet shouldn't get a social security check every month.
    These are all very obvious solutions. It's amazing that these possibilities aren't even considered. I did hear talk about means testing for Social Security. If you ever look at a pie chart of the federal budget it's easy to see what needs to be eliminated. It doesn't take a degree in accounting to see the solution. All the silly talk about saving $10 billion on cutting waste seems ridiculous when 58% of the federal spending hits you right in the face as soon as you see the budget.

    vasuderatorrent

    of total spending for FY 2013. President's proposed budget ...

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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
    I would vote to reduce spending immediately by 15 percent and levy a one off wealth tax of 15 percent on all Americans. Possibly foreigners' holdings in the US should be exempt.

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

    Quote Originally Posted by joG View Post
    I would vote to reduce spending immediately by 15 percent and levy a one off wealth tax of 15 percent on all Americans. Possibly foreigners' holdings in the US should be exempt.
    Can you explain what you mean by the one off wealth tax?

    vasuderatorrent

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

    Overall cleanup of tax regulations to minimize tax evasion while lowering the tax rate to lessen the burden on the lower and middle classes while encouraging business investment. Drastically cut waste at overall govt spending, especially on unnecessary Defense projects, wasteful healthcare and welfare.
    Pretty much typical, commonsense, and expected, but the details need to be rolled out (which due to my lack of expertise, is not in my post)
    "The misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all" - Joan Robinson
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    Re: What is the best solution for managing the national debt?

    Quote Originally Posted by vasuderatorrent View Post
    Can you explain what you mean by the one off wealth tax?

    vasuderatorrent
    As with all technology the details would be more complicated than the initial statement. Would it be a flat tax or progressive or regressive, would it be 15 percent or 10 or 20?
    But in general all wealth owned by persons (and companies) would be subjected to a tax one time only. The rational being that all Americans are responsible for the actions of their elected agents. So they should all and every one of them pay back the debt.

    We should do it now, before we cause ourselves to face bankruptcy and economic depression.

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

    Quote Originally Posted by joG View Post
    As with all technology the details would be more complicated than the initial statement. Would it be a flat tax or progressive or regressive, would it be 15 percent or 10 or 20?
    But in general all wealth owned by persons (and companies) would be subjected to a tax one time only. The rational being that all Americans are responsible for the actions of their elected agents. So they should all and every one of them pay back the debt.

    We should do it now, before we cause ourselves to face bankruptcy and economic depression.
    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

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