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The recent election was about a CHANCE to restore fiscal solvency to the US and avoid the consequences of massive debt. It was no guarantee that Romney and Ryan would do so, but at least it was a chance. The US has no chance now.
So............................. with $22 trillion in debt when Obama leaves office, what can the US do to avoid hyperinflation and marked currency devaluation? Such consequences will lead to social instability and insures the break up of the nation.
1. Raising taxes won't do it- If we ENSLAVE EVERYONE who makes over $250K per year, we generate only $900 billion per year and still have an annual deficit
2. Confiscating property- if that happens, it will result in immediate insurrection. However, there is not enough net wealth in the US to finance all the unfunded liabilities, which approach $100 trillion.
3. VAT tax 15%- that would raise $1.3 trillion per year. However, the government does not have the will to do so and would simply spend that "extra money".
4. Print $30 trillion- The US is the only nation that could do so. This, of course, would "pay off" our debt, but would result in a collapse of the global bond market and insure a world wide financial collapse.
5. Have all nations forgive all of their current debt- good luck on that one.
We are on the path to the break up of the US, all due to fiscal insanity. Libs who respond to this thread will offer no SOLUTIONS, as there are none (with Obama in the White House for four more years). They will blame Bush.
What now? I guess just more clueless threads about the wrong debt problem.
What now? I guess just more clueless threads about the wrong debt problem.
So, in sum, you have no answer for the debt problem and simply choose to change the subject? Perhaps you are the one who is "clueless" as you have voted for your own financial destruction- well done.
We are on the road to insolvency. As this thread has shown, the liberals have no answer for our escalating debt and choose simply to ignore it. It is akin to ignoring a cancer, once treatable, which will kill the patient.
The options I have suggested (which are markedly opposed by Obama and will never be implemented) would have a chance at saving the nation now. Of course, our politicians are more concerned with pandering to an ignorant electorate and will spend to the point of national destruction.
4. 10% of revenues per year ear marked to cut the debt.
The nation will be destroyed by our wild spending. As seen in this thread, liberals have no answer for this and are perfectly fine with allowing ruin to unfold. This, of course, will lead to the break up of the current USA.
We're all "in this" together...right? So...
1. Let Bush tax cuts expire;
2. Cut military spending by 50%;
3. Close all tax loopholes;
4. No more tax breaks for charities and religious organizations...sorry;
5. Cut foreign aid spending by 50%;
6. Raise taxes on those making over $2m/year;
7. Cut all life-time pensions for all politicians;
8. VAT increase;
9. Increase capital gains taxes;
10. Cut the Dept of Homeland secutiy budget by 50% (or just rid of the bloated thing altogether);
11. No more bailouts of unsuccessful businesses;
12. Raise taxes on American corporations' overseas operations.
Things that aren't cuts, but I think would help improve the economy (short- or longer-term):
1. Small businesses: Start-ups who hire people should have a federal tax holiday;
2. Health care: Health care should no longer be tied to employment. In other words: UHC;
3. Repatriation tax holiday for companies who move operations from abroad back to the US;
4. Infrastructure spending;
5. Focus on improving education opportunities for all children in high-needs areas (mostly STEM).
Now that you have the personal observations and rants out of the way,....would you care to take a stab at the OP's question? At least Hawkeye put forth some suggestions,...a far cry from your lack thereof.
You mean like garbled self contradictory statements like being in debt and printing money? I don't know about you but if I could print money, I would not go around borrowing it. So ya think maybe something else is going on?
Straight answer from the endless crop of conservative clownsmenship please.
o............................. with $22 trillion in debt when Obama leaves office, what can the US do to avoid hyperinflation and marked currency devaluation? Such consequences will lead to social instability and insures the break up of the nation.
4. Print $30 trillion- The US is the only nation that could do so. This, of course, would "pay off" our debt, but would result in a collapse of the global bond market and insure a world wide financial collapse.
If you can print it, its not debt. We already printed it because da guberment bonds act like cash. What could happen is being reduced to international barter but. so will everyone else.
Why not just look at who has the assets? Every public debt is someone's private asset. So if we keep producing money it means someone is sucking on it and sitting on it. Its not just China. That problem can be solved otherwise(try drastically reducing real estate prices which is a paper wealth drag on producers) . So tax people sitting on lumps of green paper but produce enough credit to circulate. When money is sitting around or there is too much then you tax it in....from those sitting on the humps of cash, not from producers.
The only way out of it is to make tangible assets and with our D- from civil engineers I can't imagine why we want to keep putting people on food stamps.
Darpa project = Internet
Grand Coulee dam = defeat of Japanese
National highway system.
Rail lines
Telegraph lines
Nuclear
The liberals want to mail checks to people who don't work, and the conservatives want to go into hibernation.
* Tax over saving of cash
* raise interest rates to drive down housing costs
* End taxes on labor and capital to pump as much credit as needed to the productive sector since the ensuring bank collapses will lack mortgage money.
* run banks as zombies to maintain short term credit lines as before until they are small enough to fail.
* work on the D -
Hyperinflation retrospective... let's look at a microscopic slice of the incremental hyperinflation from American national socialism and worthless notes.
1915 - loaf of bread - $0.05
2012 - loaf of bread - $3.45
Hours to work (min. wage) to buy SS tool
1950 : 169.50 / 0.75 = 226 hours
1980 : 799.99 / 3.10 = 258 hours
2010 : 2999.99 / 7.25 = 413 hours*
(* To add insult to injury, modern production technology reduces the amount of labor, and yet it costs MORE to buy! )
Thanks to the democratic socialist system, and the never ending inflation of the money system, today's worker has to work twice as much to get what his poor ancestors bought.
You can NEVER get ahead of the inflationary curve in that system.
A small reminder and a nod to Congress for debasing the money supply. Great job!
The recent election was about a CHANCE to restore fiscal solvency to the US and avoid the consequences of massive debt. It was no guarantee that Romney and Ryan would do so, but at least it was a chance.
There was NO CHANCE Romney & Ryan could have done so. More massive tax cuts + increased military spending is not a recipe for fiscal solvency.
We're all "in this" together...right? So...
1. Let Bush tax cuts expire;
2. Cut military spending by 50%;
3. Close all tax loopholes;
4. No more tax breaks for charities and religious organizations...sorry;
5. Cut foreign aid spending by 50%;
6. Raise taxes on those making over $2m/year;
7. Cut all life-time pensions for all politicians;
8. VAT increase;
9. Increase capital gains taxes;
10. Cut the Dept of Homeland secutiy budget by 50% (or just rid of the bloated thing altogether);
11. No more bailouts of unsuccessful businesses;
12. Raise taxes on American corporations' overseas operations.
Things that aren't cuts, but I think would help improve the economy (short- or longer-term):
1. Small businesses: Start-ups who hire people should have a federal tax holiday;
2. Health care: Health care should no longer be tied to employment. In other words: UHC;
3. Repatriation tax holiday for companies who move operations from abroad back to the US;
4. Infrastructure spending;
5. Focus on improving education opportunities for all children in high-needs areas (mostly STEM).
Thanks for the list. A few of those things I certainly agree with and would certainly be a very good start on the path to solvency. I do not agree with increasing income taxes or capital gains taxes (as that shifts money from productive individuals to a non-productive government), but that is simply a different political view point.
Thanks for the good list and actually addressing my original question.
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