Ending the Debt

[P F Tinmore]

You are an idiot. I mean if you have even the most basic understanding of economics, you know that would cause massive inflation. It would break our economy.

That wasn't the question.

I tutored economics in college. You are talking to the wrong guy.

 

[Godboy]

That wasn't the question.

I tutored economics in college. You are talking to the wrong guy.

Pff, you are a blithering idiot who thinks we can print our way out of the debt.

 

[P F Tinmore]

There is nothing so funny as a person with no knowledge, experience or education in economics telling us how to eliminate the national debt.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

So, why won't this work?

 

[P F Tinmore]

Pff, you are a blithering idiot who thinks we can print our way out of the debt.

I didn't say that.

 

[Dadoalex]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

The debt will go away.

So you want to create 35 TRILLION dollars?

The debt will go away
but inflation will jump to as much as several thousand percent.

Not a good trade.

Eliminate carried interest and other forms of income lies.
Set tax rates on incomes above $5M to 93%
Eliminate upper limit on FICA taxes

These won't eliminate the debt but will significantly slow the growth.

 

[BluesLegend]

We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

Oh good grief...enough said. Dem Alert!!

 

[BluesLegend]

LOL. You guys are idiots.

I know right, and these morons vote.

 

[P F Tinmore]

You people are completely missing the point.

Money is a medium of exchange. Without it there is no economy.

Too little the economy sags. Too much causes inflation.

Whether we print it ourselves or borrow it is irrelevant to this fact.

 

[kyzr]

Raising the debt limit is what?

Printing more money.

Who said anything about raising the debt limit? Learn how to read before posting nonsense.

 

[P F Tinmore]

So you want to create 35 TRILLION dollars?

The debt will go away
but inflation will jump to as much as several thousand percent.

Not a good trade.

Eliminate carried interest and other forms of income lies.
Set tax rates on incomes above $5M to 93%
Eliminate upper limit on FICA taxes

These won't eliminate the debt but will significantly slow the growth.

No, that's not what I said.

 

[P F Tinmore]

Who said anything about raising the debt limit? Learn how to read before posting nonsense.

Didn't we just raise the debt limit dumping more money into the economy?

 

[BluesLegend]

You people are completely missing the point.

Money is a medium of exchange. Without it there is no economy.

Too little the economy sags. Too much causes inflation.

Whether we print it ourselves or borrow it is irrelevant to this fact.

Go ahead DO IT, that will start a world war.

 

[P F Tinmore]

Go ahead DO IT, that will start a world war.

With whom? Why?

 

[kyzr]

Didn't we just raise the debt limit dumping more money into the economy?

Please re-read and reply to my post #15.
My path forward involves cutting Federal spending , and eliminating tax loop-holes.

 

[Lesh]

Question?

We have two options. We can create our own money at no cost. There is no debt and no interest.

OR

We can borrow the money creating debt and interest.

Why do we choose the most expensive option?

“At no cost..”

Batshit crazy

 

[JWBooth]

People are always wringing their hands about the debt. We can eliminate the debt at very little cost. All of our money is owed to the Federal Reserve to be repaid with interest.

The constitution gives congress the authority to create our own money. There is no interest, and it does not have to be repaid.

When a bank receives Federal Reserve Notes it sends them to the Treasury. The Treasury "repays" them to the Federal Reserve and replaces them to the bank with US Notes at little cost.

The debt will go away.

The Weimar solution, great idea.

 

[Dadoalex]

No, that's not what I said.

That is exactly what you said.
Whether you know it or not.

 

[Flash]

Generally true. But there are some taxes that should not dampen the economy.
Here are a few ideas: to balance the Budget and start paying down the Debt:

• Close tax loop-holes +$1.5T
  Fix SS net zero (raise the cap)
  Fix Medicare net zero (see link below)
  Send Medicaid to the states +$500b
• Add new 0.2% transaction tax on financial transactions +$150b (see link below)
• Add new remittance tax +$6b (pays for border security, i.e. Mexico pays for the wall)
• Remove Capital Gains Tax loop-hole +$100b/yr (no 20% tax on gains)
  Send Welfare to the states +$1.3T (over several years)
  Send Education to the states +$300b (over several years)
  Eliminate all personal tax deductions +??????? (keep business deductions)
  Collect all taxes owed +$400b

How Warren Buffett Thinks We Should Fix Social Security | The Motley Fool

The Oracle of Omaha thinks we should save Social Security -- here's how he thinks it can be done.

www.fool.com

European Union financial transaction tax - Wikipedia

en.wikipedia.org

It is 12 years old now but back in 2012 Ron Paul came up with a very reasonable budget proposal that saved a trillion dollars a year with minimal effect on essential Federal services. It protected Defense, Social Security and even some of the stupid welfare programs. It would probably be three trillion now.

Lets have a massive cut back on the size of the Federal government. Use 2/3rds to pay down the debt and 1/3rd as income and corporate tax reductions. Our productive economy would grow and Americans would have more spendable income.

The path we are now is fiscal suicide.

Ron Paul's 'Plan to Restore America'

www.cato.org

 

[P F Tinmore]

It is 12 years old now but back in 2012 Ron Paul came up with a very reasonable budget proposal that saved a trillion dollars a year with minimal effect on essential Federal services. It protected Defense, Social Security and even some of the stupid welfare programs. It would probably be three trillion now.

Lets have a massive cut back on the size of the Federal government. Use 2/3rds to pay down the debt and 1/3rd as income and corporate tax reductions. Our productive economy would grow and Americans would have more spendable income.

The path we are now is fiscal suicide.

Ron Paul's 'Plan to Restore America'

www.cato.org

I liked Ron Paul.

Then again, Paul has managed to single‐handedly turn the Federal Reserve into a campaign issue, which nobody could have foreseen just several short years ago. In fact, several of Paul’s fellow candidates for the GOP nod have taken to echoing his anti‐Federal Reserve sentiments.

 

[Flash]

The filthy ass bureaucrats spent over $2 trillion more last year than was collected in revenue.

How about doing the sane thing as a first step and only spend what we take in with revenue?

Instead the filthy ass shitheads not only refuse to cut back on the bloated size of government but they want to spend even more and then raise taxes more and go into debt more.

Like voting to give tens of billions away in foreign welfare to Taiwan, Ukraine and the goddamn Israelis. In addition to all the other wasted money in the Federal government like subsidies for stupid EVs that is on top of having to pay billions in welfare to Potatohead's Illegals.

Stupidity!