Solutions To National Debt "Are Painful"

Discussion in 'Politics' started by Nova78, Jan 10, 2013.

  1. Nova78
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    Nova78 Silver Member

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    Bowles: 'No easy way' to get books back in order | US National Headlines | Comcast

    The co-chairman of the U.S. deficit commission calls failure to agree on a plan to reduce the national debt "the most disappointing thing in my life."

    Erskine Bowles says "what is going on in Washington is absolutely nothing."

    He also says Washington must come up with at least $4.7 trillion in deficit reduction. Failing that, he says, "we're not going to have any money left over to spend on anything else" but servicing the debt.


    We need a new Government and President- Failure and inaction are considered a success in the current one.
     
  2. jwoodie
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    jwoodie Gold Member Supporting Member

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    We cannot solve our debt problem through higher taxes and/or spending cuts alone. The numbers are simply too huge. The best we can do in these areas is to provide a stable tax environment and not exacerbate this problem by increasing spending any further. That leaves us with only two long term solutions: economic growth and inflation. Economic growth (private sector jobs) turn tax eaters into tax payers. Inflation is the fairest way to distribute the effects of our debt because it allows people to make individual decisions about their financial situations.
     
  3. g5000
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    g5000 Diamond Member

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    Simpson and Bowles agree we need to raise the Social Security and Medicare eligibility ages. We had 10 people supporting one person on Social Security when it was enacted. Because it was not indexed to life expectancy, we are rapidly approaching 3 to 1.

    They also agree we need to eliminate tax expenditures. They don't go as far as I do in demanding a permanent ban on all tax expenditures.

    They also agree we need to make deep cuts in defense spending. We cannot continue war level spending. The defense spending curve has gone straight up since 9/11. It is time to return to pre-war levels.

    These are very easy solutions, but quite obviously hard for the biggest batch of cowardly politicians we have had in generations.
     
    Last edited: Jan 10, 2013
  4. DiamondDave
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    DiamondDave Army Vet

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    Yes.. revenue AND spending must be addressed... we need to keep up revenue, while allowing the private economy to grow to continue to increase revenue, while cutting out the outrageous spending which got us to where we are... We cannot tax a select few to death, taking at extraordinary levels, while doing nothing else...

    We have an ever growing number not paying income taxes.. we have tons of revenue from other tax sources... nobody should be off the hooks in this crisis.. NOBODY

    We have to get that revenue coming in, but also continuing to have it come in in the future.. just increasing taxes on 'the rich' is not going to allow for revenue growth

    We have to cut at least 40% from our federal government spending.. this is not in question.. and it has to come from everywhere, including defense... but you cannot just do it from defense... you have to eliminate things such as handouts to other countries... you have to eliminate permanent entitlement programs... reduce temporary safety net programs.. eliminate waste.. stop pet projects.. and IMHO have an iron clad balanced budget amendment where any emergency increases above the previous year's income are countered with cuts to other areas...
     
  5. Duped
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    Duped Senior Member Supporting Member

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    Liberals won't care until it directly affects them - then they will blame it on Bush, and ask for stimulus!
     
  6. Oldguy
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    Oldguy Senior Member

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    You do realize you're suggesting the government spend NO money AT ALL on ANYTHING, don't you? That's what tax expenditures are.
     
  7. CrusaderFrank
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    CrusaderFrank Diamond Member

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    We need to have a $60B pork bill for Sandy.

    Yeah.

    Gotsta
     
  8. CrusaderFrank
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    CrusaderFrank Diamond Member

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    We need to repeal the 16th Amendment and have the states fund the Federal government
     
  9. Oldguy
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    Oldguy Senior Member

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    Fund it with what money?
     
  10. CrusaderFrank
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    CrusaderFrank Diamond Member

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    let the states figure that out.

    But next time some states says, "I need $60B of pork to fix $4B of damage" 49 other states will tell him "Fuck you!" (or 56 other states according to Obama)
     

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