Debt spending, how would YOU handle it???

[BOBO]

We're debt spending our children into indentured servitude. The fed reserve note is now nothing more than worthless inflated IOU script. Industry has moved abroad & along with it our tax revenue to sustain the USA. Inflation tax due to the fed notes being printed by the bazillions has made purchasing power a thing of the past. What course of action would you recommend to get debt spending out of the vocabulary???

 

[8537]

If that worthless IOU scrip is weighing you down, I'll be happy to take it off your hands. Just PM me for contact info.

As for what I'd recommend: I'd recommend we remove most of the Bush-era tax cuts, increase or abolish the SS cap on contributions while leaving the rate at its current (temporarily lowered) rate, mark SS increases to a chained CPI, end most subsidies for ethanol and oil exploration, cut defense by 25%+ by bringing the troops home from our two major engagements and halting programs such as the Joint Strike Fighter and hold government spending at current nominal levels for all other areas for the next three years.

 

[DontBeStupid]

If that worthless IOU scrip is weighing you down, I'll be happy to take it off your hands. Just PM me for contact info.

As for what I'd recommend: I'd recommend we remove most of the Bush-era tax cuts, increase or abolish the SS cap on contributions while leaving the rate at its current (temporarily lowered) rate, mark SS increases to a chained CPI, end most subsidies for ethanol and oil exploration, cut defense by 25%+ by bringing the troops home from our two major engagements and halting programs such as the Joint Strike Fighter and hold government spending at current nominal levels for all other areas for the next three years.

+1 for good ideas.

I would add, though, that persistent unemployment is dragging the economy down and thereby dragging revenue down as well. Couple that with decaying infrastructure and I would borrow $2T from China and/or Canada and put everyone to work with a real, true jobs program. I would take half the money and start repairing roads, bridges, etc. Real repairs. I would take the other $1T and construct high speed rail on the level that China is doing. Connect major cities and get people moving around the country and spending around the country. Once it's done, if it's economical for the government to maintain ownership, cool, if not, then I would sell off major pieces to private investors and re-coup some of what was borrowed. If high speed rail isn't your thing, cool, we could do the same with windmills and other green energy sources. The point being, those are jobs that could not be outsourced in the future, so we have lasting positions available.

 

[chikenwing]

If that worthless IOU scrip is weighing you down, I'll be happy to take it off your hands. Just PM me for contact info.

As for what I'd recommend: I'd recommend we remove most of the Bush-era tax cuts, increase or abolish the SS cap on contributions while leaving the rate at its current (temporarily lowered) rate, mark SS increases to a chained CPI, end most subsidies for ethanol and oil exploration, cut defense by 25%+ by bringing the troops home from our two major engagements and halting programs such as the Joint Strike Fighter and hold government spending at current nominal levels for all other areas for the next three years.

+1 for good ideas.

I would add, though, that persistent unemployment is dragging the economy down and thereby dragging revenue down as well. Couple that with decaying infrastructure and I would borrow $2T from China and/or Canada and put everyone to work with a real, true jobs program. I would take half the money and start repairing roads, bridges, etc. Real repairs. I would take the other $1T and construct high speed rail on the level that China is doing. Connect major cities and get people moving around the country and spending around the country. Once it's done, if it's economical for the government to maintain ownership, cool, if not, then I would sell off major pieces to private investors and re-coup some of what was borrowed. If high speed rail isn't your thing, cool, we could do the same with windmills and other green energy sources. The point being, those are jobs that could not be outsourced in the future, so we have lasting positions available.

One would think NOT borrowing insanely large sums of money would be a place to start.

 

[waltky]

Kickin' the can down the road...

Boehner to Obama: No big debt cut deal
10 July`11 - President Obama and the Republicans regrouped Sunday before new debt talks now shadowed by House Speaker John Boehner's decision to pull a $4 trillion reduction proposal because of taxes.

The president's aides said he will continue pushing for $4 trillion in debt cuts over the next decade at today's 6 p.m. meeting; they called it a "balanced" plan with both budget cuts and new revenues from the elimination of tax breaks for the wealthy. Obama "didn't come to this town to do little things," said White House Chief of Staff William Daley on ABC's This Week With Christiane Amanpour. "He came to do big things."

Congressional Republicans said their members will not provide enough votes for any debt reduction plan that includes higher taxes, citing the nation's 9.2% unemployment rate. "We think it's a terrible idea," said Senate Minority Leader Mitch McConnell, R-Ky., on Fox News Sunday. "It's a job-killer."

The White House and Republicans are negotiating budget cuts as part of a deal to raise the government's $14.3 trillion debt ceiling. That goal has a deadline of Aug. 2, the day the Treasury Department says it will not longer be able to bills it has already rung up. Daley and McConnell spoke the morning after after Boehner issued a statement late Saturday saying, "despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes." Boehner said he spoke with Obama by phone on Saturday.

White House Communications Director Dan Pfeiffer quickly responded to Boehner with a statement saying that debt reduction is imperative, but "we cannot ask the middle-class and seniors to bear all the burden of higher costs and budget cuts." Pfeiffer said the president wants "a balanced approach that asks the very wealthiest and special interests to pay their fair share as well, and we believe the American people agree." The White House says its revenue plan ends loopholes and breaks for wealthy Americans such as oil company magnates, hedge fund managers, and private airplane owners.

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[BOBO]

...gladly if ya give me a just ONE .999 troy ounce Maple leaf gold dollar in exchange. This is a GREAT deal & one you don't wanna miss! 300 fed reserve notes for just one paltry .999 troy ounce Maple Leaf, like how can ya lose here?!!!!

If that worthless IOU scrip is weighing you down, I'll be happy to take it off your hands. Just PM me for contact info.

As for what I'd recommend: I'd recommend we remove most of the Bush-era tax cuts, increase or abolish the SS cap on contributions while leaving the rate at its current (temporarily lowered) rate, mark SS increases to a chained CPI, end most subsidies for ethanol and oil exploration, cut defense by 25%+ by bringing the troops home from our two major engagements and halting programs such as the Joint Strike Fighter and hold government spending at current nominal levels for all other areas for the next three years.

 

[CrusaderFrank]

1. Scrap ObamaCare and replace it with the Whole Foods Plan

2. Repeal FinReg.

3. Consolidate Fannie and Freddie, end the US government guarantees, let banks and investors buy all the F/F loans at auction

4. Repeal all Federal Labor Laws

5. Cut Cap Gains 5%, drop tax of overseas profits repatriated to the USA down to 3.5%

 

[shintao]

We're debt spending our children into indentured servitude. The fed reserve note is now nothing more than worthless inflated IOU script. Industry has moved abroad & along with it our tax revenue to sustain the USA. Inflation tax due to the fed notes being printed by the bazillions has made purchasing power a thing of the past. What course of action would you recommend to get debt spending out of the vocabulary???

Gut the Pentagon budget, make everybody contributed the same monetary amount of taxes & gut the IRS, end foreign aid, kick the illegals out, end corporate aid.

 

[traveler52]

1. Let the bushie baby tax cuts lapse.

2. Get out of Afghanistan, Libya and Iraq.

3. End Foreign Aid to Afghanistan, India and Iraq.

4. End ALL Government Sponsered Subsidies to Oil Companies, they make Billions of Dollars a quarter and DO NOT NEED U.S. TAX PAYER MONEY.

5. Close One-Third (1/3) of ALL U.S. MILITARY BASES WORLD WIDE.

6. Remove and end the Tax Exempt Status for ALL RELIGIOUS INSTITUTIONS IN THE U.S.

7. No Salary Increases (execpt U.S Military Personnel) for Federal Employess for 3-years.

8. No Salary increases for members of House of Representatives, The Senate, The President and the Vice-President and their respective staffs for 3-years.

9. Place an Excess Profits Tax on Oil Company Profits.

10. End all Off-Shoring of Accounts held by U.S. Companies.

11. Bring U.S. Tax Rate down to Reagan Era (The Corporations and Individuals were paying less than they are now).

12. Limit or end Government sponsered farm subsidies.

13. End all "Junkets" of Senators and Congressmen unless vital to the National Security. End the practice of using Tax Payer Dollars to expense vacations.

14. Reduce or Eliminate the Staff of the Fist Lady.

15. Make any meals, drinks, vacations or gifts given to Presidents, Vice-Presidents, Congressmen and Senators taxable after a set of amount....$5,000.00 to start.

Just a few ideas.

 

[waltky]

Granny says she ain't payin' it, let dem politicians an' rich folks dat ain't payin' their fair share o' taxes, an' Wall St. bankers dat got us in dis mess pay it...

U.S. Must Borrow Another $5,240 Per Household Just to Fund Gov't at Current Level Through Sept. 30
Sunday, July 10, 2011 - President Barack Obama and congressional leaders including House Speaker John Boehner, who will meet at the White House this evening to discuss a deal to increase the legal limit on the federal government’s debt, would need to agree to increase the national debt by $615.865 billion between now and Sept. 30, just to keep the government going at current spending levels, according to the CBO’s latest estimate of the fiscal 2011 deficit and the Treasury Department’s latest accounting of the federal debt.

Given that the Census Bureau estimates there are now 117,538,000 households in the United States that means the federal government must borrow an additional $5,239.71 per American household just to maintain the current federal spending level through Sept. 30. The $615.865 billion in new debt needed between now and Sept. 30 (the last day of fiscal 2011) will decrease only to the degree that Obama and Boehner and the other congressional leaders agree to cut near-term federal spending that is scheduled to take place between now and Sept. 30.

Whatever cuts the president and congressional leaders agree to make two or three years from now—when many of them may no longer be in elective office—will have no impact on the amount of money the Treasury will be forced to borrow in the remaining 82 days of this fiscal year. Were President Obama and congressional leaders to agree to cut a half a trillion dollars ($500 billion) from the federal spending already scheduled to take place between now and Sept. 30, the federal government would still need to increase the debt another $115.865 billion during those 82 days.

According to the latest estimate of the Congressional Budget Office, which was published on April 15, the federal deficit will reach $1.399 trillion this year under current spending and taxing levels. “CBO’s baseline projections largely reflect the assumption that current tax and spending laws will remain unchanged,” CBO said in its April report. “Under that assumption, CBO estimates that the deficit will total $1.40 trillion in 2011—$81 billion less than the agency estimated in January.”

MORE

See also:

Geithner: GOP cuts a 'tax hike' on seniors
July 10, 2011 - U.S. Treasury Secretary Timothy Geithner said Sunday Republican demands for spending cuts would act as a tax increase on senior citizens and middle class.

Geithner said on CBS' "Face the Nation" that addressing the budget deficit solely through spending reductions would result in higher out-of-pocket costs for Medicare that would have to be born by fixed-income seniors.

"The average cost of Medicare for the average beneficiary when fully phased in would go up by $6,500 a year," Geithner said. "That's like a $6,500 tax increase on elderly Americans."

The secretary said President Obama and the Democrats were sticking to their guns on spending cuts and tax increases because they saw Medicare and Social Security as "basic commitments" to retirees.

Geithner added that Republican leaders, who were meeting with President Obama at the White House Sunday evening, recognized the need to both strike a budget and raise the national debt ceiling, but were thus far hamstrung politically by the party's hard-liners.

Read more: http://www.upi.com/Top_News/US/2011...-on-seniors/UPI-53131310316139/#ixzz1RlW4l0le

 

[uscitizen]

I would convert to a flat rate income tax with no deductions.
Probably about 10%. And capgains and all income is treated the same.
I would cut the military 25%.
I would put serious teeth into defrauding the govt in welfare, medicare, medicaid, etc and aggressivley pursue fraud investigations/prosecutions.
I would cut the friviolities out of medicare. No electric chairs, etc, just medical care.
I would raise the SS benefits age by a couple of years.
I would forbid any spending of SS surplus.
I would put a low copay on medicaid treatments. If they can buy beer and cigs they can pay $20 for a doctors visit. It would discourage the frivilous visits.
I would require medicare to seek out the lowest cost drugs that met specifications even if from overseas.
I would require a balanced budget withn 5 years with steps required before then to close the gap.

I would make the federal gas tax be a percentage of gas price vs a fixed per gallon tax to better enable roads to be maintained by the tax.
I would also ban all paid lobbyists. Only unpaid lobbyists would be allowed with minimal expenses covered. Ducumentation must be submitted annually for lobbyists and audits would be ocnducted and a 5 yr minimum prison sentence for violations for the lobbyist and whomever is paying them.

 

[Contumacious]

We're debt spending our children into indentured servitude. The fed reserve note is now nothing more than worthless inflated IOU script. Industry has moved abroad & along with it our tax revenue to sustain the USA. Inflation tax due to the fed notes being printed by the bazillions has made purchasing power a thing of the past. What course of action would you recommend to get debt spending out of the vocabulary???

Declare bankruptcy, abolish the federal reserve board, restore the gold and silver standard, abolish every federal agency from AAA to ZZZ, restore Constitutional government.

.

 

[uscitizen]

We're debt spending our children into indentured servitude. The fed reserve note is now nothing more than worthless inflated IOU script. Industry has moved abroad & along with it our tax revenue to sustain the USA. Inflation tax due to the fed notes being printed by the bazillions has made purchasing power a thing of the past. What course of action would you recommend to get debt spending out of the vocabulary???

Declare bankruptcy, abolish the federal reserve board, restore the gold and silver standard, abolish every federal agency from AAA to ZZZ, restore Constitutional government.

.

LMAO and how would that work with only 40 billion or so of gold backed money available in the USA?

 

[Contumacious]

We're debt spending our children into indentured servitude. The fed reserve note is now nothing more than worthless inflated IOU script. Industry has moved abroad & along with it our tax revenue to sustain the USA. Inflation tax due to the fed notes being printed by the bazillions has made purchasing power a thing of the past. What course of action would you recommend to get debt spending out of the vocabulary???

Declare bankruptcy, abolish the federal reserve board, restore the gold and silver standard, abolish every federal agency from AAA to ZZZ, restore Constitutional government.

.

LMAO and how would that work with only 40 billion or so of gold backed money available in the USA?

Well, to be honest , I have no idea how much gold is left in Fort Knox.

U.S. Mint Tells CNBC: Fort Knox Is a Closed Facility

But federal lands can be sold to acquire gold and to pay those individuals wo are owed social security.

.

 

[Avatar4321]

I'd recommend paying it off...

 

[Sallow]

Declare bankruptcy, abolish the federal reserve board, restore the gold and silver standard, abolish every federal agency from AAA to ZZZ, restore Constitutional government.

.

LMAO and how would that work with only 40 billion or so of gold backed money available in the USA?

Well, to be honest , I have no idea how much gold is left in Fort Knox.

U.S. Mint Tells CNBC: Fort Knox Is a Closed Facility

But federal lands can be sold to acquire gold and to pay those individuals wo are owed social security.

.

Oh gosh.

Why is it you people live in this country?

I mean really.

Is it just because you were born here?

You don't seem to have any idea how anything works.

Restore constitutional government? When did it go astray?

There is plenty of pristine, unclaimed land opening up due to global warming.

You really might want to look into starting a whole new country.

 

[CitizenPained]

Put real money into certain welfare programs (and restructure them) and then start withdrawing money from others after a set period of years. Increase the number of social workers and offer more incentives for good foster parents. Fund education properly. Stop giving farm subsidies for corn. Overhaul mother ******* health care, not this pithy Obamacare shit. Medical coding and billing shouldn't cost as much, and we should be able to fund health care with just a little bit more than what we already spend, but cover twice as many people. Review defense contracts and spending, but only cut the shit that's unnecessary, not pay or benefits. Make corporations pay more taxes when they offshore our jobs (and I mean the brain ones).

If you're going to get a handle on spending, you have to figure out why you're spending so much in the first place. Gut the cycle of poverty and business loss and then start somewhere.

And then roll your eyes when people complain about the things they can't afford, like Direct TV and that fancy new electronics gizmo.

 

[CitizenPained]

LMAO and how would that work with only 40 billion or so of gold backed money available in the USA?

Well, to be honest , I have no idea how much gold is left in Fort Knox.

U.S. Mint Tells CNBC: Fort Knox Is a Closed Facility

But federal lands can be sold to acquire gold and to pay those individuals wo are owed social security.

.

Oh gosh.

Why is it you people live in this country?

I mean really.

Is it just because you were born here?

You don't seem to have any idea how anything works.

Restore constitutional government? When did it go astray?

There is plenty of pristine, unclaimed land opening up due to global warming.

You really might want to look into starting a whole new country.

I was reading about that. Apparently it is very hard to start your own country, as everything has already been claimed.

 

[snjmom]

Release a form of pneumo ebola. Legalize weed. Nuke China for some bogus reason. Parlay that into a Saudi extortion scheme.


That oughta fix it right up.

 

[shintao]

Well, to be honest , I have no idea how much gold is left in Fort Knox.

U.S. Mint Tells CNBC: Fort Knox Is a Closed Facility

But federal lands can be sold to acquire gold and to pay those individuals wo are owed social security.

.

Oh gosh.

Why is it you people live in this country?

I mean really.

Is it just because you were born here?

You don't seem to have any idea how anything works.

Restore constitutional government? When did it go astray?

There is plenty of pristine, unclaimed land opening up due to global warming.

You really might want to look into starting a whole new country.

I was reading about that. Apparently it is very hard to start your own country, as everything has already been claimed.

You might buy an island & make yourself a country.