Elon Musk says there's substantial ignorance about America's national debt

[Moonglow]

If Elon is allowed to cut the debt he must stop letting China manufacture his products, and he must relocate all his manufacturing to the mainland US, if not, he is part of the problem.

 

[kyzr]

Trump has not submitted a budget and will not until late 2025.

See post #32 and Trump's Budgets for 2018 & 2019

 

[kyzr]

If Elon is allowed to cut the debt he must stop letting China manufacture his products, and he must relocate all his manufacturing to the mainland US, if not, he is part of the problem.

Apples to oranges. Trump's tariffs are supposed to address offshoring and onshoring.
Cutting $2T from the bloated Biden budget is required to save the US dollar

 

[Moonglow]

Apples to oranges. Trump's tariffs are supposed to address offshoring and onshoring.
Cutting $2T from the bloated Biden budget is required to save the US dollar

It will kill the economy to withdraw two trillion dollars from circulation. Look what happened in 2020-2022

 

[Bleipriester]

Apples to oranges. Trump's tariffs are supposed to address offshoring and onshoring.
Cutting $2T from the bloated Biden budget is required to save the US dollar

They know each US Dollar is ultimately leaving the US as world trading currency and thus won´t add to the Dollar inflation.

 

[Moonglow]

They know each US Dollar is ultimately leaving the US as world trading currency and thus won´t add to the Dollar inflation.

Yet, for the last seventy years we have had inflation.

 

[kyzr]

It will kill the economy to withdraw two trillion dollars from circulation. Look what happened in 2020-2022

The $2T cut will not happen in year-1, it will happen over 4-years or even more.
The cut is required to stop borrowing

Doesn't the democrat's proposed tax increase do the same thing of removing money from circulation?

 

[Moonglow]

The $2T cut will not happen in year-1, it will happen over 4-years or even more.
The cut is required to stop borrowing

Then you cut out the profits made by the middlemen...

 

[Moonglow]

Why not have the richest men and women in the world pay off the debt and we will say thanks.

 

[Bleipriester]

Yet, for the last seventy years we have had inflation.

At a way lower rate than it would be without this effect.

 

[Moonglow]

At a way lower rate than it would be without this effect.

Not necessarily

 

[Bleipriester]

Not necessarily

Certainly. I heard they print new Dollars en masse.

 

[Moonglow]

Certainly. I heard they print new Dollars en masse.

How else do you keep up with worn and destroyed currency?

The early mercantilists had a hard time expanding the economy to finance the Industrial Revolution,, and thus paper currency was increased in usage to expand the economy...

 

[Bleipriester]

How else do you keep up with worn and destroyed currency?

The early mercantilists had a hard time expanding the economy to finance the Industrial Revolution,, and thus paper currency was increased in usage to expand the economy...

I mean they do it all the time. Other countries would have hyperinflation doing so.

 

[kyzr]

Why not have the richest men and women in the world pay off the debt and we will say thanks.

Even they don't have enough to cover it.

The 2024 Forbes 400 List Of Wealthiest Americans: Facts And Figures

Inside Forbes’ ranking of the richest billionaires in the United States.

www.forbes.com

 

[Moonglow]

Even they don't have enough to cover it.

The 2024 Forbes 400 List Of Wealthiest Americans: Facts And Figures

Inside Forbes’ ranking of the richest billionaires in the United States.

www.forbes.com

View attachment 1047598

No, but they could take off a large chunk.

 

[BluesLegend]

HELL NO. That "growth" bullshit never works, all that happens is more borrowing.
Trump and Mnuchin tried that "growth scam" with tax cuts, and all that happened was $8T added to the DEBT.
What has to happen is spending cuts and new targeted taxes to get to a surplus.

1. If Elon can cut $2T from the $7T Budget, these new taxes will raise revenue to a surplus
2. Add a 0.2% financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.)
3. Add a Remittance Tax on all money sent out of the US (~$6b/yr, make Mexico pay for wall)
4. Remove/raise the cap on SS tax to fix SS
5. Remove Capital Gains tax break (39% to 20%) make gain ordinary income. ($100b/yr gained)
6. Send Welfare back to the states so they can put people to work
7. After that see if Medicaid can be sent back to the states

Op-Ed, Wall Street Journal: Welfare Is What’s Eating the Budget | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

Means-tested social-welfare spending totaled $1.6 trillion in 2023.

Where did I say continue borrowing and spending? Math says even aggressive spending cuts and tax increases is like shooting spit wads at the $36,000,000,000,000 problem.

 

[BluesLegend]

How much of the national debt did Trump add his last term after he promised as a candidate to eliminate the debt?

This is not a partisan problem you retard. Get a brain, then return to the discussion.

 

[kyzr]

Where did I say continue borrowing and spending? Math says even aggressive spending cuts and tax increases is like shooting spit wads at the $36,000,000,000,000 problem.

If Elon and Vivek can cut $2T off the 2024 $7T budget that is probably a small surplus. If not it would be a small deficit.
The next step would be to transfer Welfare to the States and save about $1.3T. Tapering down block grants.
The step after that would be to transfer Medicaid to the states. Similarly tapering down block grants.

Welfare & Medicaid are charity that the Federal Budget cannot afford.

 

[Mr Natural]

Another round of tax cuts for the billionaires will solve this debt problem.