Should Congress ask the Fed or a new Commission to define the path forward to fiscal sanity? (Poll)

[kyzr]

1. The US spends too much, and borrows too much to be sustainable. That is not my "opinion" that is a fact from the government experts. Even the Joint Chiefs called the National Debt the bigest threat to the US.

Examining the root causes of America’s unsustainable fiscal path

On January 28, 2020, Henry J. Aaron, Senior Fellow in Economic Studies at Brookings, testified before the Senate Committee on Homeland Security and Governmental Affairs.

www.brookings.edu

The Federal Government Is on an Unsustainable Fiscal Path

Growing debt is not just a number—it represents a threat to our economy and our ability to meet national needs and priorities. The federal deficit (the amount of money spent vs. the amount collected) increased for the fourth consecutive year. This year—and for the foreseeable future—the annual...

www.gao.gov

Financial Report of the United States Government - Executive Summary - An Unsustainable Fiscal Path

fiscal.treasury.gov

2. So who got us in this fiscal mess? CONGRESS. Both parties.

3. Who can get us out of this fiscal mess? That question is the purpose of this thread. Lets take a poll and see who has solutions.

4. A partial list of solutions includes:
a) Default on the Debt. Screw all those who were dumb enough to buy US bonds. This may be unconstitutional per the 14th Amendment.
b) Raise taxes to start paying down the Debt
c) Keep kicking the can down the road, until the US goes bankrupt or the dollar is worthless.
d) Print all the money we need until it becomes worthless
e) Your option, have any?

 

[Toro]

The Fed deals with monetary issues, not fiscal ones.

 

[White 6]

1. The US spends too much, and borrows too much to be sustainable. That is not my "opinion" that is a fact from the government experts. Even the Joint Chiefs called the National Debt the bigest threat to the US.

Examining the root causes of America’s unsustainable fiscal path

On January 28, 2020, Henry J. Aaron, Senior Fellow in Economic Studies at Brookings, testified before the Senate Committee on Homeland Security and Governmental Affairs.

www.brookings.edu

The Federal Government Is on an Unsustainable Fiscal Path

Growing debt is not just a number—it represents a threat to our economy and our ability to meet national needs and priorities. The federal deficit (the amount of money spent vs. the amount collected) increased for the fourth consecutive year. This year—and for the foreseeable future—the annual...

www.gao.gov

Financial Report of the United States Government - Executive Summary - An Unsustainable Fiscal Path

fiscal.treasury.gov

2. So who got us in this fiscal mess? CONGRESS. Both parties.

3. Who can get us out of this fiscal mess? That question is the purpose of this thread. Lets take a poll and see who has solutions.

4. A partial list of solutions includes:
a) Default on the Debt. Screw all those who were dumb enough to buy US bonds. This may be unconstitutional per the 14th Amendment.
b) Raise taxes to start paying down the Debt
c) Keep kicking the can down the road, until the US goes bankrupt or the dollar is worthless.
d) Print all the money we need until it becomes worthless
e) Your option, have any?

I guess they need to ask somebody, as Congress and the White House are too friggin incompetent to come up with good fiscal policy.

 

[LeroyDumonde]

We can't tax or print our way out of this mess, and the government will not cut spending. Politicians who don't bring home the pork don't get reelected or get cushy jobs when the retire from government.

 

[badger2]

'It goes without saying that when history gets into a deep rut it becomes hard to alter the course....The Fed's financial repression and Wall Street coddling policies could be pronounced a failure and abandoned. Crony capitalism could be put out of business by constitutional writ.

The crucial steps that would be needed are few but large. They would never be adopted in today's regime of money politics, fast money speculation, and Keynesian economics, but they can be listed.

1. Restore banker's bank and sound money.

2. Abolish deposit insurance and limit the fed discount window to narrow depositories

3. Adopt super Glass-Steagall II

4. Abolish incumbency through an Omnibus Amendment

5. Require each two-year congress to balance the budget

6. End macroeconomic management and separate the state and the free market

7. Abolish social insurance, bailouts, and economic subsidies

8. Eliminate ten major federal agencies and departments

9. Erect a sturdy cash-based means-tested safety net and abolish the minimum wage

10. Abolish health "insurance" in all its forms

11. Replace the warfare state with a genuine national defense

12. Impost a 30 percent wealth tax; pay down the national debt to 30 percent of GDP

13. Repeal the Sixteenth Amendment; feed the beast with universal taxes on consumption.'
(Stockman, The Great Deformation: The Corruption of Capitalism in America)

 

[BluesLegend]

Blithering idiots and corrupt politicians in Washington are making the decisions so nothing will change until it financially collapses.

 

[yidnar]

were 33 trillion in debt ... it may be to late ..

 

[1srelluc]

Getting shed of the current Pathocracy is #1. They are bat-shit crazy and ain't stopping for shit. They will smile when the soup lines start while dining on lobster.....I prefer a hard coup and scenic helicopter rides for them.

Going forward austerity measures in the form of deep cuts across the board and keeping our money at home is the only answer. We really don't need the rest of the world. If they need us then make them pay for the privilege or talk to the chi-coms.

We need to put our money where it costs us money.....Like the border. A one time 20B for a wall is far better than 165B a year to care for illegals.....All asylum claims during Tater's tenure must be vacated and those people caught and deported.....I suggest a bounty system.

None of this comes without a suspension of certain rights so as to take the courts out of the picture, think Abe Lincoln during the CW.....Yeah, we are in that much trouble.

 

[BluesLegend]

were 33 trillion in debt ... it may be to late ..

The ONLY way out now is growth, aggressive all in no holds barred growth. Which is what Trump was driving until Dems torpedoed it.

 

[BluesLegend]

Getting shed of the current Pathocracy is #1. They are bat-shit crazy and ain't stopping for shit. They will smile when the soup lines start while dining on lobster.....I prefer a hard coup and scenic helicopter rides for them.

Going forward austerity measures in the form of deep cuts across the board and keeping our money at home is the only answer. We really don't need the rest of the world. If they need us then make them pay for the privilege or talk to the chi-coms.

We need to put our money where it costs us money.....Like the border. A one time 20B for a wall is far better than 165B a year to care for illegals.....All asylum claims during Tater's tenure must be vacated and those people caught and deported.....I suggest a bounty system.

None of this comes without a suspension of certain rights so as to take the courts out of the picture, think Abe Lincoln during the CW.....Yeah, we are in that much trouble.

They won't secure the border until they have enough dirt poor illegals to cancel enough American voters to RIG elections.

 

[1srelluc]

They won't secure the border until they have enough dirt poor illegals to cancel enough American voters to RIG elections.

See Job #1.

 

[Manonthestreet]

They will do their job when you start voting them out instead of getting rid fiscal conservatives.

 

[kyzr]

The Fed deals with monetary issues, not fiscal ones.

So who better to figure out how to tax and how to spend and how much money to print to stop the Debt from destroying the US ?

I think the Fed, who is "apolitical" and does not need to worry about elections or ig money donors would have the best analysis of the US financial system.

 

[kyzr]

We can't tax or print our way out of this mess, and the government will not cut spending. Politicians who don't bring home the pork don't get reelected or get cushy jobs when the retire from government.

So which option do you prefer?
default, fuck the bond holders?
keep kicking the can down the road until the dollar is worthless?

 

[kyzr]

'It goes without saying that when history gets into a deep rut it becomes hard to alter the course....The Fed's financial repression and Wall Street coddling policies could be pronounced a failure and abandoned. Crony capitalism could be put out of business by constitutional writ.

The crucial steps that would be needed are few but large. They would never be adopted in today's regime of money politics, fast money speculation, and Keynesian economics, but they can be listed.

1. Restore banker's bank and sound money.

2. Abolish deposit insurance and limit the fed discount window to narrow depositories

3. Adopt super Glass-Steagall II

4. Abolish incumbency through an Omnibus Amendment

5. Require each two-year congress to balance the budget

6. End macroeconomic management and separate the state and the free market

7. Abolish social insurance, bailouts, and economic subsidies

8. Eliminate ten major federal agencies and departments

9. Erect a sturdy cash-based means-tested safety net and abolish the minimum wage

10. Abolish health "insurance" in all its forms

11. Replace the warfare state with a genuine national defense

12. Impose a 30 percent wealth tax; pay down the national debt to 30 percent of GDP

13. Repeal the Sixteenth Amendment; feed the beast with universal taxes on consumption.'
(Stockman, The Great Deformation: The Corruption of Capitalism in America)

You have some great ideas there, but as you say, some would require a Constitutional Amendment, like the "required" Balanced Budget.
1. Fed's responsibility
2. Fed's responsibility
3. Yep, bring back Glass-Steagal
4. Not sure what you mean "Abolish incumbency w/Omnibus Amendment"
5. Need Balanced Budget Amendment
6. huh?
7. Abolish Social Security? NFW. I agree with abolishing bailouts and all subsidies
8. E;liminate which 10 federal agencies? DOE is one.
9. The safety net is Welfare, Medicaid, etc.
10. We need healthinsurance, including Medicare.
11. What do you mean "replace warfare with national defense"?
12. Your math is way off. You need wayyyyyyy more than that to get to a balanced budget
13. A Constitutional Amendment isn't happening. I do like a 4% or so National Sales Tax, and a Remittance Tax on money sent out of the US, and raising the cap on SS, and a Financial Transaction Tax. Google them they get us near a surplus.

 

[kyzr]

Blithering idiots and corrupt politicians in Washington are making the decisions so nothing will change until it financially collapses.

Is that what we want? Its not too late, but we're getting close to the cliff.

 

[kyzr]

were 33 trillion in debt ... it may be to late ..

We're getting close to the edge of the cliff, but we need to take dramatic action now.

 

[kyzr]

The ONLY way out now is growth, aggressive all in no holds barred growth. Which is what Trump was driving until Dems torpedoed it.

Wrong. Trump cut taxes with the expectation of 5% GDP growth. It failed miserably.
What the tax cut did do was add $Trillions to the Debt.

 

[kyzr]

They will do their job when you start voting them out instead of getting rid fiscal conservatives.

Would fiscal conservatives raise the taxes we need to get to a surplus? (NO)
Would both parties agree that we need to stop wasteful spending? (NO)
Politicians are owned by their big money donors, who will NEVER allow a vote to raise taxes.

 

[Manonthestreet]

Would fiscal conservatives raise the taxes we need to get to a surplus? (NO)
Would both parties agree that we need to stop wasteful spending? (NO)
Politicians are owned by their big money donors, who will NEVER allow a vote to raise taxes.

Get enough newbies in with some fire ya might be surprised. With all the oldsters the opportunity is there.Message not money