The cold truth about the debt is

[rampart]

Damn, you are one moron..

THis is all Bernie Sanders' MMT theory. Don't they deliver papers in your part of the forest ????

"The central tenet of MMT is that a government borrowing in its own sovereign currency cannot default on its debts. MMT advocates note that inflation is the only restraint on debt-financed spending. This leads some to conclude that under the theory of MMT, debt is not a concern, as governments can simply print more money to pay off debt. Such a theory is roundly rejected by academic economists on both sides of the political spectrum, as noted in a recent survey of prominent economists."

BUT IT LIVES IN BDIEN AND SANDERS SUPPORTERS --- AND YOU

https://www.advisorperspectives.com/articles/2021/06/04/stephanie-kelton-biden-has-adopted-mmt

mmt is how the global economy works.

it is ok if you do not like it, but that does nor change the fact that mmt models the economy closer than any other model.

and you are really not going to like this: to lower inflation , taxes are going to have to be raised.

 

[Dragonlady]

Damn, you are one moron..

THis is all Bernie Sanders' MMT theory. Don't they deliver papers in your part of the forest ????

"The central tenet of MMT is that a government borrowing in its own sovereign currency cannot default on its debts. MMT advocates note that inflation is the only restraint on debt-financed spending. This leads some to conclude that under the theory of MMT, debt is not a concern, as governments can simply print more money to pay off debt. Such a theory is roundly rejected by academic economists on both sides of the political spectrum, as noted in a recent survey of prominent economists."

BUT IT LIVES IN BDIEN AND SANDERS SUPPORTERS --- AND YOU

https://www.advisorperspectives.com/articles/2021/06/04/stephanie-kelton-biden-has-adopted-mmt

Once again you falsely assume you know what Biden and Sanders supporters believe, and you would be WRONG, on every score. But at least you're consistent in your idiocy.

Biden and Sanders believe in reducing the deficit by raising taxes on the wealthy who have had the tax codes skewed to deliver them 80% of the wealth of the nation. If Republicans tax and labour codes were so successful, you wouldn't have the worst wage and wealth gaps in the first world.

Last but not least, the deficit and the growth of the pubic debt, have been substantially decreased since Biden took office, but you'd never know it to hear Republicans talk. Biden has cut the deficit substantially, and increased revenues. But all we hear is how Democratic spending is "out of control", and the debt will destroy the nation.

Yet if Trump were to be elected, he'd continue spending like a drunken sailor until the nation is bankrupt, because that's how Trump operates.

 

[kyzr]

The cold truth about the debt is literally the only way we'll ever pay it down is by massively growing the economy and increasing the population in order to do it. How do we do it?
1. Look at the past 40 years of chinese growth of their economy
2. Look at the early 20th century American economy

Honestly, I think we should promote bigger families, more education and a mixture of both political ideals. Conservative = bigger families with more kids and parents that raise better quality. Liberal more investment into education, science, etc.

But lets be honest we will need immigrants too. We should increase legal immigration of people that want to work to 5 million per year. I am not saying illegals as we don't want low quality people but also we need to be honest a little bit on what they do and how they help the economy. I read a report that pretty much stated most of our ability to avoid a recession these past few years has been mostly because of illegals. We need people to work the farms, we need people in the meat plants and we need people that are willing to break their backs. Yes, we need educated people and people with skill but that is why china and great powers that we once were advanced to such great heights. It isn't by cutting and wanting to become a back water like the conservatives are aiming to do. But one that has real vision and moves assets around wisely.

America should bring in 5 million legal immigrants per year. We should give citizenship to illegals that work and bring productivity to our economy. We should grant the same to anyone with skills that are willing to come from other countries. This saying we should judge them but if they're worthy we should and in fact must grant them the ability to better this country. We have a chance to continue being the greatest country on earth by doing only one thing and that is avoiding population decline and the need to slash funding towards our ability to continue producing a first world economy. We must provide the workers, the skill and the engine to do so. We can kick china's ass, india's ass and any other nation if we can avoid population decline and have the balls to continue to fund the machinary of our economy right.

At the end of the day with wise leaders we can also have an economy that will be able to pay down the debt as we win and continue our greatness into the 21st and 22nd centuries.

I can give you another path to fiscal sanity that doesn't involve tripling the US population with all of the problem that would cause.
Here are the last few Federal Budgets and their BUDGET DEFICITS. More population just means bigger Federal Budgets, not good.

Biden’s 2024 Budget was $7.30T with a $2.0T deficit
Biden's 2023 Budget was $6.13T with a $1.7T deficit
Biden's 2022 Budget was $6.27T with a $1.4T deficit
Biden's 2021 Budget was $6.82T with a $2.8T deficit
Trump's 2020 Budget was $6.55T with a $3.1T deficit
Trump's 2019 Budget was $4.40T with a $0.9T deficit
Trump's 2018 Budget was $4.10T with a $0.8T deficit
Trump's 2017 Budget was $4.00T with a $0.5T deficit

So the answer is to reduce the Federal Budget (spending) and increase Revenue. Here is one way to do that, send the "social safety net costs to the states".

• Close tax loop-holes +$1,500b
  Fix SS net zero (remove cap, raise ages 1-year)
  Fix Medicare net zero
  Send Medicaid to the states +$500b
• Add new 0.2% financial transaction tax +$150b
• Add new remittance tax +$6b
• Remove Capital Gains Tax loop-hole +$100b/yr
  Send Welfare to the states +$1,300b
  Send Education to the states +$300b
  Eliminate all personal tax deductions +??????? (keep business deductions)
  Collect all taxes owed +$400b

Together all of these proposed changes add up to ~$2T a year in added revenue. (eliminates deficit)

The Federal Budget would then be reduced from the current $7,300b (-1300b Welfare -500b Medicaid -$300b Ed)=$5.2T

$5.2T spending with $5.3T + $2.0T revenue = about a $2T SURPLUS to start paying down the $35T Debt

This solution is tough on the states, but the states need to put people from welfare to work.

 

[leftwinger]

Even if the OP is right, it is wrong.

If Americans tax burden increases further to house and care for 5 million new ones per yr means both Wife and Husband of normal taxpaying families will both have to work full time?

That prevents decent normal American families from being able to have Children. No one can afford $1500/mo per kid for day care. No one can get out of work at 2PM to go pick them up. This has already been the case since the 80s' to care for the US welfare class. Enough already,

 

[Billiejeens]

who intends to pay the debt? that is not what it is for.

when last there was a chance to pay down the debt, 2001, greenspan and paulson panicked thoroughly and pushed the disasterous tax cut that led top today.

Tax rate reductions have always increased revenue to the treasury

How does that truth fit into your fable?