quote:
Originally posted by QuinnJT11:
Our current national debt is $9,600,828,167,354.81 as of earlier today, 14 Aug, 2008. (http://www.brillig.com/debt_clock/)
Our countries deficit is nearing $800 billion. (http://www.iie.com/research/topics/hottopic.cfm?HotTopicID=9)
The following are my plans (pretending to be the President) to fix some of our economic woes;
I've heard many right wing politicians say that they would cut income taxes and reduce "wasteful" spending. We all know that that just creates a larger deficit and adds to the growing debt. I am a right wing supporter, and so I've decided to do things differently.
$581 billion dollars was paid into Social Security last year. My plan would allow all people currently on Social Security, and anyone within 5 years of recieving Social Security to recieve those benefits for the remainder of their lives. Anyone outside of that has the option to pay into a private savings account for retirement. Within about 30 years our government will be Social Security free, and in those 30 years we will have a smaller and smaller amount that is needed to be paid.
Medicare and Medicaid got $561 billion. My plan would be to give everyone on it five years to save up and be prepared to be dropped from these health benefits. Nobody would be allowed to join in this five year period. I would create a private charity account that the citizens could donate into and distribute the money as necessary to those in need. Remember, the United States citizens donated about $300 billion to charities last year. (Before you argue about how thats not the same as our spending, read below).
Welfare should be cut altogether...immediately. That's about $362 billion all at once. Being cut. I would then open a private charity account that people could donate to. The proceeds would help financially stimulate the citizens in need of it.
I would cut education as well, it should be left up to the states to fund. That's $704.1 billion. Once again, I would open up a charity account that schools could apply to recieve help from.
That's what I would do first. No tax cuts...nothing. Just cut those programs. Cutting welfare and education saves us $1,063,000,000,000. Cutting the other two would save us massive amounts in the long run.
Our federal tax revenue was $2,256,289,716,000. We could cut $1,193,289,716,000 in income taxes. To be able to create some revenue though, I would only propose a 1 trillion dollar tax cut. ...and you though Bush made big tax cuts! That would save everyone $3273 dollars in taxes a year. (Per capita average)
I would not cut taxes for at least a fiscal year though, just to make sure that we do not incurr a Republicanesque deficit.
How's that idea? Please comment and ask questions. Fortmilldawg...bash me for being conservative. Seriously though, please respond.
I applaud the attempt. There is one thing that many Americans don't really see and/or understand.
Not only would it NOT be good for the country to have a balanced budget in our current monetary system, but it is IMPOSSIBLE!. It is not impossible because it would take forever, it is not impossible because people just do not have the discipline. It is impossible because, it is just impossible.
There is not enough wealth in this nation to pay it off, and quick possibly there is not enough wealth in the world to pay it off.
The monetary system that the banks have set up, yes banks, the PRIVATE BANK called the Federal Reserve, have set it up so all wealth goes to the banks. Banks lend out 9 times the amount of true money there is. So when a loan is created, that is money out of thin air, and it in effect takes away some of the current wealth the current people have through inflation.
The problem is in paying it back. Since there are (many times more than this because it is multiplied dozens if not hundreds of times but to keep it simple) loans in the amount of 9 times the actual money in existance. It is impossible to get out of debt also due to interest.
The bank loans out $10,000 (eventhough they may not actually have this money, to keep it simple let's say that they do). They charge 10% interest. So, you have to pay back $11,000. Where would the $1,000 come from? It is not in the current pool of wealth making up this nation.
Another way of saying this. Picture a pool with all of the wealth of this nation. To keep it simple let's say there is 2 million dollars in the wealth pool. Well, let's say 1 million of that is in banks. So now the banks can loan out 9 million dollars. Not only that, but they are charging 10% interest. So, the nation has 2 million dollars of wealth, the banks are owed 9.9 million in loans.
See how this makes it IMPOSSIBLE, not just meaning very hard to do, but completely IMPOSSIBLE for us to pay off our debt.
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