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re: What is the plan for our national debt?
Posted on 3/21/17 at 10:52 am to Eli Goldfinger
Posted on 3/21/17 at 10:52 am to Eli Goldfinger
Obama tried to spend his way out of it. 
Trump seems to want to grow his way out of it.
In reality though, growth will have to be coupled with reform on the big ticket entitlements (SS) and there is no political imperative to do that so....hope for growth and higher tax revenues and maybe a miracle.
Trump seems to want to grow his way out of it.
In reality though, growth will have to be coupled with reform on the big ticket entitlements (SS) and there is no political imperative to do that so....hope for growth and higher tax revenues and maybe a miracle.
0
Posted on 3/21/17 at 10:53 am to zatetic
quote:
You should learn about how the financial system works. The only real way to pay it off is to get rid of the central bank.
So you got rid of your credit cards when you owed money on them? Didn't think so
Posted on 3/21/17 at 10:55 am to The Spleen
quote:
Do nothing until a Democrat is back in the White House when it will then become the most pressing issue again.
Yes, history surely does repeat itself
Posted on 3/21/17 at 10:58 am to Eli Goldfinger
There is no plan for the debt. Every time any meaningful cuts are made it turns out the military is in crisis and having to fight using horses and spears so we take any savings and simply divert it to defense instead.
Posted on 3/21/17 at 10:58 am to Eli Goldfinger
quote:
What is the plan for our national debt?
Cut it all at 100% except what is mandated to be paid by the Constitution.
Everything should be handled at the state level (education, entitlements, etc.).
Politicians need to take pay cut and they need to forced to buy in to the Obamacare crap that they have forced on the rest of the citizenry.
After we have a balanced budget, the debt is paid off and we have our own emergency fund in place, then we can discuss reducing tax rates across the board.
Posted on 3/21/17 at 11:04 am to Eli Goldfinger
The President's recent budget calls for massive cuts in some areas and abolition of some agencies completely.
It's a start, though I agree an increase in DoD spending without thoroughly looking into the massive fraud, waste, and abuse therein is unwise.
If we did both you would see the deficits go away, and over time you would shrink the debt (not to zero and you don't need to have no debt, simply a manageable level of it).
It's a start, though I agree an increase in DoD spending without thoroughly looking into the massive fraud, waste, and abuse therein is unwise.
If we did both you would see the deficits go away, and over time you would shrink the debt (not to zero and you don't need to have no debt, simply a manageable level of it).
Posted on 3/21/17 at 11:04 am to NoHoTiger
The Penny Plan:
LINK
A 1% reduction would be met with tales of starving in the streets, comets crashing into Earth, mayhem , famine,pestilence, disease and boy bands.
LINK
quote:
This country is more than $19 trillion in debt. Our pattern of unsustainable spending means that interest payments on our debt will soon rise to the point where balancing the budget as a matter of policy is beyond the reach of Congress. We shouldn’t let that happen. I have a Penny Plan that would balance the budget in five years. The Penny Plan, or the “One Percent Spending Reduction Act of 2016”, would cut a single penny from every dollar the federal government spends.
Though only a one percent cut, the savings add up quickly to balance the budget. And if it’s done right, where we’re eliminating duplication and sensibly prioritizing, discomfort will be manageable. If we do nothing, we’ll experience devastation instead of discomfort.
Living with 1 percent less is a small price to pay in order to help bring this country back from the brink of catastrophic fiscal failure. When a balanced budget is achieved, the bill would place a cap on total spending each year at 18 percent of GDP. Over a 10-year budget window, the bill would cut spending by about $8.7 trillion.
A 1% reduction would be met with tales of starving in the streets, comets crashing into Earth, mayhem , famine,pestilence, disease and boy bands.
Posted on 3/21/17 at 11:06 am to Deuces
quote:
It was reduced by 100 billion the past 2 months.
What if I told you that- although the above quote is technically true- Treasury data for Jan/Feb show that federal outlays were about $140 billion higher than receipts?
Perhaps clinging to this meaningless talking point is a bad "plan" for the national debt?
Posted on 3/21/17 at 11:06 am to Eli Goldfinger
quote:
That would actually be a great approach.
Snowball approach IS a good one.
I was able to use it to eliminate my SO's outstanding debts which was hurting her credit score.
Posted on 3/21/17 at 11:09 am to zatetic
quote:
ou should learn about how the financial system works. The only real way to pay it off is to get rid of the central bank.
Posted on 3/21/17 at 11:09 am to Lsupimp
quote:
A 1% reduction would be met with tales of starving in the streets, comets crashing into Earth, mayhem , famine,pestilence, disease
In other words, the usual CNN headlines
quote:
and boy bands
Posted on 3/21/17 at 11:22 am to Eli Goldfinger
quote:
Will it just continue to grow unchecked?
Probably. Nobody has expressed any willingness to take on meaningful entitlement reform.
quote:
When will it become a bigger problem?
Depends on economic growth.
Posted on 3/21/17 at 11:24 am to 90proofprofessional
quote:Clinging to meaningless talking points is literally the entire GOP platform at this point
Perhaps clinging to this meaningless talking point is a bad "plan" for the national debt?
Posted on 3/21/17 at 11:25 am to Eli Goldfinger
The debt will never go down or get paid off. People need to just act like it doesn't exist.
Posted on 3/21/17 at 11:30 am to Eli Goldfinger
Trumpkins voted with their wallets in the primaries. Didn't want to get rid of the goodies like Social Security and are big league fans of the big league Keynesian stimulus that is forthcoming by way of $1T in infrastructure spending.
But muh Rand Paul
But muh Ted Cruz
But muh freedom caucus
But muh End the Fed
But muh Rand Paul
But muh Ted Cruz
But muh freedom caucus
But muh End the Fed
Posted on 3/21/17 at 11:40 am to Lou Pai
We REALLY do need some Infrastructure spending. Or in case any Democrats are reading, Infrastructure reinvestment, lol. Being a Conservative is not about allowing the infrastructure to crumble. It's about the size and scope of government and economic efficiencies. Lets just do it on some semblance of a budget and make sure that whatever "it" is, it contributes to some larger economic efficiency. You cant tell me for instance that having i-10 narrow to one lane in Baton Rouge, resulting in a 30 year bottle neck has not been a huge economic bust for this state. It's basically killed residential development on the West bank. I'd love to see common sense things like that addressed by the feds.
Posted on 3/21/17 at 11:41 am to Iosh
quote:
Clinging to meaningless talking points is literally the entire GOP platform at this point
:(
Posted on 3/21/17 at 11:42 am to Lou Pai
Neither of the politicians you posted would touch SS
Posted on 3/21/17 at 11:43 am to Bench McElroy
quote:
how much of the national debt consists of social security and retirement funds and how misleading that number is?
that actually makes it worse.
At some point, SS is going to negative cash flow- that point will happen soon. Taxes coming in won't be enough to pay benefits going out. No problem, right... we will just use the money in the "trust fund" to make up the difference.
Well, as you note...the trust fund is made up on treasuries - but not real treasuries - special purpose treasuries that only the government itself can hold.
Well, we can't send a guy on social security $1190 a month in a check and a $125 special purpose treasury bond, right? No... he wants a check for the full amount.
So, the trust fund needs to go ahead and cash in a few of the special purpose treasuries. So they walk over to the Fed to do so... but the fed ain't got the cash either.
So now, the Fed has to sell real treasuries on the market in order to get the cash to redeem the special purpose treasuries, in order to make the social security people whole.
So now we've converted the debt into more treasuries owned by the public (i.e. China).
What's worse is that it appears we will be making these trades in a period with increasing interest rates. So it's going to cost us even more.
Posted on 3/21/17 at 11:44 am to Eli Goldfinger
quote:
What is the plan for our national debt?
Let the current social security beneficiaries and their elected politicians die, and let the no-good lazy useless millennials deal with the consequences. They don't deserve social security anyways, right?
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