re: How would you Balance the Budget and Pay off the Debt?

1) direct every agency/department (except Defense) cut their budget by 10% (actual cut, not reduction in built in increase)

2) direct Defense to freeze its budget for 5 years

3) Eliminate the following departments - Education, Energy, Commerce (shifting important agency functions [e.g., NOAA, NWS, NRC] to other departments).

4) Merge Agriculture and Interior and cut their budget (and staff) by 30%

5) leave taxes alone (other than gasoline/fuel taxes - double those)

6) create an "opt out" of SS for anyone under 45 (SS would still get the "employer's" share [or self employment "half"], but the other half would be the person's to invest [there would be requirements]) - this would still put $$$ into the system, but would significantly reduce the # of future beneficiaries

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Cut programs that aren’t necessary. Cut departments that aren’t necessary.

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This assumes annual revenue increase each year. Which does happen, but it takes a long time.

The debt will never be paid off and will never significantly decrease.

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How would you Balance the Budget and Pay off the Debt?

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I would raise taxes - at least back to 2017 levels - and I would cut spending fairly drastically. That would hopefully close most of the deficit. I'd be relatively unconcerned with paying off the debt, although if you forced me to, I'd probably mint a $10Trillion coin and deposit it in the Treasury. That would essentially reduce out debt exposure to the size of domestic holders' bonds.

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I'd probably mint a $10Trillion coin and deposit it in the Treasury.

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I would raise taxes - at least back to 2017 levels - and I would cut spending fairly drastically. That would hopefully close most of the deficit. I'd be relatively unconcerned with paying off the debt, although if you forced me to, I'd probably mint a $10Trillion coin and deposit it in the Treasury. That would essentially reduce out debt exposure to the size of domestic holders' bonds.

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Which spending would you cut drastically?

The first 5 things probably cut 300-400 B.

No idea the impact of 6.

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mint a $10Trillion coin

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This would cause hyper inflation and poor people would suffer greatly. Only manufacturing jobs would even stand a chance at keeping up.

I do not think it would cause war with other countries, but they would be super pissed.

It's never going to happen and the reasons are not complicated.

There are only 4 pieces to the budget.

Social Security
Medicare/Medicaid
Defense
Interest on debt.

Everything else comes from an insignificant tiny slice of the pie yet it seems to be what everyone bitches about as a distraction. Foreign Aid, public television,. etc.

You can't do anything about the interest on debt. You have to pay it.

And We the People are not going to elect anyone who runs on cutting Social Security or Medicare. On the contrary, many want those programs expanded!!

Same for Defense spending.

Paying off or paying down the debt is just a political issue both parties use when they are not in power and the sheep eat it up.

Even the biggest deficit/debt Hawks aren't truly willing to do what it would take to payoff debt or even shrink the deficit.

No one here either.

Want to see your parents or grandparents SS benefits slashed or means tested?

Want retirement raised to 75 or 80?

Not happening.

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create an "opt out" of SS for anyone under 45 (SS would still get the "employer's" share [or self employment "half"], but the other half would be the person's to invest [there would be requirements]) - this would still put $$$ into the system, but would significantly reduce the # of future beneficiaries

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That sounds sorta workable. Can you point to a link that discusses the pro and cons of such a proposal?