Posted on Oct 7, 2016
The Question just begs to be asked. With the National Debt approaching $20 trillion, how are we paying it off? Reducing it?
11.9K
60
62
6
6
0
Posted 9 y ago
Responses: 11
4
4
0
with every day that goes by we print more currency. inflation is not appearing because our economy is stagnant. every new dollar we print diminishes the value of ALL dollars. The world system is predicated on a stable dollar, which no longer is stable. anybody see what's happening?
(4)
(0)
CPT Pedro Meza
Sgt Wayne Wood - Time will tell what happens to ACA, me I am concerned about all these strange illness and diseases that make the ACA a necessity.
(1)
(0)
CPT Pedro Meza
Sgt Wayne Wood - That is kind like Trump declaring a loss on his income tax when he did not loose his money but his investors money.
(1)
(0)
Sgt Wayne Wood
Go ahead and tell me YOU read that filthy beast... i tried to. If not tax, then what? And quote me Chapter & verse, i STILL have a pdf copy of that whore.
(1)
(0)
3
3
0
That's a helluva good question. There's not enough money or credit to repay it. So we're just printing money debasing it's value. In other words, we're paying pennies on the dollar. To really pay it down with currency of real value, we must create new wealth. However, that won't happen until the government stops getting in the way. Reduce government by half. That would be a good start
(3)
(0)
Sgt Wayne Wood
Yeah... but you know who gets cut... Armed Forces.... heaven forbid that our political masters do without a bj or rub & tug
(2)
(0)
SMSgt Lawrence McCarter
The only US President ever to balance the budget without a major raise in taxes and not even operating in the red was Andrew Jackson. President Jackson expressed it well as He said " The Government should be run the way You run Your household, if You can't afford it You don't buy it !" He received a budget in the red, put it in the black and His replacement as President put it right back in the red. Only one other time did it ever reach the black at all more recently was done by a major raise in income taxes by President Clinton in Hi last two years in office by sticking His hand in our pockets and giving us the worst screwing on income taxes in the History of the United States. I should know, that is the only time ever I had to take all the money I had placed in My savings account for the entire year and pay income tax with it. The only relief I had was getting a refund on My state income tax. I was having extra money taken out already to offset the already increasing taxes which worked except then. To bad there has never been another to have the attitude President Jackson had and cut out the waste in Federal Government spending.
(1)
(0)
2
2
0
Until everyone realizes it is going to take everyone's sacrifice to get the debt back in check, nothing will happen. The size of government has gotten way out of hand. Example for me: Home Land Security is redundant to the FBI. Some will say no they do way more, but was charged with this for so long. Also untie the Border Patrol and let them do their jobs as well.
Realize we "Can't save the World". Why are we loaning money to every tom, dick and harry nation across the world when we are borrowing money from China and other countries? Cut out the middle man and let tom, dick and harry ask China for money.
Until Congressmen stop being Democrats and Republicans and start being Americans nothing will happen. Too much thinking of themselves instead of the people who voted them in office. Make it illegal for money grubbing lobbyists to be with in a 100 miles of D.C. and if a Congressman misses a vote they loose their pay for a month. Start docking Congressmen's pay for failure to act.
Revamp the tax laws. I know this will hurt some, but make a flat 15% tax across the board, no ifs, ands or buts. People will say this will hurt the charities, but we got to understand, once we start down the road to "serious" recovery, everyone is going to pay, everyone is going to feel the pinch.
Get rid of the Federal Reserve. This is nothing but a bunch of money grubbing bankers slowly bleeding our nation to death. We already have a Department of Treasury, this was suppose to be it's job. Once we fell off the gold standard we got screwed. I really doubt we could go back to it now, but it would be nice.
Everyone getting food stamps, welfare and such needs to start working for their money. We can't continue to be a welfare state and get out of debt. Too many people want to sit around doing nothing and get paid for it. There is plenty of work they all could do a minimum of 20hrs a week to start.
This isn't much and don't know if it would really help, but it is a turn down the right road.
Realize we "Can't save the World". Why are we loaning money to every tom, dick and harry nation across the world when we are borrowing money from China and other countries? Cut out the middle man and let tom, dick and harry ask China for money.
Until Congressmen stop being Democrats and Republicans and start being Americans nothing will happen. Too much thinking of themselves instead of the people who voted them in office. Make it illegal for money grubbing lobbyists to be with in a 100 miles of D.C. and if a Congressman misses a vote they loose their pay for a month. Start docking Congressmen's pay for failure to act.
Revamp the tax laws. I know this will hurt some, but make a flat 15% tax across the board, no ifs, ands or buts. People will say this will hurt the charities, but we got to understand, once we start down the road to "serious" recovery, everyone is going to pay, everyone is going to feel the pinch.
Get rid of the Federal Reserve. This is nothing but a bunch of money grubbing bankers slowly bleeding our nation to death. We already have a Department of Treasury, this was suppose to be it's job. Once we fell off the gold standard we got screwed. I really doubt we could go back to it now, but it would be nice.
Everyone getting food stamps, welfare and such needs to start working for their money. We can't continue to be a welfare state and get out of debt. Too many people want to sit around doing nothing and get paid for it. There is plenty of work they all could do a minimum of 20hrs a week to start.
This isn't much and don't know if it would really help, but it is a turn down the right road.
(2)
(0)
Sgt Wayne Wood
Whoa SarMajor! Let that keyboard cool off! You hit about every nail squarely on the head! Only source of disagreement. Business... businesses & businessmen are going to do what they do... the problem lies in collusion between politics and business... it's called corruption for a reason. Why is it we castigate the guy who pays the bribe & reelect the low-life that TAKES IT?
(0)
(0)
2
2
0
If we continue to fight wars the debt will go up, and if we give tax breaks to those that can afford to pay the debt will not be paid down, so the answer is the middle class is the Golden Goose.
(2)
(0)
Sgt Wayne Wood
The impact of the military on the debt is miniscule. And if we CONFISCATED all the wealth of the top earners it wouldn't pay off the INTEREST on the debt... other ideas?
(1)
(0)
SMSgt Lawrence McCarter
The middle class seems to be the one that always bears the brunt of excessive taxes and spending by the Federal Government. At the rate they are going there will only be rich and poor and no middle class. Once that middle class is gone We are in serious trouble and it appears unless something changes drastically We are on the way to a major fall in our way of life. No where on this planet has a middle class disappeared and had good results. Some may become rich but a lot more will end up poor !
(2)
(0)
CPT Pedro Meza
Sgt Wayne Wood - It not the military that is expensive because that is a constant, while the cost of wars means greater expenses in the expenditure of war materials and the buying of more war material.
(1)
(0)
1
1
0
We won'the pay it off. Impossible to do. And more is run up each day. Remember we have to support the world. As long as our rich and powerful have plenty who give a crap?
(1)
(0)
1
1
0
The whole world will just push the reset button and forgive everyone's debts. We'll start over at zero because clearly nobody is winning this game.
(1)
(0)
SSG (Join to see)
I honestly wish I was smart enough to even begin to answer that question. I do know that something has to happen or the entire system will implode.
(1)
(0)
Sgt Wayne Wood
Then you are smarter than the bozos in DC. How would you deal with this if it was your personal finances?
(1)
(0)
SMSgt Lawrence McCarter
Sgt Wayne Wood - Cut the spending on things You don't need and stop giving away money to other countries who sponge on You. Let them pay for their own expenses. Programs on fraud, waste and abuse however have never worked as the whistle blowers always get screwed esp as there is just too much money to be made by those with their own self interest in mind. Congress is a good example of that !
(1)
(0)
1
1
0
The next obvious question is who that is running for president will do anything?
(1)
(0)
Sgt Wayne Wood
odds are, whichever wins nothing will get done. remember, CONGRESS controls the purse-strings and they only get elected by buying votes with government largesse.
(3)
(0)
SGM Mikel Dawson
Sgt Wayne Wood - And that's part of the problem. We got someone controlling the purse-strings who does nothing but dip into the purse and take.
(2)
(0)
Sgt Wayne Wood
No argument here... 435 someones more interested in filling their pockets than how empty our are... suggestions from the discussion so far... 1) term limits 2) line item veto 3) economic reset
(2)
(0)
1
1
0
Sgt Wayne Wood
eventually entities will stop lending to us. China has already begun a movement to remove the Dollar as the International Medium of Exchange. Why do you think that is?
(1)
(0)
1
1
0
We don't...that's the point...we'll be paying interest to the international banks in perpetuity...or as the line in the song 16 Tons goes, "Saint Peter don't you call me 'cause I can't go / I owe my soul to the company store".
(1)
(0)
MSgt James Mullis
Sgt Wayne Wood - It's not a conspiracy. At current interest rates the US pays 6 cents out of every tax dollar it brings in just to service the debt. At this time all we are doing is paying interest on the debt and no one on either side of the aisle is seriously considering how to reduce the actual amount we owe.
The two current strategies seem to be: 1) Steady/stable deflation of the dollar. So when we do pay off a creditor, they get less in value then they originally loaned the US. This also works great for reducing the impact of benefits such as Social Security and Military retirement checks. You're still getting the number of dollars they said you would get, but the dollar you get is not worth what you thought it would be. 2) Have the Fed buy back portions of the debt from our creditors with money created out of nowhere, which causes the dollar to deflate and helps with #1. Then at some point the Fed will nullify some of the debt they hold and cancel out the dollars they created out of nowhere to buy the debt. The key here is that we have to remain "in debt forever" for the system to work.
The two current strategies seem to be: 1) Steady/stable deflation of the dollar. So when we do pay off a creditor, they get less in value then they originally loaned the US. This also works great for reducing the impact of benefits such as Social Security and Military retirement checks. You're still getting the number of dollars they said you would get, but the dollar you get is not worth what you thought it would be. 2) Have the Fed buy back portions of the debt from our creditors with money created out of nowhere, which causes the dollar to deflate and helps with #1. Then at some point the Fed will nullify some of the debt they hold and cancel out the dollars they created out of nowhere to buy the debt. The key here is that we have to remain "in debt forever" for the system to work.
(1)
(0)
Sgt Wayne Wood
Nice summary... the Fed does juggle Foreign debt (gov't bonds & such) and it was reasonable when US BONDS were attractive... not so much now. It has also gotten to the point that the shell game you explained to cut inflation is about at the end of it's run... the fuse is burning quickly...
(1)
(0)
Sgt Wayne Wood
If i was to go down the "conspiracy" rabbit hole... i wouldn't blame bankers... it's business... i'm more interested in the game of hot potato where they are dragging it out & hoping the NEXT administration gets stuck holding it. (The nebulous "they" is congress)
(1)
(0)
Well, since no bill collectors are being sent out from the US to the countries that actually owe us money......
(1)
(0)
MSG (Join to see)
Sgt Wayne Wood - Which is why the foreign aid payments REALLY need to be scaled back.
(1)
(0)
Sgt Wayne Wood
MSG (Join to see) - i would agree, particularly for those countries who active work for our destruction. good start $35 Billion out of $120 Trillion (see above). what next?
(1)
(0)
MSG (Join to see)
Sgt Wayne Wood - Since countries owe each other money left and right.....case in point with US owing China and vice versa.....perhaps if everyone just sat down and wiped the slate clean....since if we all collected from whomever owes us, I would think that everyone's economy would just crash down and be defunct. And something about a world wide bankruptcy just sounds a bit terrifying. It's not the best sounding solution, but its better than what's happening (or not happening) right now.
(1)
(0)
Sgt Wayne Wood
agreed... in ALL aspects. perhaps we need to just sit down and set everything to zero with EVERYONE deciding on a common currency. not like the EURO... when was the last time Europe un-fucked one of their mistakes. somethiing new, a new standard based on something tangible, relatively rare, yet equally available to all parties. all would have to agree, one dissenter ruins it. there would also have to be a universal exchange period. do we extend the debt moratorium to private entities? how?
(1)
(0)
Read This Next
Continue with Facebook 
Continue with Google