Posted on 01/23/2016 4:48:31 AM PST by HomerBohn
I believe that you are closer to the truth.....let’s try about 320 trillion....when you include the debts of the various states and cities.
” In 1980 revenues to the US treasury were around $500B annually.”
You may remember that the economy was in the tank and interest rates were up to 22% in 1980 and for a time thereafter. I remember that very well as I left the firm I had been with for 4 years and hung out my own shingle. My wife was my secretary and was typing until 5:00 pm the evening she went into labor with our first son. We got by in some measure by bartering because no one had any money. It wasn’t a good time economically. By ‘88, things had gotten rather dramatically better.
Congress did do the spending under Reagan. It has under Obama too.
Despicable, degenerate LIAR!
Laffer was correct, it is just common sense.
I wonder how much of the missing gold ended up financing Obama’s favorite muslim terrorist groups.....
A commission? You mean like the IRS, Benghazi or F&F ‘commissions’ (to name a few)?
Tell me, please, do you think ANYONE in govt doesn’t realize they’ve over-stepped (to put it mildly) their Constitutional bounds? Doesn’t realize their every (OK, 99.9%) of their calls of YEA/NAY are therefore illegal?
Yes, I realize the theft of the Treasury by legalized plunder is as old as the founding; but kicked into hyper-drive over the last ~100yrs. with all-and-out Socialism on our shores.
Not unless We pulled the ol’ French Revolution (commissions of and by the People vs. govt) would I EVER bet to see anything happening (and I’m not saying that’s a BAD thing). Unfortunately, I don’t see that happening until the EMP wipes out the TV/phone service....THEN people will get angry; a day late of course.
Prison for members of CONgre$$, past and present GOPe/’Rats/elites (socialists).
The Results of Legal Plunder
It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.
Socialism Is Legal Plunder - Bastiat
http://bastiat.org/en/the_law.html#SECTION_G020
DEFUND socialist collectives, foreign and domestic. DEPOPULATE socialists from the body politic.
http://cpc-grijalva.house.gov/caucus-members/
It’s easy to
live - free - republic
And so speaks the ‘hush hush’. If the People, the TAXPAYERS, were told how in-the-hole they were; how their children and grand WILL be economic slaves, I’d wager we’d see another French’ish Revolution.
The biggest rip of the century was the DC lawyers hijacking of our healthcare and what was once private medical information. Let’s keep in mind not a single Repub voted for it. Trump is likely to get nominated by Republicans. Who will you vote for?
Trump might be the Repub nominee. What then?
For the sake of this discussion, lets assume the national debt is $19T (we know they have over promised benefits far exceeding that total, so this is the immediate static number).
About 6.5T of that is owed to foreign countries. About 8T is owed to the “trust funds”-the cash was stolen and replaced with IOUs carrying a 2% forever coupon I believe. The rest is with the FED and private individuals and corporations at the prevailing coupon rate.
To me first order of business is put the trust funds on a cash basis, remove the coupon “cost” and abolish the “lock box” mentality. Debt goes down immediately to 11-12T plus the yearly paper exercise of paying interest out of the budget drops approximately 150B. If nothing else the “budget” then is actually representative of the true cash cost of running the federal beast.
After that, freeze all spending i.e. no increase for “inflation”. Do a budget with a guaranteed $100B of money to retire the foreign held debt. Of course it would take approximately 60 years to pay that portion off at this rate but if the interest market ever goes back to a normal level of 4-6%, we will get vaporized as the biggest item in the budget will be debt service. Hopefully the “normal” rates are not reached in 60 years.
First statement right on. Nothing will change.
Audits are worthless if there is no one to prosecute the evil-doers who are uncovered........and there is NO ONE.............anyway, no evil-doers will be found......will always be some nameless government bureaucrat who can’t be found or identified.........
Based on national debt alone, our nation is toast and there is no way out of eventual financial collapse...........no way Trump, Cruz, or anyone can or will change that. And if they did, it would cause the collapse........the piper will be paid someday........
Every day I wonder how the train has even chugged along this far.
Whole hell of a lot easier is to terminate the illegal, unconstitutional Ponzi schemee, programs, acts, EOs, regs, etc. etc. etc....aside from a French’y Revolution, that is.
Aside from the obvious (above), govt has NO notion of a ‘lock box’ nor ‘fund’. Govt that cannot balance a check-book is even competent enough to invest MY (insert fund here) $$ wisely? Let alone with ANY positive rate of return (that doesn’t cook the books, or borrow from one account to add to another, or..)
For the contiued sake of this discussion (/s), you presume that govt will WILLFULLY stop taxing/borrowing and spending...for ~60yrs. Whoa, boy.
IMO, cut, cut and cut. ‘Investors’ took a crap shoot...and lost. Credit rating goes in the tank for a bit, which should mean govt has nobody to back-up their failed policies again and people bite the bullet (pardon the pun) by being self-sufficient again. Charity returns to those that FREELY give. Family/communities (I hope) take care of one another.
It’s the ONLY way to restore the liberty and freedom We had, let alone the Republic.
Just my $.02
Yeah, so Obama has about doubled the debt. Interesting how some people are against things before they are for them and vice versa....
D & R different sides of same coin. What to do, what to do?
I think then, we start to bring back jobs to America.
Just saying.
Both parties have sold out America, for longer than the entire last generation.
Bring American jobs back here.
BTTT
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