[tarpit]

Even if we could cut the yearly budget to zero, that would be like cutting up a credit card. It does not solve the existing balance problem. The only question is how? Raising tax rates on those households that do pay is impractical (in other words, they cannot raise enough to make a difference). Raising corporate taxes will hinder growth, leaving unemployment at unacceptable levels.

Given current events, they will most likely impose a Value Added Tax, like Europe. That is the wrong approach, IMHO, as it will move discretionary monies away from business into the hands of the government. Taxing the Wall Street trades makes more sense to me than anything else they are proposing.

[ExTxMarine]

“Taxing the Wall Street trades makes more sense to me than anything else they are proposing.”

Where do you think that money comes from? Our economy as a whole! The largest employer of American workers are the small business owners, correct? Where do the small business owners get their money to run and maintain and grow their businesses? From larger companies and people who INVEST in Wall Street.

You don’t want them to rob Peter to pay Paul, now you want them to rob Peter slightly less, but it’s okay because they are now going to rob Patrick too!

When you say “Wall Street” who do you think you are talking about? I have a 401K through my company which works that income through Wall Street - you are taxing ME (along with almost ever working person out there) again. So, you didn’t rob Peter and Patrick, you just robbed Peter twice.

Again, we CANNOT tax our way out of this situation. We have to GROW our way out! And you are right, cutting the credit card doesn’t solve the problem - that’s why I said we have to have more income! The US government does not make money - they collect it - period! We need to GROW what they can collect!

[RKBA Democrat]

“It does not solve the existing balance problem. The only question is how?”

I think you’re asking the wrong question. The real question in the long term is “whether?” As in “whether to pay the debt or not?” And I think in the long term the answer is going to be NO.

Do we honestly think that those who are children today are going to work themselves to death to pay back a national debt that they saw no part in creating and for which they received little if any benefit? Sort of like some sort of generational indentured servitude?

They aren’t. They’re going to repudiate the debt. And they’ll be right to do so. I think we should go one step further and repudiate it ourselves.