Posted on 12/02/2014 9:51:47 AM PST by SeekAndFind
So here's a positively eye-watering number: America's national debt (not its deficit, which is something different entirely, so stop confusing them, please) is now a gobsmacking $18 trillion or $7 trillion higher than when President Barack Obama took office in 2008, The Washington Post reports.
According to the right-leaning Powerline blog, "41 percent of the national debt of the United States, from George Washington to the present, has accrued during the Obama administration."
(In case you were wondering, the 2014 budget deficit came in at a comparably smaller $483 billion, which "[represented] the smallest deficit as a percentage of GDP since the George W. Bush administration," Powerline also noted).
This begs the obvious question -- apart from, say, selling off Mount Rushmore and turning Wyoming into a giant theme park, how the heck do you pay down an $18 trillion note?
(Excerpt) Read more at pennlive.com ...
The EXEMPTs’ Homes and Assets shouldbe confiscated
by Constitutional Amendment.
Start by getting Al Sharpton to pay his taxes.
I never agreed to this debt. So don’t look at me. I repudiate it. Any sucker who bought U.S. debt instruments counting on the government stealing from its citizens should be out of luck. They were thoroughly unscrupulous when they expected to be paid back with looted funds.
If I owe someone ten bucks, guess what gets him off my back ?
Yup .... a ten spot
We owe China x amount of dollars ?
Print 'em up and GIVE 'em to 'em
This debt will never be paid off with the declining culture we have. I just hope I pass off the scene before the fecal matter hits the rotating oscillator device.
The first rule of being in a hole is to stop digging.
Even without swinging the budget axe with the furor of a raging barbarian, the course can be easily reversed.
Cap all federal spending at current levels with a maximum increase of 2% per year, or 1/2 of the GDP growth, whichever is less. The budget will balance in a couple of years with no other action, and then move into surplus.
Now, that gets out of the hole, but it would take centuries to pay back $18T at that rate. Then you start applying the axe on top of the hard caps.
First stop digging the whole deeper. Than roll back as much spending as possible. Create a flat tax that essentially eliminates the need for the huge IRS. Take all savings and apply to debt. We owe this to our kids and grandkids and great grandkids....
how the heck do you pay down an $18 trillion note?
Break another nation’s/person’s windows and take THEIR stuff?
It’s the democrat way...
Ans: inflation
>>how the heck do you pay down an $18 trillion note?
You don’t. You do what the government, Wall St, and Federal Reserve have been doing all along. You keep raising the debt to buy the votes to make sure that no one who is fiscally responsible gets into power and then hope that the the credit cards don’t get maxed out while you are still alive. You wait until the economy collapses and then America can become the third world resource exporter and cheap labor source that the Transnational Progressives want us to be.
Than = then
Depressingly, if you look at most “average Americans’” comments on polls like these, you will see that they think that if we just get rid of “waste” and increase taxes on “the rich,” that the deficit will go away and we will be able to pay off the debt. Its why the country is swirling down the toilet toward bankruptcy. No one wants to cut the middle class entitlements that cause most of the problem.
1. Revive the gold standard
2. Strike the income tax
3. Reduce corporate tax rates to 15% or lower
4. Increase tariffs on foreign goods and services, esp. those from China
5. Increase drilling for petroleum on American soil and shores
6. Provide incentives for manufacturing businesses in the US
7. Shutter the EPA, FDA, and other executive agencies that place undue burden on industry and commerce
8. Shutter the Federal Reserve
9. Replace or remove the IRS
What about Welfare and the rest of the goodies?
Inflate the currency and destroy the country.
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