Posted on 05/22/2015 5:14:38 PM PDT by fhayek
Did you know that if you took every single penny away from everyone in the United States that it still would not be enough to pay off the national debt? Today, the debt of the federal government exceeds $145,000 per household, and it is getting worse with each passing year.
Many believe that if we paid it off a little bit at a time that we could eventually pay it all off, but as you will see below that isn’t going to work either.
It has been projected that “mandatory” federal spending on programs such as Social Security, Medicaid and Medicare plus interest on the national debt will exceed total federal revenue by the year 2025. That is before a single dollar is spent on the U.S. military, homeland security, paying federal workers or building any roads and bridges. So no, we aren’t going to be “paying down” our debt any time in the foreseeable future. And of course it isn’t just our 18 trillion dollar national debt that we need to be concerned about. Overall, Americans are a total of 58 trillion dollars in debt. 35 years ago, that number was sitting at just 4.3 trillion dollars. There is no way in the world that all of that debt can ever be repaid. The only thing that we can hope for now is for this debt bubble to last for as long as possible before it finally explodes.
It shocks many people to learn that our debt is far larger than the total amount of money in existence. So let’s take a few moments and go through some of the numbers.
(Excerpt) Read more at zerohedge.com ...
As I posted on this thread and others.
When you step back and really understand how the money flows, from and to, the Feds are a “Pass through entity”.
Middle men, criminal to be sure.
I say there are legislative measures that can be taken to “cut out” these middle men.
Those measures don’t need to be “Radical”. They just need to be firm.
If we put everyone back to work, and cut our welfare rolls by 75-80%, the increased revenues and reduction in outlays would bring our budget back in line, and we could start reducing the debt.
We couldn’t do it over night, but we could reduce it a lot in a decade.
It takes the will to do it.
“.... it will mean most parents will have to move in with their children, which will probably be a good thing. It’s the way it was done for generations before the government stepped in. Everything the government does serves to break down the family —which Marxists rightly regard as the bulwark against the totalitarian state.”
One thing we know abojt Marxists is that they do not cede power willingly which means the State will eventually outlaw the practice or turn public sentiment so sour to it that people are ostracized for doing so. If you think it’s impossible, look what they’ve done with gay marriage.
You are right. All you need to do is cut the corporate tax rate (I suggest 0%), repeal Obamacare, and put limits on most forms of welfare. By 2025, we would have grown out of our debt problems. Any other problems you want me to solve?
That’s because our money is based on debt. If we paid off all the debt there would be no money in circulation.
Think about that. Does that seem like a sound financial system to you?
So what? What a perfectly stupid thing to whine about.
Of course you do, because you've never made a conservative recommendation.
We have at least 45 million people in this nation out of work that are capable of working. That was as of 2012.
We had a growth rate that was very steady from 1961 to 2001. After 2001, we have created very few jobs.
Jobs from 1961 to 2001 grew at about a 9.12% rate ever four years. The two term growth was about 19.25%.
The growth rate during the first three presidential terms in the 2000s, about 1.9%. It should have been close to 29%.
Like I said, 45 million people are out there who should be working and aren’t.
Imagine the tax revenues on those people. Imagine the business taxes as well.
We HAVE TO get people back to work.
If we do, and we get back on track growing the economy every four years, you’re absolutely right.
The 9.12% growth continues on. Population growth alone will end the national debt if we watch spending and simply increase the tax revenues through full employment.
You’re right.
You know, believe it or not, I think about that kind of thing all the time. No debt, we would have to find another basis for money. I don’t know if our greatest financial minds would know what to do.
Let’s send our government people to China and bring our businesses back. Congress and 0bama + cabinet and czars would bankrupt the ChiComs in a few years max.
That’s an awesome data set
Where did you get that?
.... No it's not!!! .... Just take out a loan and pay it off!!!! Said no sane person ever.
Let us identify and elect one to void and cancel the work i.e., sabotage of this illegal. May Pelosi rot in hell.
What’s amazing is that probably less than 1-2% of the population understands that.
I’ve tried to explain that to otherwise intelligent people and they have a blank stare or think I’m crazy.
I hope it turns out well, but I don’t think it will.
You can’t get something for nothing forever. Some one always has to pay the bills. Even if it not the ones who ran up the debt.
You’re right, of course. They will puff about “preserving the birthright benefits of all Americans and non-Americans”.
>>> I cannot fault Obama for not seeing that far ahead.
My point was that you see him as playing on our side.
Stupid article. Socialist Insecurity, Medicaid, and Medicare are not debts. They are unconstitutional spending programs.
Not really. He is not proposing getting rid of Medicare or SS or Medicaid or food stamps.
As I said before, our Government is nothing more than a “Middle Man”, a pass through entity that happens to have the ability to make rules and collect the money with massive overhead.
They are elected by the voters because they are doing what they want.
Remove/limit their ability to make rules/regulations. Freeze their budgets.
You can't freeze the increasing costs of the entitlement programs or debt servicing costs. They are increasing because we have an aging population.
States need to reject Federal funds.
LOL. They have become dependent upon them. If they reject them, how do they raise the revenue to pay the bills? Medicaid alone takes up 22% of state budgets.
Flood the Feds with money. At this point we can tell the feds that any and all excess funds are to be allocated to the current budget (which will be easily paid for) then towards future commitments.
Where is the money coming from? We are already incurring annual deficits of half a billion a year. Obama averaged over $1 trillion a year in deficits during his first term.
Why would everybody pay off all their debt, all at the same time? Silly premise.
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