The US is going bankrupt
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T. A. Gardner
Thread Killer
Maybe we can get a loan from Germany like Greece did...
Tbird19482
Verified User
well I have said for a long long time we need to get a Balanced Budget Amendment with some teeth in it. we should never be able to spend more then we take in with two exceptions and that is a war like WWII or a really deep depression.
then we should have a 1 or 2% federal sales tax ONLY to be used to pay off the debt and it would be suspended after the debt is paid off and only put back into effect if we did have to run the debt up because of a war or depression.
and with that sales tax EVERYBODY would pay it on every thing they buy EVEN large Companies and it would NOT be tax deductible for anybody.
Every body got some benefit from running the debt up everybody should help pay it off
Have a nice day
Taichiliberal
Shaken, not stirred!
No kidding, Elon? They've been saying this since I was a kid ... and there's been 2 major "recessions" in my lifetime. So tell us something we don't know.
Bigdog
Harris - make America a 3rd world shithole
During the American Civil War, instead of borrowing from foreign gov'ts at up to 25%, ... we, the people, just printed our own interest free fiat currency, Greenbacks.
Maybe you and Elon ought to take a look at who helped make all this debt.
The worst debt accumulators during the last 10 administrations, based on each 4 year terms, were:
Ronald Reagan
George W. Bush
George HW Bush
Donald Trump
But the very wealthy did great under those presidents, because of tax cuts to the most wealthy.
DING DING DING,....Correct. Shhhhhhhhhh,....you cant speak of that out loud though. Kennedy wanted to do something similar with the mountain of silver we have through executive order 11110 and got himself unalived.....
Actually its EVERY U.S president since Woodrow Wilson. Here he is speaking about the federal reserve act he signed into law and lived to regret.
" I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world -- no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." Woodrow Wilson
Bigdog
Harris - make America a 3rd world shithole
I think Woodrow knew exactly what he was doing, and his "regret" is just a CYA to protect his legacy. IIRC, Woodrow snuck the bill thru on Christmas Eve.
As an aside ...
“GIVE me control of a nation’s money supply, and I care not who makes its laws.” So said Mayer Amschel Rothschild, founder of the Rothschild banking dynasty.
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Bigdog
Harris - make America a 3rd world shithole
Yes, I have read speculation about that, tho it was a temporary transitional order.DING DING DING,....Correct. Shhhhhhhhhh,....you cant speak of that out loud though. Kennedy wanted to do something similar with the mountain of silver we have through executive order 11110 and got himself unalived.....
But Shhhh is right. There is little information about Lincoln's Greenbacks on the internet. The only argument against greenbacks is that it was FIAT money and subject to inflation.
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Geeko Sportivo
Verified User
The deficit skyrocketed by 5 TRILLION dollars, AUTOMATICALLY, when Trump gave his BIG RICH CAMPAIGN DONATORS THE LARGEST TAX CUT IN AMERICAN HISTORY- leaving the tax burden on the backs of the poor and middle class to have to pay.
The first thing Trump did, after signing his TAX CUT FOR THE RICH, was invite all of those BIG RICH CAMPAIGN DONORS back to MARRY-A-LARDO, and told them- "I JUST MADE YOU ALL VERY MUCH RICHER"- all the while HE HIMSELF was one of the largest benefactors of his own TAX BREAK FOR THE RICH!
THE GOOD NEWS- That GIFT to the rich- will expire at the end of this year.
If Trump wins, he will extend the tax break for the rich- and he is already promising his BIG RICH CAMPAIGN DONORS that he will cut their taxes even more in exchange for their BIG DONATIONS to get him re-elected.
If Kamala wins, she will allow those TRUMP TAX cuts to the rich to end, and will lower the tax rates of the poor and middle class this time.
NEXT!
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They've been saying it since FDR took us off the gold standard. To qualify, the "they" saying it are Republicans when worried about Democrats. Trump has treated the deficit with the same minus kind of respect he shows for women.
Some presidents have done better than others regarding the national debt.
Reagan and Trump were particularly bad...mostly because they championed tax cuts...particularly for the wealthy. The move did work...to make the debt substantially higher. It certainly did nothing to "trickle down" or make the burden less for the common folk.
In any case, the problem does have to be handled...but trying to handle it by decreasing spending will never work. All spending by the government, including providing assistance to other countries, IS SPENDING DONE IN OUR ECONOMY. Cut it substantially and you will fuck this country up...not make it better.
What our country needs, NO MATTER HOW MUCH WE ALL OPPOSE IT, is a substantial tax increase. A huge amount of that increase should be on the rich and richer, but some will have to fall on the not very wealthy.
We cannot run a country like ours on the cheap.
PostmodernProphet
fully immersed in faith..
obviously the thing you don't know is that you still support the party that blocks it........
Tbird19482
Verified User
you do understand that was what 150 years ago or so?
just printing more money isn't the way out.
it deflates the value of the money you already have.
a 1or 2% sales tax on everything could pay it off in several years ( not sure how long haven't figured that out yet ) and as I said after the debt was paid off the tax would be suspended until we needed it again , and that would only be if we had to run the debt up again because of a war or deep recession / depression.
Have a nice day
PostmodernProphet
fully immersed in faith..
you are obviously data challenged.....Obama's deficit was larger than that of all of the presidents that came before him COMBINED........Trump's deficit was smaller than Obama's..........Biden is still on churning out the debt, not to mention the impact of his inflation..........
https://www.investopedia.com/us-national-debt-by-year-7499291
Tbird19482
Verified User
that all depends on if you take it dollar per dollar or on a percent basis.
Reagan almost tripled it, GW doubled it , Obama 69.98%
and Trump 33 % in only 4 years
Trump in dollars ran it up as much as Obama did and it only took Trump 4 years where it took Obama 8 years.
just think what Trump COULD have done if he had another 4 years , instead of 8 Trillion he could have made it over 16 Trillion or more.
Have a nice day