How to eliminate the debt in 11-12 years

[nate895]

This is a plan to eliminate the debt in 11-12 years, but it involves keeping taxes as high as they are.

We have 9 trillion+ dollars in debt and possibly 10 trillion+ by the end of the Bush Administration. We receive 2 trillion dollars in taxes every year, so if we restrain spending to 1 trillion dollars, we can eliminate the debt. The first year, instead of paying off much debt, we'd have to create a 1 trillion dollar "rainy day" fund just in case we need to go to war. Every year after that we spend a trillion dollars paying off the debt so we are once again free of debt, and can eliminate that pesky IRS.

[Dave Pedersen]

The quickest way is for a 50 state secession rebooting the United States. Then reunite under a new constitution with the capital in Nebraska. Unfortunately too many of our countrymen are too ignorant to support this transition wisely.

[nate895]

The quickest way is for a 50 state secession rebooting the United States. Then reunite under a new constitution with the capital in Nebraska. Unfortunately too many of our countrymen are too ignorant to support this transition wisely.

But that means the new nation will have horrible credit. Plus, if every state secedes, I'd love to have the South free again. sorry we get Ron Paul. :D

[Goldwater Conservative]

Interesting idea, although I hate the thought of the government spending so much of our money for a decade just paying off debt. I'm sure voters would think the same thing.

Isn't a lot of the debt owed to people who own treasury bonds, notes, etc.? Maybe the government can get creative and find a way to target them with a tax. For wealthy domestic holders of the debt, a surcharge on the higher brackets of the income tax would probably be the best way, but I'm not sure what we'd do about foreign holders.

Didn't Harry Browne propose paying off the debt by selling government-owned land?

[Dave Pedersen]

But that means the new nation will have horrible credit. Plus, if every state secedes, I'd love to have the South free again. sorry we get Ron Paul. :D

Horrible credit is excellent. We don't want credit. We want prosperity.

[CurtisLow]

I would not repay anything to the BIG banks that suck this country dry!

When did they (Federal reserve) get the right to print US dollars and charge us interest on it! F-That


Go bankrupt and start off with no federal reserve!


FYI: The Federal Reserve is as Federal as Federal express.

[Kregener]

Here is another way:

http://www.lewrockwell.com/blog/Ron_Paul_Photo_4.jpg

[WilliamC]

I hate to be the bearer of bad news but the "official" 9 Trillion in debt doesn't include an additional ~58 Trillion in debt that Congress has already promised to pay out in the future.

There isn't 58 Trillion dollars in the entire World economy.

We are already bankrupt in every sense of the word.

I do not know what will happen when the USA begins to default on it's debt but someday it will.

Unless of course it resorts to even more printing of paper dollars which will result in hyperinflation.

[jdmetz]

Horrible credit is excellent. We don't want credit. We want prosperity.
What a great idea! We should just declare bankupcy as a nation. No one would ever lend us money again, and we would be forced to live within our means. :)

[fireinme]

Have legal counterfeits, by which I mean make Gold and Silver legal tender. Create competition with the FED so that the free market holds them accountable for inflation. People will get sick of the dollar and ask that the Fed be got rid of.

[jdmetz]

I do not know what will happen when the USA begins to default on it's debt but someday it will.

Unless of course it resorts to even more printing of paper dollars which will result in hyperinflation.
Fiat money is what happened when the USA began defaulting on it's debt on August 15, 1971 (see Nixon Shock (http://en.wikipedia.org/wiki/Nixon_Shock)). We couldn't pay under the gold standard anymore, so we left it.

[WilliamC]

You know if the establishment were actually smart they would let Ron Paul win this election.

Then when the economy does crash as it likely will, they can blame him.

[Richandler]

Massive cuts to all spending and begin transistion off entitlement programs. The nation could easily run on less than a trillion dollars in future and that would be about 1.5 trillion less than we are taking in, and 2 trillion less than we are spending.