Paying off the National Debt hasn’t happened since the mid 1940’s. The simplest way to address the debt is a “tolling type” of tax that bypasses Congress completely. If we were to take one penny per dollar on every bit of spending from every financial transaction that happens in the United States. Even at a paltry 20Trillion in consumer consumption we’d have 200B annually to pay off debt. At that rate we’d pay off the 36T in 180 years… if Consumer / Govt spending was capped at the paltry amount from above.
Obviously that trajectory is unacceptable but so has zero dollars being spent on debt reduction since the mid 40’sIn fact had we implemented a 200B debt reduction since the 1940’s we’d be at 16 Trillion less than the 36 Trillion we have today
The servicing of the debt we have is nearly a trillion dollars a year or the equivalent to another DEFENSE BUDGET and we get nothing for it at present time…
A penny on a dollar is something everyone can afford…
As an aside…45 Trillion is spent on stocks, 5 Trillion on Credit card debt so 500 Billion is a better representation
Time to get a spine and hopefully the Republicans / Conservatives have one this time
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Completely paying off the national debt is not a good idea. It could have economic consequences and disruptions in the financial market. We already allocate $200B annually to pay the debt. I think we should focus more on spending less and it would take care of itself.
We haven’t paid a penny towards the National Debt since the 40’s…not sure what you’re saying about allocating. Can you clarify
I just checked the book I got this info from and I misremembered what I read. We pay the interest on the debt to maintain it, we don’t actually pay it off.
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Over spending, especially by the military, is the greatest threat to our nation. Ask Argentina’s Javier Milei how to cut the budget with a chain saw. Just ending the Federal Reserve instantly eliminates 45% of national debt. Never again spend more money than the federal government takes in. End aid to foreigners in this country and to foreign countries. The debt can be eliminated.
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Totally agree…spending is a nightmare in the US
In 2017 we had 3.3T in revenues and a 600B deficit
Last year after the TCJA we elevated revenues to 5T and then coupled that revenue increase with 2T in DEFICIT SPENDING!!!
The Govt is a useless gaggle of nitwits
TRUMP!!!
Fix this BS
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Yep…and that was my point is we service the debt at 1 trillion (almost) a year
Time to address it
Thanks for the follow up