Thomas Jefferson wisely stated "I consider the fortunes of our republic as depending in an eminent degree on the extinguishment of the public debt before we engage in any war; because that done, we shall have revenue enough to improve our country in peace and defend it in war without recurring either to new taxes or loans. But if the debt should once more be swelled to a formidable size, its entire discharge will be despaired of, and we shall be committed to the English career of debt, corruption and rottenness, closing with revolution. The discharge of public debt, therefore, is vital to the destinies of our government." --Thomas Jefferson to Albert Gallatin, 1809. FE 9:264
In my opinion, this is the number 1 issue that should be addressed by both Presidential candidates. I don't hear either Obama or McCain talking about how to reduce our debt. Living debt free is common sense and should be our nations priority right now. We should do it exactly as a household should do it. Cut up your credit cards (for our nation that means stop getting loans from China), cut all of your expenses (cancel all government waste), and pay as much money towards your creditors as you can until all your debt is gone.
It scares me that China, a communist country, is the US's largest creditor. I have heard that we owe them 1.5 Trillion dollars. The US spends 100's of billions each year on interest payments for our loans. So all of this talk about tax increases or tax relief could be a non issue if we eliminated our debt.
3 comments:
But then how do we still get to keep all our stuff?
The Government is full of waste. There just has never been a serious effort to cut back. Even when they say they cut back, it is usually on the growth they cut back on. (So instead of spending 10% more this year than last, we will only spend 8%.) Every organization has room to improve and become more efficient with their resources. I have personally worked at over 50 different companies, including several government agencies, and they are all wasteful. In fact the government agencies I have worked with are the most wasteful. If they had to, they could do the same thing with less money.
So Jessica, in theory you get to keep all of your "stuff".
The government will just be obligated to continue to provide the same benefits we have now, but with less money to do it. Then take the money that is not being directed to the government programs and pay off our debt.
I agree completely Chris. In addition, I would like to stop giving money to people when it is not earned...we all pay into social security, medicare, unemployment insurance, that I get. However, if you can not keep yourself housed and fed, I do not want you homeless and hungry, but I also don't want to hand you a check. I think people would remain in that situation for much shorter periods of time if there was no cash being handed to them. I am completely sympathetic to a bad choice or misstep that requires some assistance to get back on your feet and we can afford to do that.
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