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alstry (35.36)

Just Pay OFF The National Debt

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August 06, 2011 – Comments (3)

We had $23 Trillion dollars to bailout Wall Street...

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aY0tX8UysIaM

Why not take $14 Trillion and pay off the National Debt?

Is Wall Street more important than America...or most Americans?

3 Comments – Post Your Own

#1) On August 06, 2011 at 11:03 AM, explainstuff (93.12) wrote:

lol I don't know why but I can only laugh at this post. Thanks for the laugh.. I needed that after a drop of my rating from 98 to 72 in a week.

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#2) On August 06, 2011 at 9:22 PM, MarginCallMcW (20.89) wrote:

Wow. I think I can stop reading your posts now as you obviously have no knowledge to impart.

I wonder how nobody thought of this solution before. You should call the presedent and let him know about your plan. lol

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#3) On August 06, 2011 at 9:40 PM, SonicFoolAz (< 20) wrote:

The issue is we only take in about 2.1 trillion a year in taxes... we spend approximately 3.4 trillion/year.  Most of that spending is Military, Social Security, and Medicare.  You have to have a surplus if you want to pay debt off.   Ultimately, if balanced, the bond related debt, which is largely short term, would pay off naturally. 

 There exists very few options... basically cut something, or at least cut future increases (like saying anyone under 50, you have to pay in, but, will not be getting SS/medicare)  or raise taxes/tax reform. 

I like the idea of a flat tax for anyone making more than 20k or so a year, with no deductions, not only would it largely get rid of the IRS infrastructure and the parasitic tax prep industry, but, if combined with a balanced/pay as you go budget would keep this from happening again.  Essentially if we want a social program, then we all end up paying more as soon as it starts eating dollars.  But, the issue becomes, when do you implement this?  It will effectivly be a tax increase for most Americans.

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