Federal Government Debt Over 7 Trillion

bulloughclan

FEDERAL GOVERNMENT DEBT = $24,470.04 PER PERSON, and rising.
This means a family of four (4) shares more than $93,080 in federal debt responsibility - - including those still in diapers. The National Debt has continued to increase an average of $1.73 billion per day since September 30, 2003! The National Debt is as of May 26 2004: 7,197,880,192,218.16
So knowing this what do you think should be done about the federal debt?

selfAdjoint

1. Rescind all the Bush tax cuts.
2. Raise the top marginal tax rate to 35% or so.
3. Get the public to demand that congress cut pork in half. You can't cut it entirely but Congress should get used to several years of reduced budgets - never mind how worthy the causes!
4. Bring the troops home and slash the military budget.
5. Encourage a bipartisan effort to balance the overall budget.
6. While interest rates are low, pay back what we can (this was what Clinton did).

The seven trillion comes almost entirely from two presidents. Reagan contributed 3 trillion, and Bush has contributed at least as much. The rest is growth of interest.

motai

When will these people learn that supply-side economics (tax cuts for rich so that it allows them to hire more people so that it "trickles down") doesnt work? It didnt work in the 1920s, 1980s, and it wont work now. Of course, I dont think they actually think that the plan will work, but just as a way to get more cash in their pockets, even though they are financially screwing the nation.

America used to be a leading creditor nation, now we are a big time debtor nation.... the neo-cons in office aren't helping very much.

Nommos Prime (Dogon)

I find the USA debt extremely amusing.
7 Trillion (thats what you know of!)

And this is the society that preaches it has the best socio-economic system in the world!

Oh man, you guys will have to invade a Nation (and PLUNDER its resources) every few weeks to cover the interest repayments.
Very funny.

phatmonky

What is funny is your lack of grasp that capitalism != large debt. The two are compltely seperate , however you can't wait to find any, and every, soap box to try to manipulate a point of yours into the mix - even when it has nothign to do with the topic at hand.

schwarzchildradius

So what percentage of every dollar the US government spends is borrowed? I've heard it's right around 20%- any confirmation on that?

selfAdjoint

A more important question is what proportion of revenues is consumed in debt service?

Nommos Prime (Dogon)

Very insightful Mr phatmonkey!

My lack of a grasp of Capitalism?

I'd wager I understand the entire SYSTEM a lot better than you.

Whichever way you look at those numbers (7 Trillion), you guys are going to be paying for DECADES to come.

bulloughclan

I'm just an inexperienced fifteen-year-old, but do you think a bill like this one I wrote would do any good. (Pretending that it had a slight chance of being passed)

A Bill

To protect our future generations from the bondage of debt.

As of 2004 our government is increasing the national debt an average of 1.73 billon dollars each day, out of money that originates from the labors and investments of the American people, In order to protect the liberty of our nation and the liberty of future generations from bondage, and poverty, it is necessary to create a balanced budget and to decrease or eliminate the debt of our nation.

SECTION 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless three-fourths of the whole number of each House of Congress shall provide by law for a specific excess of outlays over receipts by a rollcall vote for that fiscal year

SECTION 2. Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for that fiscal year which shall conform to the equation stated in section five of this article.

SECTION 3. No bill to increase revenue shall become law unless approved by a 2/3 majority of the whole number of each House by a rollcall vote.

SECTION 4. Total outlays for any fiscal year shall be based upon forecasted revenue for each fiscal year: The fiscal budget amount shall be less than or equal to the forecasted fiscal revenue, minus a loan pay-off amount of ten percent of the forecasted revenue. The loan pay off amount shall go toward the payment of the principal of debts, this shall continue until the nation's debt be eliminated at which point this provision shall be discontinued. This provision may not be wavered unless three-fourths of the whole number of each House of Congress shall provide by law for a temporary budget change

SECTION 5. The Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect. The provisions of this article may be waived for any fiscal year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law.

SECTION 6. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts.

SECTION 7. Total receipts shall include all receipts of the United States Government except those derived from borrowing. Total outlays shall include all outlays of the United States Government except for those for repayment of debt principal.

SECTION 8. This article shall take effect beginning with the second fiscal year beginning after its ratification or the first fiscal year beginning after December 31, 2008.

GENIERE

Bulloughclan – It’s good to know there are 15yr olds with your ability out there. Your post was well written and well thought out. Few people (especially me) can grasp the intricacies of a national economy but probably most who do would consider a large national debt to be a bad thing, and most would probably consider a debt ceiling to be equally bad. I would suggest you forward your post to Alan Greenspan and, if he replies, share the response with us.

Regards

Ivan Seeking

Why SelfAdjoint I'm shocked! Everyone knows that it is the tax-and-spend democrats. You simply must have things confused.

Nommos Prime (Dogon)

bulloghclan;

That would have to be the SINGLE, BEST plan for eliminating the USA debt I have ever seen! I'm serious!

You should be immediately flown to Washington, where you should henceforth displace whatever Monkeys are currently running your economy.

It gives me faith that a 15 year old understands what is going on (and has the initiative to plan a remedy). However, you'll find out soon enough, that nobody (who can do anything about it) gives a toss...

phatmonky

bulloghclan, great post- but there is no need to eliminate our debt. Simply reduce it,and that is the only place where I see editing needed in your proposal.


That and you shouldn't plagerize.

Dissident Dan

http://www.congress.gov/cgi-bin/quer...08:H.J.RES.22:

The desire for recognition is strong, isn't it?

faust9

lol...Too funny!

Polly

I normally don't use strong words but this is very foolish Bulloughclan and can get you into serious trouble.

see this

While not many of us can boast of intellectual excellence, our integrity is entirely up to us.

GENIERE

Well I guess bulloghclan has great ability, but not the admirable type I first supposed.