How Can The U.S. Payback Its Debt?
It keeps getting higher!
What can we do?
- AzbLv 49 years agoFavorite Answer
I like your question btw. :D
We spend $400,000 on a Barrack Hussein Obama when we could be spending $40,000 on a Ron Paul.
We spend $4 Trillion (Almost 1/3 of our debt) on foreign welfare when we could be spending that money here at home.
We spent $535 million on Solyndra and they wasted all of it.
We have hundreds of unconstitutional federal bureaucracies that are pocketing our money.
We could direct more effort towards education and teaching kids how to be economically conservative so that future generations don't have the same problems we are having.
- Anonymous9 years ago
End the Fed, cut government spending, repeal the federal reserve act, and reform the fractional reserve banking system.
Re-institute Greenback System started by President Abraham Lincoln. The U.S. Treasury would only emit interest free notes called "Greenbacks. The federal government would no longer borrow its own money at interest from the Federal Reserve.
Raise capital requirements of the private banks to phase in Greenbacks while striving to maintain a relatively constant money supply.
Much later phase in a sound money system so the Greenbacks are backed by a basket of redeemable tangible commodities.
- taurusheadLv 79 years ago
No. Because every time the taxes are increased $1 (allegedly to pay the debt) the congress spends $1.25 although lately it is $1.40). Raising taxes does nothing to reduce debt. Cutting spending is the only answer. Will not payback debt until spending is controlled.
- MikeLv 49 years ago
Vote for Romney. He understands the values when it comes to business and budgets. He will treat the United States as such. He won't make us debt free (NO ONE CAN) but he will place us in a position where we'll grow which will allow us, in the future, to begin significantly trimming out budget deficit as our country becomes stronger.
He DID however turn the State of MA's multi-billion debt into a multi-billion surplus in 4 years. That exceeds what all other GOP candidates have done in their entire career as a politician.
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- Anonymous9 years ago
You are not supposed to ask that. You are supposed to wait until that day that the house of cards comes tumbling down and get caught like dear in headlights like 98% of the people here living in denial. The discussions here are paycheck to paycheck arguments. There are two arguments that matter: nuclear war and financial war. The GOP refuses to care enough about the financial war so they are trying to divert attention to nuclear war. In both instances, escalation is the least desirable option but that is the option they are trying to take.
Sending billions off to fight theoretical nuclear threats is not a way to cut budgets.
- robzuc97Lv 79 years ago
What Obama's own bi-partisan debt commission, Bowles-Simpson, proposed and cuts to waste which is merely what I call "a good start". Or they could simply do the most simplest: the RIGHT THING but then no one ever thinks of that...Source(s): http://www.fiscalcommission.gov/sites/fiscalcommis... http://www.reuters.com/article/2011/03/02/us-gover... http://www.gao.gov/products/GAO-11-409T
- ThomasSLv 79 years ago
First the manic spending spree has to stop; foolish, useless, senseless use of taxpayer dollars. And an actual Budget created. Necessary spending is one thing - - throwing money down a rat hole is quite another.
- NedLv 69 years ago
You do know a little over a third of the debt is money the government owes itself - ss.
- GaijinLv 79 years ago
Drop politicians pay to minimum wage with no benefits or perks.End Iraq involvement,oh wait,we did.Here's a really novel idea,put people back to work so they can pay taxes and pay down that debt.
Actually,i like the first one.
- CrowLv 59 years ago
Here is a thought. What Reagan did.
He raised taxes 7 out of 8 years.