America’s economic insolvency! A solution

At present America’s federal government owes 124% of its gdp in liabilities and debt. Nearing $ 40 trillion.
That almost 40,000 Billion dollars.
The only “solution” and effective strategies are to drastically reduce federal spending. 1) stop global military intervention 2) cease foreign investment (ie israel war funding, military sales infrastructure development in other continents etc. 3) turn “isolationist” domestic investments infrastructure etc. create public works. 4) cost sharing strategies more monorails public transportation community development etc.
flat income tax over a set amount of personal income/worth. Ex) After the first $million 37% federal income tax adjustment for domestic employees and production & 50% after the first $Billion.
There are some very hefty bills to pay time for equal taxation.
The biggest one 5) if there’s deficit spending don’t pay multiple term congress members. Even further 6) no foreign investments until the budget is balanced

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samueltyler2 · 80-89, M

how about increasing revenue? The largest increase ever in deficit came as the result of massive tax cuts that benefitted mostly the rich.

jehova · 36-40, M

@samueltyler2 I had tax reform in there more taxes as income increases

ninalanyon · 70-79, TVIP

I'm glad you put the word solution in quotes. Apart from taxing the rich more effectively most of what you suggest isn't a solution to the 'problem'.

I put problem in quotes because it is not certain that public debt is a problem, at least it is certainly not the same kind of problem as a large deficit in a domestic economy can be.

But guess what, for half my life my domestic debt was far more than 124% of my income and I came out of that fine. And that required 'foreign' investment in the form of a mortgage.

The problem in the US and increasingly in the UK and to lesser extent in other countries is the extreme disparity between the income and power of the rich and the poor not the national debt.

jehova · 36-40, M

@ninalanyon those with money make all the decisions and approve payment for all the bills the money those with power spend depletes the public coffers and weighs down services the working class depends on. The working class pays all the bills in the form of taxes bc the worker cannot afford to hire pricey accountants to avoid paying taxes. Most of the world has flat tax with income thresholds and few tax write offs. America MUST do the same; especially while still in debt.

ninalanyon · 70-79, TVIP

@jehova

Most of the world has flat tax with income thresholds and few tax write offs

Don't you mean a progressive tax? Anyway US Federal Income Tax is progressive, see this page from the IR:

https://www.irs.gov/filing/federal-income-tax-rates-and-brackets

What surprises me is that there is no income level in the US below which you pay no income tax. That's unusual. In the UK for example income below about 13 kGBP (about 17.6 kUSD) attracts no income tax at all. It's similar in Norway although the threshold is much lower

As for tax writeoffs, even without such things the rich always get richer. Even in Norway unearned income (investment income, income from interest on bank accounts, etc.) is charged at less than 30% so once you are earning more than about 100 kUSD per year you would be better off if the money were coming from investments rather than work because income over that level is taxed at about 45%. But of course you can't so you get taxed at a higher rate than someone who inherited two million and is living off 5% interest/dividends.

whowasthatmaskedman · 70-79, M

@ninalanyon A small point of order here. You say that you were more that 124% of your income in debt and survived. Certainly because in your case it was " Good debt" . An investment in the future, like a house, education ofr something to add value to the family in the longer term. America is doing no such thing. In fact it is running down is own future to give the rich tax cuts and pay interest on what it already borrowed. This is " bad debt "
😷

dale74 · M

Or have extream inflation while reducing new debt making the old debt small compared to gdp after inflation.

jehova · 36-40, M

@dale74 definitely a needed aspect of the payoff plan.

whowasthatmaskedman · 70-79, M

And if your Utopian strategies all get inacted tomorrow, you will have the issue of ihe international sell down of US treasury bonds creating a crater in the international value of the $US for trade and the hollowed out value of the 401K and pension funds for anyone in retirment or planning to retire for the next decade or more..
Thats if you dont count the outright resentment other countries have built up to US policy from the current administration , or the ambitions of China (and Russia) to see America removed as global leader.😷

DogMan · 61-69, M

Can we also work on reducing waste, fraud and abuse? I would like to see millionaires and billionaires compete to see who could do the most good with their money. Give them awards and accolades for the good things they are doing with their money. Whether it be hiring more people and increasing revenue,
or giving to programs that help people.

It the same sense we could shame the rich that blow money on opulence and mansions around the world.

We should not give Democrat billionaires a pass because they donate to Democrat and vice verse.

jehova · 36-40, M

@DogMan a wonderful idea race to the top altruistism! Improving the public should be rewarded. Donating to politicals should increase taxes on such “donors” after a certain threshold.

ninalanyon · 70-79, TVIP

@jehova Just forbid political donations larger than what a poor person can afford. And ban corporations from donating altogether. And every single penny should be accounted for in public with the name and address of the donor attached.

jehova · 36-40, M

@ninalanyon political “donation”/contributions should be taxed American government is very much in debt.

ShenaniganFoodie · M

CARE FACTOR !!!!

Don't give a shit

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jehova · 36-40, M

@ShenaniganFoodie if true why comment at all?

ShenaniganFoodie · M

@jehova It's called,,,,,,,,,,,,,,, freedom of speech. MAYBE YOU HAVE NEVER HEARD OF IT ?

jehova · 36-40, M

@ShenaniganFoodie so you do care? To clarify. Will you be needing toilet paper?

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