If you were to balance our $14 trillion debt, would you monetize it (aka inflation) or make it...
up by revenue (aka taxing)? I mean the United States of America, of course.
Hello Daniel, not that I know much (anything) about balancing a budget, but I would be inclined to ignore the deficit for two years while promoting small business credits and tax incentives to hire, I would eliminate Bush tax credit for the wealthy (no brainer), I would work with our foreign creditors for reduced interest rates, I would really push Afghanistan and Pakistan into an ally position that would allow us to significantly reduce troops immediately and encourage Pakistan to help support the infrastructure buildup, I would raise the level of poverty figure and stop taxing anyone making $25K/yr or less, I would allow tax credits to college students that would significantly reduce the amount of taxes they pay (they can't find work , they can't afford school, they have no insurance enough is enough), I would leave as much money in the pockets of Americans making less than $75K/yr to prevent home foreclosures and bankruptcies, I would not allow the deficit to be the straw that breaks the back of middle and lower income families. I would hire the thriftiest people I could find to eliminate waste in the government, end both wars, make marijuana legal so it can be taxed and illegal smuggling would be reduced, jails would be less crowded, courts would be less crowded, police forces would be able to address real crime issues, new businesses would open and government regulation of this industry would be required.
I suppose I could go on and on...
Unfortunately, doing something about our debt most likely will require cutting military spending, or at least not increasing it every year. We're wasting billions of dollars on weapons that the pentagon doesn't even want, but as long as there are at least 40 republicans in the senate it seems unlikely that anything will be done about the problem.
Eventually, balancing the budget is going to require both spending cuts and tax increases. The question is how much trouble we're going to be in by the time we find the political will to do this.
Monetizing it is better than taxing, when the economy is in turmoil. The debate should really be about spending as a percentage of GDP.
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