The US owes $61K in debt per person.
Eventually taxes are going to have to go up to pay this (even killing welfare programs completely wouldn't make much a dent in it)
Most of this debt was generated by the older generations.
Shouldn't we lobby to raise taxes _now_ rather than _later_? If we raise them now, at least boomers and gen xers will help pay down something. If we raise them later boomers and gen xers will be retired and the burden will all fall on us (and our children).
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Sure taxes will go up, but it will not increase state's income. This will be solved with a race-generational war.
>Eventually taxes are going to have to go up to pay this (even killing welfare programs completely wouldn't make much a dent in it)
Eventually, the dollar will have a significant loss of value. Sort of an automatic adjustment mechanism.
>a country's debt somehow has to be paid off someday
American education, everyone
>Eventually taxes are going to have to go up to pay this
Why? We can just use our military an eliminate anyone who wants to collect. In fact, we can start charging them.
RARE
RARE
Debasement
You mean print money? That's the same as raising taxes, i.e. it's just an implicit tax on the wealth and income of all americans. My point is that we should lobby to do it now rather than later (so at least some of the burden falls on older generations).
>american education
Have you guys even gotten to the "ships" technological level yet?
1) Raising taxes may or may not result in an increase of income. How are those cigarette taxes working out? High corporate tax rates? Bigger story to it of course, but growth and controlled inflation are our current models.
Its all shit, but it has already all been paid for to out creditors. Why do you think Obama made so many more national park designations? Our government secures its debts by seizing property.
>we should raise taxes and hurt the economy instead of generating more revenue by creating more profits and wealth that we can tax at a lower rate
So stupid I thought it was a leaf at first
>has burkina faso
>doesn't have somalia
wtf there's been plenty of threads by somalis from somaliland
Well, I am Portuguese and my ancestors have discovered half the world in the 1500's, so yes.
>Why do you think Obama made so many more national park designations? Our government secures its debts by seizing property.
True, we could sell off our national parks and government/state land to help pay off the debt. Is there an estimate of how much all of that land is worth?
In actuality, it is the foreign demand for US dollars and Treasury bonds that keeps us from having bad inflation. There is a reason that Germany has repatriated its gold from the US.
>>we should raise taxes and hurt the economy instead of generating more revenue by creating more profits and wealth that we can tax at a lower rate
If the govt lowers taxes to zero how much revenue will they make? It's a nonlinear relationship - does any credible economist think lowering income taxes increases revenue - I thought that was neocon propaganda from Reagan/Bush.
I'm not good with computer
>In actuality, it is the foreign demand for US dollars and Treasury bonds that keeps us from having bad inflation.
Not really - the Federal Reserve adjusts money supply to that foreign demand to keep inflation stable.
>even considering income tax
Income tax is literally theft
But besides that, it just lowers spending power for the poor
>even killing welfare programs completely wouldn't make much a dent in it
It definitely would. Welfare is the largest part of our spending.
The FED helps obviously, but my point is that our deficit is based on the fact that foreign governments and corporations need large amounts of US dollars. If the need for those dollars ever stopped, we'd see real inflation from the inflow of those dollars that are abroad.
>The FED helps obviously
YOU'RE DEAD KIDDO
Lower taxes allow for more investment by individuals and business, then you have more wealth to tax. Or just elimante all government entities besides the military.
>You mean print money? That's the same as raising taxes, i.e. it's just an implicit tax on the wealth and income of all americans.
It's not the same. It doesn't take into account different types of wealth or income or treat them equally. It will affect persons with otherwise equal incomes or net worths drastically different depending on the type of income or investment. And most importantly, no politician will ever have to advocate or vote for it.
>It definitely would. Welfare is the largest part of our spending.
Is this like only 5% of our federal budget (not including medicaid/medicare/social security)?
Not enough to be worth it. Most national parks are not habitable and the ones that are would take too much effort to make them habitable. Industry would not want them either due to the large upfront cost
Or we could just tell the rothschilds to go fuck themselves and make an actual federal bank.
> Eventually taxes are going to have to go up to pay this (even killing welfare programs completely wouldn't make much a dent in it)
Nope. Paying off government debt is retarded. Cutting government services to do is doubly retarded. You cut services, you hurt GDP.
GDP and your tax base grows over time. It's better to maintain debt and wait for GDP to grow, rather than hit austerity measures. This makes it good debt rather than bad. Like borrowing to start a business would be.
The government isn't a house, it isn't a business. It's more like a bank, but even more powerful because it controls the money.
I've never heard of a bank complain about having too much debt.
>If the need for those dollars ever stopped, we'd see real inflation from the inflow of those dollars that are abroad.
Depends on how fast it happens. Federal Reserve would try to take dollars out of the system to prevent inflation. I agree though that if other countries did that quickly, it would be very tough for the Fed to handle.
>It's more like a bank, but even more powerful because it controls the money.
>I've never heard of a bank complain about having too much debt.
? Banks just buy and sell debt instruments. Governments buy "stuff" (roads, military, welfare). To much "stuff" and the government is in the hole, like ours.