Younger Americans Should Repudiate US Debt

republicans seem set on that path

 

They are economically illiterate, but not economically suicidal. A U.S. government default would be economic suicide for the country and the entire world. As I pointed out in earlier posts, there is something like 16 trillion dollars currently held in U.S. debt outside the U.S. government (the Fed and other parts of the government own the rest). If 16 trillion dollars of assets were to disappear, that would be a disaster which would make 2008 seem fun.

 

many on the religious right do not like the constitution and want to destroy America so they can start over

 

What?

 

The national debt of the USA is a not so funny joke played on an astonishingly under-informed population...........

.... I read the following article back in 1994 but it is amazing how few people catch on to the implications of this.....

 

An honest government would have a balanced budget and tax the people accordingly. This habit of deficit spending leads to the average American losing interest in how our government spends money. A citizenry with skin in the game would pay more attention, thus making the spendthrifts in Congress and the White House more accountable.

This gets to the very heart of government of, by and for the people. We were told (correctly) over 200 years ago that an informed and involved citizenry was essential to preserving our republic.

 

You clearly have not read my posts. I have been very critical of the Debt Increases under Trump too.... but let's hear you denounce Obama's National Debt performance.

Ready... Go!

 

The young care nothing about debt, as long as the government will fund their degrees in thing like art history and women's studies

 

Which ones do you want to repeal we have been cutting deductions and credits for the highest earners for decades.

 

Trump has broke the record on the national debt, it's now higher then any President before him

rather then pay down the debt he gave a trillion+ tax cut the the mega corps

Obama tried to reduce the tax cuts for the rich but republicans would not let him...

 

I have never worked for a poor man...have you?

 

raise the taxes back to what they were under Reagan

cut all the tax loop holes and start from scratch adding them back as needed

we could start with the golf course tax credit in Trump's latest tax cuts - how much did Trump profit off that one

 

"President Trump will unveil his fiscal 2020 budget request to Congress on Monday which calls for $2.7 trillion in spending cuts and balances in 15 years, according to the White House budget office."
https://www.washingtonexaminer.com/...ng-cuts-promises-to-erase-deficit-in-15-years

Did the Democrats support that? Did you?

You mean the deficit and Bush and the Republicans had it down to a measly $161B until the budget came under a Democrat Congress THEN it soared to OVER $1T a year and stayed over $1T a year for the next four years.

Why on earth would we on the right want the middle class poorer? I'm middle class, I get poorer under Democrats policies and Democrat government control not Republican. But do explain why we on the right WANT a poor middle class, what does that get us? If anyone it is the left that wants a poor middle class so that it is more dependent on their handouts.

 

Hold on babba lou if you are going to raise rates to Reagan rates then put all the deductions and credits back in place. If you want to go back to Reagan policies then go back to Reagan policies not your cherry picked ones.

 

I know!! How dare people care about things that won't make big businesses more money!?!?!?! The audacity of it all astounds me!!

 

I have no idea what babba lou is, but I like it. However, I think almost left leaning people would be fine with much lower rates than 70% top tax rate if it meant people would actually pay. Personally I'd support a top tax rate around 45-50% for earners above 10 million dollars a year, with no exceptions. Any more than that seems intuitively unfair.

 

^^^ Folks... that's what a fail looks like.

Barack Obama increased our National Debt by more than $9 Trillion. That was horrible management. Trump's current pace... SUCKS TOO. My words, are those of honesty, not partisan hackery. You Leftists sound foolish. It's like a cult.

 

So you want to severely punish American employers but let the illegals go free?

Thats insane

And 10 years in prision is of course excessive

Probably your way of avoiding the issue entirely

Employers should be fined and illegal aluens should be deported immediately along with anyoneone else in their family

 

The only income earners not actually paying is the boron 50%. The top 20% pay almost 90% and the top 1% pay 40%.

 

How most Americans feel about natl debt...

 

Nope and I never believed I had a right to my employers wealth.

 

yep, Trump is a failure... I agree with you there

 

did I say that? so you support employers attracting illegals?

I want to crack down on those that hire illegals, so illegals do not choose to come here illegally

 

Wow. Haven't seen you around in ages.

Anyway, the fact that lots of individuals and organizations are heavily invested in what is essentially a form of debt slavery doesn't really justify the perpetuation of that system. And if the abolition of this unjust system requires an economic correction, then it's a sacrifice that we should be willing to make. No revolution was ever achieved without some pain and suffering. Unfortunately, we live in an era where the idea of sacrifice in service of a long-term objective is considered anathema by large portions of the population. Most people would rather be secure in slavery than expose themselves to the risks of genuine freedom. And that is why the younger generations will be slaving away for the rest of their lives paying off trillions of dollars of debt that they had nothing to do with accumulating. And for what? So that a totally corrupt and unsustainable system can be maintained for a few decades longer?

 

It's not an "asset" for the people making the interest payments. It's a giant liability that will burden them for the rest of their lives. Like everyone else in this thread, you seem to be operating under the assumption that the economic interests of bondholders outweighs the economic interests of the working and middle class people who are expected to pay down trillions of dollars worth of US debt.