a reply to: MOMof3
We don't know what that amount will be. It will likely cover a range... at some point, the economy weakens, and continues to weaken as the debt
increases, until it finally collapses. Just like if you started borrowing more than you could pay, each month would get harder and harder until you
were finally forced into bankruptcy.
I would say that the debt is already responsible for the painfully slow recovery from the last recession. Our GDP growth during the past several years
has been far below what it used to be and middle-class income, in terms of purchasing power, has fallen. Charitable contributions have nose-dived.
Food stamp recipients, meaning those who could not afford to eat, hit new records. Fuel prices ballooned. Real inflation on inferior goods
skyrocketed. Unemployment was rampant.
Today, 11 months after Trump was elected, food stamp use is down, inferior goods inflation has slowed, employment is recovering, and fuel cost has
dropped. The reason is simple: businessmen understand the economy and a businessman is in charge. The new tax plan will work, and those who run the
country's businesses know that. The increase in GDP, which we have already seen exceed expectations, means there is more income to tax and thus there
is more tax revenue to take in. That will lower the rate of debt increase (aka the deficit), and might later even reverse it (a surplus).
This is not pie-in-the-sky. It's a science called economics. If you had a choice between 10% of $100,000 or 5% of $500,000, which one would be worth
more? Hint: it's not the 10%. 10% would net you $10,000, while 5% would net you $25,000.
There will likely be cutbacks, but the government is chock full of places where that can happen without hurting anyone. For instance, all government
agencies operate on a budget that is adjusted each year. An agency which saves money is punished by having their budget cut the following year, while
an agency that wastes more than their budget allows gets rewarded with a budget increase. That's backwards. Simply hold budgets to their original
levels unless there is a serious and real monetary issue, and reward those in the agency with a portion of the money saved in the form of a bonus.
As an example, if agency A has a budget of $1,000,000 and does their job with $800,000, put $100,000 back into the treasury and pay out $100,000 in
bonuses, then give them a $1,000,000 budget the following year. If Agency B has the same budget and spends it all, nothing goes to bonuses. If they
use $1,100,000 then the manager(s) need to be called on the carpet to either explain why they went over budget or be fired. This way, efficiency is
rewarded, wastefulness is discouraged, and money is saved. Do this for a few hundred agencies, and a lot of money is saved.
Businesses have been doing this for centuries, and have prospered because of it.