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“Dream A Little Dream”: How Long Would It Take To Pay Off The U.S. Federal Government Debt?

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posted on Jun, 30 2011 @ 06:24 PM
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Found this on BLN, and if you thought that there might be some chance to have some responsibility by our leaders, then you are “Dream A Little Dream”.



Let’s dream: Let’s imagine that the American political leadership decides to get serious about U.S. Federal government debt reduction—crazy as it may sound. Actually, that’s too crazy. The American political leadership will never “do the right thing” with regards the deficit. After all, last spring, the American political leadership couldn’t agree on a measly $50 billion worth of cuts—a mere 1.4% of the total Federal government budget.

Okay, so in order to give our daydream a veneer of verisimilitude, let’s pretend instead that the members of Congress and the president are the victims of a cunning biological terrorist attack—they are infected with truly massive doses of both the Responsibility Bug and the Austerity Virus.

And then—under the unnatural effects of these sneaky terrorist pathogens—the American political leadership decides to cut the deficit outright, and start retiring the national debt.

Yeah: That’s much more realistic.


BLN Original Source

After reading this if your like me you will realize that there is no chance of the US of ever being out of debt. And the court of bankruptcy is the only option the US has left.




posted on Jun, 30 2011 @ 06:27 PM
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Why can't we just knock the banksters over the head, throw them in prison
where they belong and take back what they swindled? I'll bet that would take care
of the debt in a heartbeat.



posted on Jun, 30 2011 @ 06:32 PM
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Retire all military forces for 5 years. Every plane ship and active person is done for 5 years. If we get invaded we can build up quickly enough to counter any threat.

All entitlement spending is on hold for 5 years, no medicare, welfare, social security, medicaid..everything done.

All taxes for everyone, corporations and individuals is raised to 45% for 5 years.


Out of debt and in the black in five years.



posted on Jun, 30 2011 @ 06:33 PM
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reply to post by barkingdogamato
 


could end the deficit in one day doing just 3 things...end the bush tax cuts...end both wars and close all 600 foreign military bases...glad i could help.



posted on Jun, 30 2011 @ 06:35 PM
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reply to post by kro32
 


that would drive unemployment to unprecedented levels and deepen the recession for decades.



posted on Jun, 30 2011 @ 06:37 PM
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The U.S should just default, that's the best thing we can do.

End all wars, sell 95% of all our military weapons and bases, and all other assets -- especially land, balance the budget and keep it balanced, pay back 30% of your debt, then default, and start over.

/fixed the U.S.
edit on 30-6-2011 by Rockdisjoint because: (no reason given)



posted on Jun, 30 2011 @ 06:38 PM
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reply to post by CaDreamer
 


Yes but that wasn't the question.

It would work and you could fix the unemployment after the fact. We had a 25% unemployment rate for about 5 years during the great depression also.



posted on Jun, 30 2011 @ 07:23 PM
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Dream a little dream indeed.

I don't pretend to be a time traveler or a psychic, but I do know enough about financial and tax law to know the United States will not be paying back their debt. They will default, and it will be ugly. But it will be ugly for the 250K+ a year crowd. I'm not talking about the super rich.

People making minimum wage now already know how to pinch pennies and save food (for the most part). These are the people the rich will be trying to hire to grow their food and keep them alive. Some will accept the slavery and submit, but as we are seeing many more will walk away and start looking after themselves and their families.

Money isn't needed to eat and have fun, only a little bit of hard work is needed to grow a garden or raise an animal. When the U.S. defaults all land held in trust will be available for use by the public as the government will no longer be able to police it to keep it barren and empty or "protected". Millions and million of acres of land that is ripe for gardening or grazing will become available. I see a big return to large community gardens, or family based "garden plots". Organizing into sports teams and whatnot requires no money (unless the government is involved) just a little effort to show up and play is all that is needed.

-Lightrule



posted on Jun, 30 2011 @ 07:55 PM
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the debt that is created is not ours. It is the govt's. THEY spent the money foolishly, we had no say in it. They passed the laws we had no control over, THUS, it is the govt's debt NOT OURS, WE OWE NOTHING. SO, with that in mind. WHO CARES, it is their problem not mine. so go ahead and raise the taxes to the level of oblivion or a google plex, who cares. I will not pay it. I owe in taxes and when 2012 comes around i still will owe taxes.



posted on Jun, 30 2011 @ 08:11 PM
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Originally posted by CaDreamer
reply to post by barkingdogamato
 


could end the deficit in one day doing just 3 things...end the bush tax cuts...end both wars and close all 600 foreign military bases...glad i could help.


Please read the article before you respond. That is not even remotely close to enough cuts. You are talking about 500 billion a year or so there at best, and we are running a deficit of 1.6 trillion. If that is all you are planning to cut we might as well just default and get it over with. Since even that much is not realistic that is exactly what is going to happen.

I am so tired of everyone acting like this is no big deal. Even the author of this article who explains the problem fairly well still acts like inflation will make our problems go away. BS.

Hyperinflation is not a cure, it will destroy the economy even more than a debt default would.



posted on Jun, 30 2011 @ 08:19 PM
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Originally posted by cloaked4u
the debt that is created is not ours. It is the govt's. THEY spent the money foolishly, we had no say in it. They passed the laws we had no control over, THUS, it is the govt's debt NOT OURS, WE OWE NOTHING. SO, with that in mind. WHO CARES, it is their problem not mine. so go ahead and raise the taxes to the level of oblivion or a google plex, who cares. I will not pay it. I owe in taxes and when 2012 comes around i still will owe taxes.


You want to bet it's not your problem?

What do you think happens when either:
A.The government stops paying out welfare, unemployment, and Social Security? Riots, Crime, much more unemployment, homelessness and hunger everywhere.

B. Inflates the crap out of the currency, and gas and food, and everything else goes up in price by 100's of percent, and all saved money is worth pennies in buying power to what it used to be. The ability to get any loan is gone, because no sane individual will loan money when they have no idea what it will be worth next week let alone in years.

It is really ignorant to say this will not affect you - I dare say it may very well effect your daily life more than anything else.



posted on Jun, 30 2011 @ 08:26 PM
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Originally posted by proximo

Originally posted by CaDreamer
reply to post by barkingdogamato
 


could end the deficit in one day doing just 3 things...end the bush tax cuts...end both wars and close all 600 foreign military bases...glad i could help.


Please read the article before you respond. That is not even remotely close to enough cuts. You are talking about 500 billion a year or so there at best, and we are running a deficit of 1.6 trillion. If that is all you are planning to cut we might as well just default and get it over with. Since even that much is not realistic that is exactly what is going to happen.

I am so tired of everyone acting like this is no big deal. Even the author of this article who explains the problem fairly well still acts like inflation will make our problems go away. BS.

Hyperinflation is not a cure, it will destroy the economy even more than a debt default would.


I happen to think he is right. I would even go so far as to say if the US stopped both the wars, the "kinetic action" in Libya and elsewhere and closed every base except 10 in major allies' countries they wouldn't even need to fiddle with taxes before the debt would slowly sort itself out.

No doubt about it, the US military is way to huge, its the only thing the US government knows how to spend on. Its so huge now that the US has no choice but to use it or else people are going to start wondering why 70% of the country is in a military related job with no fighting.

For sure its an attitude of... "Well now we got it, we might as well use it." Makes me sick.

-Lightrule



posted on Jun, 30 2011 @ 08:35 PM
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Originally posted by Lightrule
I happen to think he is right. I would even go so far as to say if the US stopped both the wars, the "kinetic action" in Libya and elsewhere and closed every base except 10 in major allies' countries they wouldn't even need to fiddle with taxes before the debt would slowly sort itself out.

No doubt about it, the US military is way to huge, its the only thing the US government knows how to spend on. Its so huge now that the US has no choice but to use it or else people are going to start wondering why 70% of the country is in a military related job with no fighting.

For sure its an attitude of... "Well now we got it, we might as well use it." Makes me sick.

-Lightrule


What? You think he is right? That 500 billion is enough to cover 1.6 trillion? This is math and statistics - it is not up for debate, it is not close to enough period. Wishing something was true, does not make it true.

When you throw in the fact our population is aging, has no savings or borrowing ability to grow the economy, medical costs are rising 10% a year, and the interest rate is the lowest it has ever been - meaning the interest on the debt is likely to easily triple soon, the problem is only going to get much worse.



posted on Jun, 30 2011 @ 08:43 PM
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If you take advice from someone you are convinced is an expert, and then it is revealed that "expert" was really a fake playing a con game on you, what do you have to do to get the money back that was stolen from you?

I think this is the approach we should take. Sure, it's "stupid" to get taken in by a con game. So those of us who lost our "shirts" (or houses, cars, savings, chances to go to school, etc.) are going to have to agree to change our ways somehow or another. But that stolen money didn't just disappear. It's sitting in bank accounts or in vaults containing precious metals or famous works of art around the world.

I believe the appropriate legal tool, if we wanted to go this way, would be a class action suit for damages. I don't know how you'd find an impartial jury, but the point I am making is that criminal deception is a part of this story. I don't think we should just give up and go into default as a nation. That doesn't even make real sense. I know that law makes it possible, and that nations have done it. But it doesn't make any sense to me.

I have heard at least a couple of stories about people who had banks foreclose on them and fought back. I think our nation should take that attitude regarding this issue. For the banks to come down on our nation for loans they were so instrumental in convincing us we needed to take out is not okay. I think it should be made clear that we intend to fight any attempt by any financial institution to put our nation into receivership.



posted on Jun, 30 2011 @ 08:50 PM
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Originally posted by proximo

Originally posted by CaDreamer
reply to post by barkingdogamato
 


could end the deficit in one day doing just 3 things...end the bush tax cuts...end both wars and close all 600 foreign military bases...glad i could help.


Please read the article before you respond. That is not even remotely close to enough cuts. You are talking about 500 billion a year or so there at best, and we are running a deficit of 1.6 trillion. If that is all you are planning to cut we might as well just default and get it over with. Since even that much is not realistic that is exactly what is going to happen.

I am so tired of everyone acting like this is no big deal. Even the author of this article who explains the problem fairly well still acts like inflation will make our problems go away. BS.

Hyperinflation is not a cure, it will destroy the economy even more than a debt default would.

the bush tax cuts alone is 1.3 trillion over 10 years



posted on Jun, 30 2011 @ 09:07 PM
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reply to post by proximo
 


I'm being realistic and looking at the big picture. Let me paint...

When you are forced to close 590 bases, you are forced to slash 80% or more of the standing forces. Because the US has such a large and out of control military costs are many times higher than the reported figures due to black operations and other financial "oopsies" like missing money or over paid contracts that get buried. The public figures of what the US Government spends on its military are laughable at best. Tons of monetary projects go to the military but are not counted as military spending (due to legal loops holes) if there was not such a huge military to hide all these little projects the debt wouldn't be so large. So yeah I totally believe it would be enough to balance the budget, and if it wasn't it would sure get it close.

-Lightrule



posted on Jun, 30 2011 @ 09:33 PM
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if we stopped spending SO much on the DOD: stopped all WARS we are engauged in and have been engauged in since WWII, and put that money into a new manufacturing sector, stopped outsourcing jobs to the Manufacturing wing of the world (i.e. China), took away the income tax, and taxed the Corp. (which is where the tax comes from in the first place, cause we work for them), stopped getting loans from the Federal reserve bank, and gave that power to coin money money back to congress ( which would eliminate the compound interest) and stopped bailing out wall st. and giving millions away to other countries, and closed down these stupid post 911 gov't agencies that are using up gov't funding, we might have a chance... also lowering the politician pay, and stripping them of their healthcare they get for free... we might have a good starting point,

cause what to people do when they have no money... they have to do without:
im sure we can do without any on going billion dollar a year war, we can do without high paid politicains,
we can do without so many gov't agencies, we can do without wall st. we can do without credit cards...

i wish people would get of this high horse and stop thinking amerika is still the greatest nation in the world,
we're broke, we dont make anything our selves, and we borrow our way to prosperity on every level... not to mention we try to spread democracy when we cant even get it right for ourselves...



posted on Jun, 30 2011 @ 09:48 PM
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reply to post by kro32
 


Carter had a top tax rate of 70% and all it did was cause less revenue. Only when Reagan got in and lowered the tax rates did revenue go up. What you described would only destroy the economy further.



posted on Jun, 30 2011 @ 10:05 PM
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Military spending isnt the biggest issue. It could be lowered dramatically but it's one of the few duties the Federal government is constitutionally obligated to perform. The best way to cut costs is get back to the basics. Get rid of all these government agencies that waste our money. After all the agencies are gone, figure out a reasonable tax percentage to fund the decreased spending and pay down the debt. States will have more power, money and responsibilities, like they should. Once the debt is easily paid off, due to less wasteful spending, maintain responsible spending limits and low federal taxes and the path to prosperity is there.



posted on Jun, 30 2011 @ 10:25 PM
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Ok does anyone really understand what the national debt is? I think if more people did, and realized that ALL the income tax you pay goes straight into paying the interest on it, they would riot overnight.

The national debt is the debt owed by the government, for loans given to them, by the federal reserve. The federal reserve is a private bank owned by shareholders who are kept secret. These are the infamous banksters of the world.

The U.S. Constitution gave the federal government the duty of printing money for the nation. Congress gave this right away several times in our past because those politicians were either ignorant or in on the conspiracy. It was always taken back by intelligent leaders who saw the truth. It was finally taken away for good on December 23rd, 1913, via the federal reserve act. The act was passed by a small group of people while congress was mostly gone on winter recess. It is illegal according to our Constitution.

It is criminal. We don't owe them a cent as it is illegal for a private firm to issue money on the government's behalf and definately illegal to charge interest on these loans.

These same crooked bankers have managed to set up the same system in almost every other country. The same system predates ours in places like the U.K., and many other European countries.

Do some research here on ATS. There are many, many threads that detail this in more depth.
edit on 30-6-2011 by Redwookieaz because: (no reason given)



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