How to Pay Off the National Debt
The U.S. National Debt is enormous and increasing rapidly. The U.S. politicians are doing nothing to stop it or even to slow it down. Eventually, it will noticeably impact the economy negatively, and politicians will have to do something about it. Fortunately, what needs to be done is fairly obvious, since there are only two options to pay of the National Debt.
The first option is to cut spending. The military and social services (such as Social Security and Medicare) are by far the biggest expenditures that the United States has, and are the only items, if reduced, that would significantly reduce the National Debt. In my opinion, it would be very difficult to cut social services. Too many people are dependent on these social services to further reduce them. So that leaves the military left to be reduced. Just stopping the unproductive on-going wars (Afghanistan, Iraq, Drug War, Libyan War, etc.) and reducing the number of military bases that the United States has would save billions per year, and thus actually reduce the National Deft.
The second and final option is to tax. First, corporations pay far less taxes than people do. Fixing corporate tax loopholes would greatly help pay for America's expenses and debt. Second, the super rich are being taxed the lowest than the have been in the past 80 years. Again, fixing the tax loopholes for the upper class would drastically pay off the National Debt. Finally, taxing the middle class may be very difficult with high unemployment and higher costs of living. I am not convinced taxing the middle class is the correct solution, when taxing corporations and the upper class would be much more fruitful and less painful to the American people.
As a result, what is necessary to pay off the National Debt is obvious, but I do not think politicians are going to address it until they have no other options. So, contact your representatives and demand fiscal responsibility now.
by Phil for Humanity