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With our national debt at $14 trillion and rising, with deficits of $1.5 trillion per year, the spending cannot go on forvever. However, nearly all liberals refuse to acknowledge and understand that spending, particularly entitlements, need to be cut dramatically to avoid insolvency.
I would like to know- from liberals- what are your solutions to cutting the debt and the deficits?
Keep in mind that-
1. By 2025, debt will be 109% GDP. By 2025, depending on interest rates, potentially 80% of the federal budget will go to service the debt.
Federal Debt Could Reach 100% of America (http://www.cnsnews.com/news/article/68816 - broken link)
2. If we taxed "the rich" (i.e. those making over $250K per year) at a 100% tax rate (slavery- no money for even food or housing), it would only raise $1.3 trillion per year. We would still have an annual deficit. Obviously, slavery is illegal and that option would exist for one year only.
5. Entitlement and social programs account for 52% of the budget currently- the lion's share of federal spending.
With that information, and the refusal to cut any social program (and having added a new massive program in Obamacare), how are we to avoid insolvency and fiscal collapse? The answer-"deficits don't matter" does not wash when we reach levels anticipated in 2025. At that time, debt certainly does matter. Any solutions?
Last edited by hawkeye2009; 09-25-2010 at 04:36 PM..
Both sides ignore it. Conservatives love the handhouts. Just look at the states which make up the core of the GOP. They get back more than $1 for every federal $1 they pay in taxes. The GOP loves corporate welfare whether it is GE, Exxon/Mobile or Archer Midlands. I don't see them addressing these govt. handouts.
Both sides ignore it. Conservatives love the handhouts. Just look at the states which make up the core of the GOP. They get back more than $1 for every federal $1 they pay in taxes. The GOP loves corporate welfare whether it is GE, Exxon/Mobile or Archer Midlands. I don't see them addressing these govt. handouts.
GE????????? Surely you jest. GE is a darling of the democratic party.
No they actually have solutions.
You know, rob from the rich and successful.
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