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Old 09-25-2010, 04:25 PM
 
25,063 posts, read 15,034,934 times
Reputation: 15877

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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)

http://socialcapitalreview.org/congr...scal-crisis-2/


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.

http://online.wsj.com/article/SB123561551065378405.html

3. A 15% VAT tax would raise an estimated $1.4 trillion. With that, we would still have an annual deficit.

http://washingtonindependent.com/820...es-sound-alarm

http://www.brookings.edu/opinions/20...T_sawhill.aspx

4. Current military spending is at 23% of the budget. If we cut the military 100% (no military at all) we would still have a deficit.

http://www.concordcoalition.org/file...ndOut_FY07.jpg

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..
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Old 09-25-2010, 04:27 PM
 
Location: California
33,916 posts, read 37,455,952 times
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Cut spending, raise taxes.

We can (and will) talk in circles about this for the rest of our days but it won't change those two simple facts.
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Old 09-25-2010, 04:28 PM
 
3,767 posts, read 4,225,671 times
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Solution? Get the spenders and bleeding heart libs out of office STAT!
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Old 09-25-2010, 04:29 PM
 
Location: Land of debt and Corruption
7,544 posts, read 7,781,824 times
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Quote:
Originally Posted by hawkeye2009 View Post
Liberal debt solutions
That's an oxymoron and contradiction in terms.

Those words do not belong in the same sentence.
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Old 09-25-2010, 04:34 PM
 
13,640 posts, read 8,756,286 times
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Reduce spending, and raise taxes.
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Old 09-25-2010, 04:37 PM
 
1,461 posts, read 1,405,570 times
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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.
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Old 09-25-2010, 04:46 PM
 
Location: Land of debt and Corruption
7,544 posts, read 7,781,824 times
Reputation: 2884
Quote:
Originally Posted by newhandle View Post
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.
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Old 09-25-2010, 04:48 PM
 
Location: Great State of Texas
86,067 posts, read 78,529,358 times
Reputation: 27662
They've been saying their solution for months now..tax the rich.
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Old 09-25-2010, 04:49 PM
 
13,640 posts, read 8,756,286 times
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Conservatives don't care about debt. Extending all Bush tax cuts will cause the government to borrow $4 trillion over the next ten years.
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Old 09-25-2010, 04:56 PM
 
3,767 posts, read 4,225,671 times
Reputation: 1393
Quote:
Originally Posted by whatyousay View Post
That's an oxymoron and contradiction in terms.

Those words do not belong in the same sentence.
No they actually have solutions.
You know, rob from the rich and successful.
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