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Or is there no amount of debt that is unacceptable? What happens if the interest (not principle on debt) exceeds 50% of annual revenues? 75%?
Debt could be reduced by issuing "debt free notes" so that the amount of circulating currency is not reduced, thus avoiding a depression/recesssion. However, this would require a partial dismantling of the Federal Reserve current policy (it will never happen).
Our debt is excessive and has been for over a decade. The Simpson-Bowles Proposals (1&2) were fair and addressed a wide variety of tax and spending cuts across the board it was supported by democrats and republicans but not enough. Typical that congress has a committee provide a detailed and reasonable solution and then ignores it.
This should be a question for conservatives also, not just liberals since the primary source of cuts where themost to be gained is in DOD. Contractors now exceed our military personnel.
The question is where do you want to cut, and spare us the usual foreign aid and food stamps arguments, lt's talk about real substantial cuts.
Any level is fine as long as a fellow lib is racking up the bill, that way they believe the lie that it is for their benefit.
Any level is a crime, as long as a conservative is racking up the bill, that way they believe the lie that it is for the benefit of the rich/corporations only.
And vice versa.
Perception is reality. Perception is often skewed by the propaganda, and rhetoric fed to either group, at any given time.
Since we are still fighting wars maybe its time for those who make the most from war spending to pay a higher tax rate. The Govt spends and business gains, those who make the most from those dollars should be willing to return more, as in the tax rates of WWII.
Mr Cheney and his buddies will not like that idea.
That's really a question for the Republican lawmakers who vote for spending but not for the taxes to pay the bill. With our low interest rates, debt service really isn't a problem. It consumes about 7% of the budget.
A majority of this thread's responses will be try and paint liberals as wanting near infinite debt. Hardly anyone, including me, will answer the OP's question, and it will turn into a bash fest.
Not a Libtoid here.....however, talked to one last week ( Cornell grad) who told me that the USA can print money endlessly because the dollar is the world's "reserve currency".......All other currencies are a$$wipe....! Unreal.....!!!!!
Not a Libtoid here.....however, talked to one last week ( Cornell grad) who told me that the USA can print money endlessly because the dollar is the world's "reserve currency".......All other currencies are a$$wipe....! Unreal.....!!!!!
There is actually a fool that posts here who will tell us that the only way for the government to balance their budget is by removing all money out of the economy..
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