Reducing National Debt

Discussion in 'Archive: The Senate Floor' started by Jabbadabbado, Nov 11, 2010.

Thread Status:
Not open for further replies.
  1. Espaldapalabras Force Ghost

    Member Since:
    Aug 25, 2005
    star 5
    53% tax increases and 47% tax cuts.

    Link

    Unfortunately I think the cuts selected are those least likely to be put in place.
  2. Cobranaconda Force Ghost

    Member Since:
    Mar 3, 2004
    star 7
    50/50

    here

    But I completely destroyed your military. Hope you don't mind, America :p
  3. Kimball_Kinnison Chosen One

    Member Since:
    Oct 28, 2001
    star 6
    I got 18/82.

    For reference, it is possible to get to 100% spending cuts.

    Kimball Kinnison
  4. Kimball_Kinnison Chosen One

    Member Since:
    Oct 28, 2001
    star 6
    Building on my last post, it turns out that while you can get to the goal of "fixing" the budget with 100% spending cuts, you cannot do it with 100% tax increases (according to that utility). Choosing every tax increase option (or the highest of available choices), it took care of the 2015 shortfall, but was still almost $300 billion short for the 2030 shortfall. You could make that shortfall up by increasing the eligibility age to 70 for both Social Security and Medicare. That gives you a 80/20 split for taxes/cuts.

    What that little exercise tells me is that any solution needs to look at including significant spending cuts in order to have any hope of success.

    Kimball Kinnison
  5. shanerjedi Jedi Master

    Member Since:
    Mar 17, 2010
    star 4
    You mean by making it more rational and reasonable instead of policing the world? No, I don't mind.

    If we're serious about the debt and enacting more austerity measures, then the DoD has to be a part of the mix.
  6. Darth-Seldon Force Ghost

    Member Since:
    May 17, 2003
    star 6
    First step in reducing the national debt must be accomplished in this lame duck session. Specifically, not renewing the millionaire-billionaire Bush era tax credits for the richest 2%. If the Republicans get their way--this renewal will only add 700 billion dollars to the deficit over the next 10 years without any assurance of creating jobs or contributing to the economy--any trickle down is unlikely.

    If Republicans want to talk about the debt--they have to get real about this and face the facts. Americans are hurting and the richest 2% should return to the tax rate they experienced during the boom years under Clinton. The Bush era tax rates should be maintained for the hurting middle class and unemployment benefits need to continue during these tough times.

    Beyond that, all options have to be on the table. So many candidates this last election cycle had the talking points of reducing the debt but few would name what specific cuts they would make. Fact, is that federal salaries should be frozen and cuts have to be made across the board--including defense.
Thread Status:
Not open for further replies.