Tuesday, August 23, 2011

What's your plan.... - Part 1

We could pay off the national debt by assessing every individual and corporation with assets in the US, a percentage of net worth, with a balanced budget amendment to the constitution, requiring a super majority to raise taxes or issue debt in times of declared emergency. We still have to deal with entitlements, and retiring seniors for the next 50 years, but the interest savings on retiring the debt would go a long way.

It may be the only way of restoring the US economy and bringing back jobs. The reason being is that public spending has effectively crowded out the private sector. Contracting the public sector by the amount of deficit spending will allow the private sector to recover. A public sector contraction without retiring the national debt would send the US into a death spiral, because otherwise you're cutting other spending that ordinary people depend on for their livelihood. No one depends on US Treasury interest, that can't be re-invested somewhere else. That is all, for now.

The text of this post has been sent to North Carolina Senators Kay Hagan and Richard Burr, and Congressman Brad Miller.

What's your plan....

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