Can the national debt of the USA be paid off in one year?

Well, I'm not suggesting raising taxes on the rich only and then walk away and pat myself on the back. I suggest that everyone have their taxes raised to a middling level. That includes the middle class and maybe even the poor to a limited extent.

 

I just don't approve of this idea to make the rich pay extreme tax rates. I don't know what it is with this attitude that there are too many rich people. Many of the so called "wealth" is usually trapped in assets not cash. There is simply no way to extract taxes from assets without destroying it. Can you say otherwise???

The thing with too many poor people? Well, they are necessary to run the economy, that is there needs to be poor people to work at their jobs to run the economic machine.Can you say otherwise???

 

You are right.... high taxes can be very dangerous for an economy.


England took about ninety percent of the first fifty thousand dollar royalties check received by The Beatles..... .so... . they moved to the USA!





Top 10 Things Stephanie Kelton Wants You to Know About the Economy



Ms. Stephanie Kelton is AWESOME!!!!

 

Nonsense.

The American system of taxation favors accumulation of Wealth at the top - ever since Reckless Ronnie changed the system. So this happens:


Some countries (mostly in Europe) believe that exaggerated wealth is unfair and needless. Overall taxation in Europe is higher than in the US - but the returns of taxation are tangible. Europe has a first-class National Healthcare System - and the average lifespan is far larger than in the US.

Lifespan comparison, Europe and the US (from here):

Also:


I live in France and though taxation is much higher than in the US, the benefits are worth it. One key benefit is a functional National Healthcare System at a decent cost.

Any country that fixates on wealth-accumulation should have its collective head examined ...

 

Not when Wealth is highly concentrated in only a minor percentage of the population.

And when such happens, THAT is what is dangerous to any economy ... !

 

Which is why I personally advocate a Basic Minimum Income that is financed through improved Central Banking policy reminiscent of the Abraham Lincoln Greenback policy that saved American taxpayers four billion dollars in interest payments:

Would a Basic Minimum Income dramatically reduce abortions?

Because the numbers here in Canada are so much smaller they are much easier to digest than the complexity of what goes on in Washington.


https://bettysearlyedition.blogspot.com/2015/07/how-pierre-trudeau-turned-us-into-debt.html

Betty Krawczyk:

Melvin Sickler:

 

Not a snowballs chance in hell, it will be $28 TRILLION or very close to it by the time Dirty Donald is evicted from the White House.

 

That is when they start cutting off the heads.

The wealth gap in this country is absurd. What did I hear recently, that 50 people have as much wealth as 90% of the country combined? Freaking ridiculous!

The filthy rich have actually convinced poor people to feel sorry for them and to support policies that only benefit the rich.

Just say any tax is a tax on everyone, over and over again. They have told the same lie for as long as I can remember. And the righties just keep swallowing this load.

 

Oh, I see someone has been deleting my posts again. So let me post this again.

The top marginal tax rate was once greater than 90%. Those were the REAL good ole days. This is what made America great - high taxes on the rich!!!

 

You can skip year 1 and just print the $27T, but it would not be without some serious consequences. The rich would get richer if social security had to buy tech stocks instead of US treasuries.

 

Well, also people loaning to the US government would be wary about the value of their investments, that would tank.

 

Of course it can! Just print it all!

(and make sure not to tell our debt holders we just printed it all)

((and don't take my advice- I invest in gold and benefit from hyperinflation))

 

Not in Europe. Abortions are mostly permitted here.

And that depends upon the country. A catholic France refuses abortions after a certain time-of-pregnancy. Meaning it defines a human-being in terms of its initial period as a fetus. After the 12th week, no doctor in France will perform an abortion because the fetus is considered to be an "individual person" with the right-of-life.

Abortion on request is legal in Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

What country do you NOT see on that list?

Poland, the most "Catholic" - where the political-leadership are more holy than God himself. But, even in Poland, the ladies are tired of going to Germany for an abortion. So, they are out in the streets demonstrating to have that law refusing abortions thrown out. It was put there by ... uh, men!

I can understand Americans who've skedaddled to Canada. Both the US and Canada are two countries on the same continent but they are not similar to one another politically. At least Canada has a three-party system - meaning, I think, that if one wants to vote in the "center" then one can.

I also am amused by the fact that French Canadians have a difficult time living in France. They don't employ the same version of French as do the French, and the French legal system is humongously hair-brained. There are between 150 and 200K Yanks living in France, whilst barely 60K Canadians ...

 

And, surprise-surprise, even the Replicant voters feel that way as well? See chart below.

So, why did so many vote for Donald Dork? THAT is a good question!



So, why did so many of them vote for The-Donald? Go figure ...

 

Indeed it was:


From 1936 to 1966 - and a bit later it was LBJ who lowered it to 70% until Reckless Ronnie rammed it down further in 1981 to 50% - and finally to the 30/40% range where it is today.

I maintain that all these tax-reductions were the "mother" of today's extreme upper-income wealth that prevails. In terms of "fairness", however, we'd do better to put the upper-income rate back up at 90% and gradually enhance rates to that percentage. The truly upper-income rates however should be confiscatory - nobody needs megabucks except to leave the money to their children who never earned it ...

There is a remarkable piece of work that describes the variation of Net Worth throughout the US and it is available in this pdf here:
Where the Wealth Is: The Geographic Distribution of Wealth in the United States

Median Net Worth by state is seen in a geographic portrayal on page 21 of the above linked document ... if you are interested in finding those states with the highest value. Note that there are only 8 states that attain the median net-worth value of between $125K and $155K per year in the US ...

 

The debt also took off with Reagan's tax cuts. And note that back then I was a big Reagan lover and hard-core Republican. But some of us can evolve with the facts. And the fact is, that is largely what started the spiral into debt and vast separation of wealth.

 

LA-LA-LAND ON THE POTOMAC

Well put.

This "issue" needs to be nonetheless understood by the American-voter who should decide the outcome. For the moment, most Americans remain oblivious to the Debt Overhang. This last election proved yet again how Americans are generally oblivious to America's patent Healthcare and Education deficiencies!

Meaning the National Debt is just another political-football that we kick-around but do not address. Whilst the DoD keeps its hold on the major part of Uncle Sam's expenditures (as shown here).

That waste-of-money in a time of general peace is unacceptable. Our tax-funds could be better employed to assist Americans to benefit from a National Healthcare Service (at a decent price and not the present rip-off) and - as I never tire of saying - a nearly-free Post-secondary Educational degree with which to kick-start economically their lives.

Since when has that objective become Mission Impossible in America? Since the past half century when Ronald Ray-gun began the Upper-income Taxation decent into hell!

It will be interesting to see what the "new administration" in LaLaLand on the Potomac plans to do about this recurrent national problem ... !

For a definitive understanding of Uncle Sam's unacceptable Healthcare Cost problem click here below:
Petersen-Kff Health System Tracker.

 

PSYCHOLOGY TODAY

And according to Petersen, action on the problem of both Healthcare and Post-secondary Education national spending will remain next to zero for as long as the American people do not do a "Wakey-Wakey".

The problem is acute because:
*Americans are greatly affected from illnesses that other countries adequately address with National Healthcare Systems. (For instance, our lifespans are significantly shorter than those in Europe. See here.)
*So why did Donald Dork go berserk about Obama's Healthcare provisions? Because Donald Dork is sick in the head and felt slighted that Obama did not give him the attention he craved.
*DD should be seeing a psychiatrist! See here from Psychology Today ...

 

PISSING AWAY NATIONAL DISCRETIONARY FUNDING

Let's have a bit respect for those who live at or below the Poverty Threshold in America. It aint a "fun thing".

Here's a guide to anyone who is concerned about that fact - because they have an annual salary at these levels:

• $12,760 for individuals
• $17,240 for a family of 2
• $21,720 for a family of 3
• $26,200 for a family of 4

​

Furthermore, how Federal Poverty Level (FPL) works is described as well at that linked site. If interested because one's revenue is somewhere in the range mentioned above, it is well worth reading.

Are we doing enough with such levels as stated above? I doubt it. A family-of-four income nowadays at $26K a year is probably adequately life-sustaining somewhere in the mid-west where population-counts are weakest.

I'll say it once again, since the advent of the Internet in America in the 1990s, there has been a gradual but persistent draining of lower-end, low-skill jobs to both China and southeastern Asia. Which means we need to renew the general educational competency of our workforce up to a new post-secondary schooling level. (And we do that by state-schooling facilities for which the state's costs are supplemented by a national funding program*.)

For all such work segments:
*Vocational (electric, construction, etc.)
*Associates Degree (Air traffic controller, Radiation therapist, Dental hygienist, Web developer, etc)
*Bachelors Degree (Business Administration & Management, Nursing, Liberal Arts and General Studies, Biology, General, etc.) .
*Masters Degree (Information Systems, Petroleum Engineering, Marketing, Finance, Political Science., Nurse Anesthesia, etc.)

And, as I never tire of saying, the above is FAR, FAR MORE IMPORTANT to us than pissing away national Discretionary Funding on the DoD ... !

*Yes, the DoD does pay for post-secondary degrees, which is goodness. But, such funding must be made national in nature. That is, open to all citizens of the US! Which furthermore means that tertiary-level schooling must be funded by both the state and national governments.

 

xxx

 

It's a shame you call it "the thing " about poor-people. It's a "thing" for you?

In fact, property valuations by race are an observable societal phenomenon. Home ownership by race (from here):

PS: Please note that the above graphic categorizes age and NOT property-ownership! (Yes, whites live longer!)

 

Property ownership by ethnicity can be found here. (In pdf form, therefore not postable.)

 

Yes, we should have respect for the poor, and I should know this because I'm poor myself.

But poory can't escape my federal war sales tax. Which I want to put into place to pay for our conflicts across the world. And then there's my federal debt sales tax which helps pay for the debt services.

But everything's so expensive in America. We can't afford all these programs which other countries have.

Well, yes it's a thing. Based on my own current situation in life, of course. Keeping companies afloat by working minimum wage and part-time.

Yes, Blacks and other minorities are increasingly owning their own home. And I've seen it in my community. But blacks are getting the houses while the Hispanics are living in illegal "apartments" also know as large closets. I've experienced that Hispanics also lie about themselves to hide their identities. So, I don't trust the statistics of the Hispanics.

 

It removes money from the economy, so it's unavailable for investment, wages, purchases, etc.