These last several years have been interesting economically. This is the first White House that decided to fund a major war off of essentially debt. Past administrations have raised taxes not cut them in a time of war. Furthermore there are so many "wonderful Bush tax cuts" that the country's debt is out of control.(What makes matters worse is his tax cuts are so often designed for the rich. See last post)So what is the state of things? The country is so in debt on average it is "$516,348 for every U.S. household." "Every U.S. household would have to pay about $31,000 a year [over] 75 years" to pay off this debt. What is the White Houses statement on the matter according to USA TODAY: Since Medicare, Social Security and federal retirement programs make up a majority of the debt we are financially okay since "the programs are not true liabilities because government can cancel or cut them."
What the heck! We defiantly need some major Healthcare/Retirement/Economy reform. Here is my proposal:
1. Don't decided you can cut taxes when you are in war! If people don't think the war is worth a tax increase then perhaps the war you are fighting isn't that important. hmmmm. If we really were in trouble as a country we would be willing to reach down into our wallets wouldn't we?
2. Stop giving tax cuts to the super rich. Taxes work on the marginal scale. Rich people will still receive tax cuts on their first $250,000. After that, if the tax cuts stopped, as Obama and others claim we might be able to fix some of these problems. And no, I don't feel sorry for the Donald Trumps of the world just because their money after the first $250,000 doesn't get tax cuts. Millions of hurting Americans having health care and a retirement after a lifetime of work is more important than a small percentage of Americans having tax cuts after $250,000. Where is the incentive to make money? I bet Trump would rather make millions without tax cuts after the first $250,000 then just settle for $200,000 with tax cuts.
3. Let people put their social security into 401K plans. This would solve the social security problem. The government would be out of debt and people would enjoy better retirements.
When taxes go up in the future don't blame the politicians of that era, understand who got us into this quagmire in the first place. It's so easy to just let future generations take care of problems and let their politicians take the heat right?
My wife Rachel was talking to a 3rd grader the other day and she had a great idea for solving the national debt problem. Just print more money! You see, if you make a machine that just makes money and run it all day long, pretty soon you'd have all the money you'd need to pay off the national debt.
ReplyDeleteMy only question is why didn't we think of this sooner?