The $34 trillion U.S debt is nearly as big as its own economy and there’s (still) no plan to fix it

7 comments

1. I love it says the problem is both parties then it goes on to say

   “Trump’s tax cut program has cost the country roughly $1.7 trillion as of the end of 2023, according to a Center for American Progress report, and the high accumulation of debt is why Gillum believes Trump’s tax cuts will be “a big topic on the campaign trail.” Along with previous tax cut programs and bipartisan extensions pushed forward by former President George W. Bush, tax cuts have cost $10 trillion–and “are responsible for more than 90 percent of the change in the trajectory of the debt ratio to date and will grow to be responsible for more than 100 percent of the debt ratio increase in the future,” according to the report.”

2. Make corporations pay taxes.

   Tax anyone that has 1 billion dollars 100%

3. There are plans, but the 1% are dead set against it.

4. The only solution is a great reset at some point. Massive government reduction combined with higher tax rates.

5. sign… here we go yet again. I swear if reddit still had APIs I’d petition for a bot to post on these threads… anyway:

   1. We owe most of it to ourselves (80%).
   2. What we don’t owe to ourselves could easily be paid off by collecting the $688b/yr in unpaid taxes from the 1%.
   3. We could pay that off even fast if we repealed the Bush/Trump tax cuts for the 1%, *even if we let everyone else keep their tax cuts*
   4. We could pay it off ***even faster still*** if we took the savings from a Universal Healthcare program and used them to pay off the debt
   5. and finally… WE DON’T WANT TO PAY IT OFF. Keeping other nations tied up in our bond market makes the US dollar stronger internationally and lets us buy cheap imports, effectively turning the rest of the world into a low cost factory for American consumers. *This is worth trillions!*

   Find something else to worry about because our national debt ain’t it.

6. Inflation will offset the fixed rate debt.

7. There must be a constitutional amendment mandating 1-a balanced budget 2- a certain percentage of the debt paid off yearly.