We can’t go bankrupt, or even default, as long as the debts we owe is in the form of what we have a printing press for. We’ll simply debauch our currency. I suppose that’s a form of default, but there isn’t a damn thing any of our creditors can do about it. I believe we’ve actually been doing this over the decades anyway.
100 years ago, a large family could pay the mortgage on a good sized home with only the man of the house going off to work while the wife stayed home and took care of things. Try getting away with doing that now. The father alone would do good to keep the lights and water on, while putting food on the table for that large family.
The GOP is no great prize, but at least a sizeable part of it wants to do something about the budget. You can just about count the Democrats in Congress who want to do something serious on only one hand.
very true
Honestly, I'm amazed that the % is this high. Still, it's clear a lot of education needs to be done.
I will advance my idea again of how the USA can fix the staggering debt problem:
DECLARE NATIONAL CHAPTER 13 BANKRUPTCY AND APPOINT AN ALL-POWERFUL JUDGE TO DISCHARGE IT!
1. Pass a law (simple majority in Congress) to declare national bankruptcy.
2. The Bankruptcy Judge and his Trustees make all the decisions and kill all the sacred cows. Small Biz Administration, farm price supports, County Agents, Dept. of Education, National Public Radio, National Endowment for the Arts, unneeded military bases, numerous commissions, subsidies, grants, etc. would come under the knife or be eliminated. A million leftist GS14s would have to go flip burgers for a living using their liberal arts degrees. However, all bond and note payments WILL BE PAID. Otherwise, the interest rates we pay will reflect our deadbeat status.
3. Cut entitlements. Advance the age for collecting Social Security and Medicare. Re-examine every person on SSI Disability and make them prove they are disabled. Make it a priority to send sick illegal aliens back to their country of origin for medical care (off Medicaid). Cut Congressional pensions to ZERO since they got us into this mess. Cut Presidential pensions to zero. Cut civil service pensions to what the lowest GS4 gets.
4. Eliminate contracts. No government unions will be recognized.
5. Lay off 80-90% of all federal workers. Contract out every function that can be privatized.
6. Sell assets. GM/Chrysler stock, mortgages held by Fannie & Freddie, BLM land, some national forests, federal buildiings, mineral rights including offshore. All proceeds must be used to PAY DOWN THE NATIONAL DEBT.
How’s that for a start?