HOW TO PAY OFF THE NATIONAL DEBT

The United States currently owes $20 trillion, $10 trillion of which President Obama spent in the 8 years he was President. That debt is an albatross around the neck of the Country and there is little likelihood that it will be even partially paid off anytime soon…or is there?

The richest country the world has ever seen, sitting on top of  huge untapped oceans of oil, natural gas and coal, as well as millions of square miles of publicly-owned land, and we’re the beggars of the world, owing trillions of dollars to China, Japan, and many other countries, including our own Federal Reserve, which creates money out of thin air.  This picture doesn’t make sense but what can be done to change it?

There are many proposals floating around to help address this problem, from a fair tax to a flat tax and the “Penny Plan”.  Ohio Governor John Kasich paid off billions of Ohio’s debt by cutting ineffective programs.  Wisconsin’s Governor, Scott Walker, cut programs and also stopped the Union practice of letting outragiously expensive Union contracts.  Former Florida Governor, Jeb Bush, created many jobs and took Florida from billions in debt to billions in surplus.

Various plans have been tried, some with dire consequences, like the “Sequester” that President Obama suggested and Republican leadership agreed to.  The Sequester has been devastating to the military because it cut budgets across-the-board, both good programs and bad.  There are many expensive Federal programs that are ineffective and do little or nothing, have been around for a long time, and need to be terminated.  Some programs simply need to be revised in order to make them effective and efficient.  But any revising or terminating requires a strong leader. That’s why the 2016 Presidential election was so important.  Not many leaders would cut ineffective government programs and perhaps also expand production of, and then sell off, oil, gas and coal to other countries and surplus public land to its citizens, but I believe that perhaps President Trump will do so to help pay off the National debt.  We’ll see.

Bringing back trillions in cash currently “parked” oversees by American corporations will also greatly help and will occur once the U.S. corporate tax is reduced from its current (highest-in-the-world) 35% down to about 15%.

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