What should be done to reduce the national debt?

The national debt is now more than $9 trillion. This averages out to more than $30,000 per U.S. citizen. Some feel this is a serious problem that cannot be allowed to continue; others believe our country has a long history of carrying large debt, and the danger is exaggerated. How do you see it?

What should be done to reduce the national debt?
Well, there are 3 options. Raise taxes, cut spending, or both.
Reply:is anyone really paying attention to what is going on with the national trade deficit? yah.... well here is a good corporate idea for the balance of trade....let us build WALMARTS all across the borders of the USA...the corporation seems like it is in control of the checks and the balance of means without problems....why not check out this absurd idea.... i wonder why it has not been done already.





We may be made in the USA but we are being sold out to the ASIAN markets....so come up with another absurd idea...LOL....
Reply:This is less of a goverment question and more of an economic question.





Yes, cut ridiculous spending. There is far too much money being leaked out of American pockets to go towards things that most Americans do not get a true boon from and many of the projects are either silly (teapot musuem funding) or self-destructive (giving money to a painting company to make radio-active resistant paint to buy for the military later).





The TRUE answer, though, is for people to stop spending. What many fail to realize that there is a private sector involved in national debt, and the private sector's actions can have a big play on things. The best policies would be to stop importing goods and level out our severe trade deficit.





But there is good news! This is already on the go. With the USD value losing so much ground foriegn goods will start to cost more for us and our goods are cheaper for foriegners. That, in turn, allows for foriegn countries to buy more from us increasing exports. The need for foriegn goods will decrease since fewer and fewer people will be able to reasonably afford them. Other aspects attributing to this is the falling housing market. People's wealth is decreasing which is good... in a sort of sick sense. It is good since people will stop leveling mortages on thier houses to buy that new BMW since it used to cost 40,000 and now costs 65,000. And when the house value used to be 120,000 it is now 80,000... you're not going to want to mortage your house now, are you?





As long as the gov't keeps its hands off the mitts of trade our deficit and debt should decrease significantly, but the elbow grease to do so will rise, too.
Reply:It's quite rediculous isn't it?


I find us stupid, just because we're dumb enough to even let ourselves go like that.
Reply:cut the pork from every bill passed
Reply:well i had to do a report on marijuana when i was in junior high and heres something i found interesting. if we legalised and taxed marijuana we could the money spent on the war on drug cut the money for housing and court costs for offenders make revenue off the marijuana. take for instance a low number estimate of how many people smoke marijuana on a regular basis lets say 5,000,000 spending 20-100 dollars a week on marijuana. so lets take a average on the revenue for a year ((remember this is a low number)) 5,000,000x 60 x 52 that would be 15,600,000,000 off of revenue from marijuana i dont want to speculate on what the GOV. cut would be as far as taxes. and more people would smoke if it was legal and propably smoke more. also the millions we spend on housing every year for minor marijuana offenses would add to it. it wouldnt solve our national debt when the powers that be want us to be in debt. but it would be one hell of a start
Reply:Cut spending. Cut pork. Why should the federal government fund a community swimming pool in California? Why should the federal government fund a "rainforest" in Iowa? Cut it all out. The constitution says the federal government fund the military and roads. Stop farm subsidies. Certainly don't bail out any of the sub prime home loans--not the governments fault you got in over your head and bought a house you couldn't afford. Ultimately, cut spending.
Reply:Before I answer this question I have to educate those that do not know who we owe this debt to. Few people really know the answer and don't ask me to give you the "link" of proof. It is common knowledge that we owe it to the Federal Reserve Bank which is a private corporation that loans us money for our wars that go on and on. The only tax money used for these wars helps pay the interest on the debt. Now, it was not always that way in America. Once apon a time we had a gold standard and all that has gone to Saudi Arabia, Fort Knox is empty, the piggy bank done got broken! America used to issue Treasury notes against that gold and things hummed along nicely and America had no debt because the money was backed by gold and silver. Well that all changed when the Federal Reserve Bank got it's grip on America in the 30's. This group of rich bankers finance any country wanting to wage war, they don't care what side they loan too. The Fed also caused the Great Depression and they control the stock market now. In short, the Fed has us in a strangle hold and they will lend us money or run the money presses till hell freezes over! We need to go back to Treasury Notes and if we do not we will be swamped in debt and another Great Depression will befall us! The debt could be cleared up in a matter of a few years if we fired the Fed and went back to issuing money in the form of Treasury Notes!
Reply:Stop spending. Raising taxes can help but it's of no value unless spending stops.





Thanks to the new deal, there's no end in sight. When the only source of income is from yourself, and you borrow from yourself and charge yourself interest, you can never get out of debt, unless you stop doing that.





The federal government has enough money tied up in assets that if sold off could pay about 1/4 of the debt, assets that they have no Constitutional right to own.
Reply:STOP THIS WILD AND UNINTELLIGENT SPENDING WHILE HIS FOLKS ARE GETTING RICH AND THE REST OF US PAYING.