Let me begin by emphasizing; THE GOVERNMENT HAS NO MONEY! None, zip, zilch, none at all, only what it collects in TAXES. OR PRINTS MAKING IT LESS VALUABLE. And who pays those taxes. Read on: -----
There is a cost for every dollar the US spends. Let us look at the recent stimulus as an example. The government spent almost 2 trillion dollars on it.
Our current national debt is approximately $28 trillion dollars. That divided by 332 million US citizens = approximately $86,447 per US citizen. That amount compared to our 1400 stimulus payment equals 61% negative income to debt ratio.
The National Debt Clock says that "debt per citizen" is currently $87,124. But there's more, much more. That $28. trillion ignores Social Security and Medicare's current and future COSTS. In other words, by showing how much we would each owe if it were up to us to pay it back, "how-much-you-would-have-to-contribute-to-pay-off-your-country-s-debt" is according to “Katharina Buchholz, Feb 16, 2023. The average person in the U.S. is around $96,400 in debt.” For a family of 6, that means $578,400 is due. When and how are you planning to pay yours?
So, who is the money owed to and who is going to pay it--- that is an interesting question. The best I could come up with is; most of it is owed to CHINA!!!!!!!!!!!. No wonder Biden’s son was so heavily engaged over there. The politicians will argue they will tax the corporations and wealthy but think about it. The corporations are in business to make money not spend it. They will, of course, relocate jobs overseas costing US jobs and/or increase the cost of their goods or services to be paid by who? Oh yah, you and me, the consumer. And as for the wealthy, they are not wealthy by being stupid. They will move their money offshore and hire tax lawyers and use political donations to minimize their costs. And so, who pays ultimately? You and me, of course. One reason I try to never buy anything made in China.
Not always successful but I try.
When are we as a nation going to start thinking????
Why not insist on the US billionaires paying what they owe now and maybe give incentives of some sort for paying more than they currently owe.
I have no idea why we ever left the Gold standard, but I know we would be much better back on it now. Again, the Epoch times has written about it recently and I must agree with what they said. It is my opinion that if we did so we would see an end to reckless spending, smaller government, a strong dollar, and greater strength in our Great Nation.
I very much agree: It is time for the nation to think critically about government spending. Yes, we could insist on US billionaires paying what they owe now and provide incentives for those who pay more than they currently owe. Returning to the gold standard is almost a must thing to consider. The Epoch Times recently wrote about the benefits of this solution, and it is an idea worth considering. By returning to the gold standard, we could see an end to reckless spending, smaller government, a strong dollar, and a greater strength in our great nation. Once the interest payment on what we owe exceeds our GDP we will really be in trouble!
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