What about our debt?

[Zarxrax]

Here is something that causes me a lot of concern, but I haven't seen it addressed anywhere yet. America is going bankrupt. We owe so much in debt that it almost seems impossible that we could every pay it off. If Ron Paul eliminates the income tax, then how will we pay the debt? Where will the money come from?

 

[SeanEdwards]

Default on the suckers.

 

[Starks]

Here is something that causes me a lot of concern, but I haven't seen it addressed anywhere yet. America is going bankrupt. We owe so much in debt that it almost seems impossible that we could every pay it off. If Ron Paul eliminates the income tax, then how will we pay the debt? Where will the money come from?

Yeah, I've been wondering that too...

Would declaring national bankruptcy absolve us of our debts?

 

[USPatriot36]

Paying off the debt would require cutting off welfare for corporations

Our foreign policy costs about a Trillion dollars per year. We go into debt at the rate of about 700 billion dollars per year. So we could quit going broke by simply cutting back our foreign policy.

Paying off the debt would require cutting off welfare for corporations.

 

[Zarxrax]

Paying off the debt would require cutting off welfare for corporations.

I'm sure it would require much more than that. Paying off the debt first requires actually having the money. If Ron Paul eliminates the income tax, then the federal government wont have much money at all to pay the debts off with, will it?

 

[Marshall]

I'm sure it would require much more than that. Paying off the debt first requires actually having the money. If Ron Paul eliminates the income tax, then the federal government wont have much money at all to pay the debts off with, will it?

The income tax only pays the interest on our debt. Like was said above, we could eliminate the income tax and still pay our debt off (not overnight) simply by getting rid of the massive federal spending domestically and overseas. The reason we have debt and an income tax is because we spend far, far more then we can afford and are forced to print/borrow money to pay for everything.

 

[Chester Copperpot]

Ive been told that buying out the fed would eliminate any debt they hold.. but that may not amount to much because by the time that happens they could have switched ownership on those bonds to member banks and such

 

[micahnelson]

Switching to sound currency will do much to this end as well.

 

[Original_Intent]

The real question should be:

If the government "creates" money then WHY does it loan it to itself and therefore create debt? In other words, why not just give itself the money and stay debt free.

This is a good way to wake people up to the fact that the Federal Reserve is not a government entity.

 

[Chester Copperpot]

Well I can give you the standard textbook answer to that... and others will who are 'schooled' on economics.. but its a crock of shit. and it doesnt make sense once youre aware of whats going on

 

[Ozwest]

Any small business owner out there understands Economic principals. And private businessman will tell you everytime: Get government, beaurocracy, and the IRS of my ass and I'll double my productivity and workforce... Stuff the high rollers... Nothing from nothing is nothing.

 

[maverickdy]

I think the income tax is only a third of the federal budget.

IF we remove that tax then consumers all over the U.S. will buy more or save more. Buying more allows increased revenue through businesses to the government while having business growth. Saving more increases the funds available for loans which helps small businesses recieve the loans they need to thrive. So it's a win, win situation and the U.S. definately needs one of those.

Income tax is detrimental to our cause because it removes that money's availability to the growth of businesses.

If welfare was removed, military returned domestically, and overly large Departments closed, we'll save so much money that removing the income tax will hardly effect us or not effect us at all.

 

[Bradley in DC]

Here is something that causes me a lot of concern, but I haven't seen it addressed anywhere yet. America is going bankrupt. We owe so much in debt that it almost seems impossible that we could every pay it off. If Ron Paul eliminates the income tax, then how will we pay the debt? Where will the money come from?

No one said it was going to be easy, but it might not be as difficult as you think; it won't happen all at once. One, the Federal Reserve holds billions of US debt that would be canceled (we're already paying for that with the inflation); some is other money the government "owes" itself. Two, getting our fiscal house in order significantly lowers the cost of carrying the debt. Three, we'd be selling off LOTS of government assets (though those sales may fund annuities for those dependent on Social Security for retirement). Four, getting out of the IMF, etc., would bring in tens of billions of dollars (they charter says we get our money--hopefully even our gold--back). Five, the economy would take off with less taxes, regulation, etc., reducing costs (unemployment, etc.) and increasing revenue rates and reducing the proportion of the debt for the whole economy. There are also, as Dr. Paul alone points out, lots of government liabilities that can be ended with a net plus for the budget such as government guaranteed loans (Export-Import Bank, OPIC, etc.). And I'm just getting started!

 

[dsentell]

I was watching "Ron Paul A Man For All Seasons" last night.

On it, Ron said that only about half the federal income comes from income taxes. When asked if the government would have enough money to operate without income taxes, Dr. Paul answered that in his opinion, it would still have more than it needed.

Cut out the waste, reduce the size of government and we could easily get along without the income tax.

 

[Gilby]

The US needs to sell all its property. They own about a third of all the land in the US. Sell it to the states, to individuals, to environmental groups, to corporations, etc. The less property they have the less power they have. Use the proceeds to pay the debt. Any property they need to perform their limited constitutional duties should be leased. They should then coin all gold and silver they have left and sell it at a price to pay for the entire debt.

 

[bernie]

They are selling "their" property. The roads and bridges are to be sold and turned into toll roads and assets of international corporations.


Rand Paul was on a local radio show in Jacksonville, Fl yesterday. A very good interview.

http://www.thedavidallenshow.com/website/home.html