That's according to Ben Bernanke, our chief counterfeiter.

 

http://news.yahoo.com/s/afp/20100408/ts_alt_afp/useconomybankdeficit_20100408091746

 

Yes, it turns out the only reason this country appeared so prosperous (while having relatively low taxes) was due to insane amounts of borrowing from other nations.

 

Obama has vowed to reduce the deficit, beginning the following year, and has lauded his landmark health care law as a major step forward.

 

And you'll start your diet tomorrow. And you'll start waking up at a good time... next week. And you'll start regularly exercising, just as soon as that new gym opens up that's across from the mall. :laugh3:

I haven't heard any 'better' ideas so.....

 

I guess only time will tell. What they should do is raise the FICA percentage on payroll tax. That hasn't changed since its conception some 30 or more years back!

What they should do is stop spending. Raising taxes will only hurt the economy, which is going to be very weak for a long time.

 

Even if we tax the rich 100% we still wouldn't make up the budget. I don't think the majority truly realize how far off the edge we've gone with spending and the repercussions it will have on every aspect of the economy.

^good point

 

i also don't see why we just don't stop spending, like mentioned if you make people pay more taxes it will only hurt the country more.

What they should do is stop spending. Raising taxes will only hurt the economy, which is going to be very weak for a long time.

 

Even if we tax the rich 100% we still wouldn't make up the budget. I don't think the majority truly realize how far off the edge we've gone with spending and the repercussions it will have on every aspect of the economy.

 

Raise the taxes for the super-rich and they will move their money to tax-havens and use loopholes to avoid paying tax

http://www.nytimes.com/2010/04/11/business/economy/11rates.html

 

This NYTimes article is really good.

What they should do is stop spending. Raising taxes will only hurt the economy, which is going to be very weak for a long time.

 

Even if we tax the rich 100% we still wouldn't make up the budget. I don't think the majority truly realize how far off the edge we've gone with spending and the repercussions it will have on every aspect of the economy.

 

I agree with you a 'little' on the raising tax/hurting economy bit...... but how else is the deficit going to get 'band aided' (is that even a word? lol) Spending on the war is a big waste if you ask me.... its a big hole left by the previous administration.... and unfortunately.. Obama got the brunt of it. He's got some task ahead of him... lol I would hate to be anyone in that position lol but, like I said, only time will tell.

Personally I hope we CAN'T pay our debt back. Maybe then other countries will finally stop lending money to us. It's not good that the US can command such cheap credit, it creates an imbalance of power.