Win $1,000 if you can solve the financial crisis of the United States
I would be elated if someone can come up with a realistic plan that could make the US solvent in the next decade. Herein lies the problem: We owe $135 trillion which includes the $15 trillion of T-bills and bonds that we all talk about, but we also have about $120 trillion in accounts payable to Social Security and Medicare. These are very real accounts payable and liabilities that must be paid off.
Let's hear your plan for the US debt crisis and win $1,000
We only take in $2 trillion a year in taxes and tariffs and and still have to borrow $1 trillion to support the spending in Washington DC. I have run the numbers every way possible; we can't grow our way out of the debt, nor can we cut spending enough to make a dent in the $135 trillion. Even if we cut the government in half, and taxed all of the income of everyone over $35,000 at a tax rate of 100%; we still wouldn't even scratch the surface of the debt crisis.
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