How will Obama lower the national debt?
I know he is against decreasing the size of government - both parties are.
The national debt is about $11,000,000,000,000.00 ($11,000 Billion, or $11 Million Million).
There are only 150 million Americans of working age.
Social security and medicare are costing nearly a trillion a year and are only going up.
All federal tax income is only about $2.5 trillion, and the federal budget alone is $3 trillion - a budget that does nothing to pay off the $10 trillion in debt.
So how will Obamas change reduce the size and cost of government, to pay off the national debt?
*please provide some numbers
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It will be difficult for either candidate to do it. One thing Obama has is the help of Clinton's economic advisers who did it in the 1990s.
I don't think 4 years is enough time to make a dent. Maybe 8 years.
Obama is a Keynesian and will continue to borrow from the federal reserve bank and will continue to inflate the currency as long as people are so ignorant.
90% of the people who answer these questions couldn't think their way out of a paper bag! They have no clue what hyper- inflation means to them and so will continue to believe that their leader will make all the bad stuff go away by passing new laws and such.
That one guy who said that Clinton git rid of the debt is a case in point. I'll bet there aren't more than 10 people on Y!A who could explain the difference between the deficit and the debt.
Hey, don't sweat it though...as the government is fond of saying (and as most American's believe) we owe it to ourselves so no worries!
thats 11 trillion not billion.... The plan is to have the rich pay their fair share and to allow the lower and middle class to keep some of their money so that we can go spend it. For those that say the rich pay more than their fair share, do the math. They pay a higher dollar amount but a lower percentage of their salary. If you make 10 million a year and you pay 1 million in taxes, you pay 10 percent of your salary and you still live very well off of the 9 million you have left. If you make 50k a year and pay 10k in taxes you are paying 20 percent of your salary and struggling to get by on the remaining 40k. This is where the redisctribute the wealth comes from. The top 1% have like 40% of the nations wealth because Republican doctrine (Reaganomics) is to give all the money to the richest people and let it trickle down from there. Democratic plans are to boost the lower and middle class by having the rich contribute more (which they can afford to do) and let the middle class keep driving this countries economy.
short answer -- he won't have the ability to, and could not. traditionally, Democrats spend miles previous what Republicans ever do, and while a Democrat's marketing campaign relies upon heavily on rabble-rousing and earnings flow, the only way he may even attempt to grant on his provides is to tax the "rich" -- that's composed of all of us who makes extra beneficial than the difficulty-loose salary. traditionally that's complete in 2 strategies -- ripping off the firms (or maybe small companies and farms) with greater taxes, depressing the economic gadget interior the long-term, and in direct giveaways and tax breaks to "undesirable" individuals. Already the backside 50% of salary-earners interior the U. S. pay little or no earnings tax; the brunt of earnings taxes are paid by ability of firms and the better 10% of earnings-earners. there is not any way he can decrease the national debt by ability of working scams on the taxpayers like this. it is going to in no way take place. He merely is desperate by ability of the gullibility of voters.
There is only one meaningful way to shred the national debt--drastically reduce military spending and stop trying to dominate the world. Imagine closing bases, stopping attack systems, ending the embargo against Cuba. What a great way to balance the budget.
First off, your claim that Obama wants to shrink the size of government holds no value. He wants to raise taxes, increase spending and increase the size of government. The deficit cannot decrease while he holds the white house.
Can you say Jimmy Carter?
Not just No, But Heck NO.
His personal wealth will increase as he assist in draining everyones pocket and adding is 10% increase in Debt.
He plans on spending 1 trillion dollars when he gets in office, to "jump start" the economy.
By selling off America to his Muslim terrorist buddies. He will increase government and tax the snot out off people. People are so blind when they say we will only tax people making over 250k, WTF do you call tax shelters/ tax deductions. Stupid people HELLO, We will all pay with extra taxes, Gov. run health care will be a disaster with higher taxes. Unless we cut the size of of goverment by 50% will we be able to afford a goverment run health care.
Sure. He will lower it by another negative 5 trillion