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Readers Respond: What's the Best Way to Reduce the National Debt?

Responses: 197

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From the article: U.S. National Debt Clock
The U.S. National Debt exceeds $17 trillion, more than 100% of U.S. economic output. At this level, it's unsustainable, and will ultimately drag economic growth. Why? The debt is financed by U.S. Treasuries, a large portion of which is held by foreign governments. As more debt is issued, the dollar declines in value. This means foreign holders of U.S. debt get paid back in currency that's worth less, further decreasing demand. Worst of all? The debt will ultimately be paid back by our children and grandchildren, through increased taxes.

What do you think is the best way to reduce the U.S. national debt? Share Your Views

Complete Plan - Jumpstart America

AGRICULTURE • Limit enrollment and subsidies in Department of Agriculture conservation programs • Reduce subsidies in the crop insurance program • Eliminate direct payments to growers of cotton, feed grains, oil seeds, peanuts, wheat and rice BUSINESS/FINANCE • Impose fees to cover government regulatory costs and higher fees for private sector use of federal services, land or waterways. • Eliminate the tax exemption on state or local government bonds used for private-sector projects • Limit options used by businesses to measure inventory when calculating their taxes • Repeal certain tax preferences for oil, gas and mining industries • Extend the period for depreciating the cost of certain investments • Repeal the low-income housing tax credit offered to developers • Modify the rules for the sourcing of company income from U.S. exports • Determine a company's foreign tax credits on a pooling basis • Impose an annual fee on large financial institutions • Change the terms for federal oil
—Guest SmartAlex

Look to our past

We should look to our past history and there we shall find the remedy to our national debt problem. What was it our forefathers did right when they oversaw a prosperous economy with a much smaller national debt load? The answer is plain and simple. They did what was best for the country as a whole not for oneself or ones party affiliation. The two major political parties need to work together and dare I say compromise for the better good of our nation. Cut the hugely wasteful military and defense budgets, and reform our healthcare system to make it more efficient. Reform our safety net to make it more efficient. We could easily reform our bloated tax code by cutting out subsidies and using those revenues to lower personal income rates. Exporting more goods and lowering our bloated trade deficit would help do wonders for our national debt as the two are connected.
—Kidkev

Mr.

One: balance the budget. Two: raise taxes Three: reduce spending
—Guest Louis Nicholson

Print more money

Print more money. It would drive inflation up, but, at least in the case of the European Union, that wouldn't exactly be a bad thing. The reason they don't do it, however, is that most European countries have already given up the right to print their own money. Thankfully America has not, and since our money isn't tied to anything, the effect will be limited.
—Guest Debt

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uni students should start repaying their fees at an affordable amount even if they don't reach the required wage for hex
—Guest ar

Get rid of Socialism and Barrack Obama

Barrack Obama is a raging Socialist who is out of control with his spending. Spending is the worst thing to do in a time of national debt. A debt which is over 10 trillion dollars and sky rocketing further. Only by cutting spending will be allow to make a difference in the debt.
—Guest Miles

Only 2 ways to get out of debt...

Slavery is the only method to get a country out of a perpetual debt cycle. The USA is constently borrowing money from the federal reserve and paying that money back with interest. If the only source of money for the US is to borrow from the federal reserve than where does the money come from to pay back the loan including interest? It comes from the federal reserve therefor creating a perpetual cycle of borrowing and each citizen is getting further and further in debt. The only solution is to either A) work for $0.00 or B) abolish the banking system that has a solid grip around the throat of the USA.
—Guest BillyBob547

What Debt?

Debt is an economy rules that we created ourselves to measure performance. Lets go back to the stone age and there will be no DEBT!!
—Guest Confused Americans

to help

We have turned into a country of greed and wastefulness. I see people using welfare as a career path. They're paying with food stamps while their kids are talking on cell phones and mama is carrying a designer purse with brightly polished acrylic nails. I'm sick of it! The federal govt spent $700 billion in welfare programs in 2010 according to Forbes. State govt spent an additional $200 billion. That's in just one year! I don't have a problem helping those who help themselves. I do have a problem with irresponsible people who act recklessly and expect everyone else to take care of them. If this one issue was addressed to the point of actually doing something about it, then ALL that money could be applied to reducing our debt. Because that's where a large portion of it is being spent. http://www.forbes.com/sites/peterferrara/2011/04/22/americas-ever-expanding-welfare-empire/
—Guest Christine H

make congress pay it!

let's see here if congress is forced to pay ALL the debt I would bet dollars to donuts they would find a way that very day to eliminate it...
—Guest steve

Reducing the National Debt!!

The national debt., and the nation's deficit will continue to rise if our elected officials continue to (procrastinate and pontificate) its about America not any one political party. What America needs is jobs both the deficit and debt. will begin to go away because you will have millions of people paying taxes again. Again, America needs jobs for everyone who can and want to work. If candidate Romney focus on the economy and saty clear of any personal attacks he has a very good chance of winning the (2012) election. I know he can win the (2016) election providing he remain in good health, and remain interested he will be the President the American people will be ready for a new perspective. Concern Citizen,
—Guest Sammie McNeal Jr.

America must remain the world leader.

America needs a national lottery, to help reduce and with a strong possibility to eliminate the deficit in a reasonable amount of time. Again, America needs a "national lottery" to kill that deficit that is out of control. Thge rich middle class and the working poor all must share in this urgent mission.
—Guest Sammie McNeal Jr.

Jeff

I propose a national debt relief day, then lets start with a clean slate, and hopefully we have learned to temper our greedy ways. Lead a simple life.
—Guest Jeff

Solution for the National Debt Crisis

Dear Kimberly Amadeo, The Solution must be an "Outside the Box" approach. Our Country in history past, sold Bonds to fund War efforts. Bonds purchased by Americans who opted to buy them. The Interest on the Debt is SO EMENSE! Even if we shut down the ENTIRE GOVERNMENT, This Debt could NOT be PAID!!! The Solution is for the U.S. Government take control of "ALL" the States LOTTERIES. The states that do not have Lotteries will now have one. All states would have the challenge to augment the loss of revenue. This is the sacrifice of Americans. Alas, the Lotteries would run the same. The American public would NOT be faced with the possibility of Double or Triple TAXES. The Public would be contributing by playing a game that they would play anyway. Our Lending Nations, (Such as China) would assemble an accounting Team to monitor the distribution of the collected funds. Along with tracking the diminishing Debt. Let's Champion this solution into reality before it is TOOO Late.
—Guest Daniel A. Donarski

Reduce the Debt

Bring all U.S. troops home. Our economy is already improving with many of our troops back in U.S. History repeats itself; after every war U.S. was involved in, when troops came home economy increased. Ending war gives Americans confidence that things are improving and they are able to feel free to spend more. While at war, citizens feel uneasy to spend their money and feel money in the bank means security while their country is at war. War or any kind of feeling that a disagreement is happening scares people and makes them uneasy. The feelings people get while there is a war happening and a disagreement with a loved ones are basically the same feelings. War in any form is unsettling. Bring all U.S. troops home. Countries have to learn to get along and stop fighting to get their own way. Comprimising and not bullying other countries will bring world peace an harmony.
—Guest Patti-Anne Suleski

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What's the Best Way to Reduce the National Debt?

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