Younger Americans Should Repudiate US Debt

Discussion in 'Political Opinions & Beliefs' started by Ethereal, Jul 16, 2019.

  1. Ethereal

    Ethereal Well-Known Member

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    US debt is about $22 trillion dollars. The vast majority of this debt was accumulated by baby-boomers. Apparently, boomers expect younger Americans to pay this off. Why should we? Why should we allow ourselves to be enslaved by your gross incompetence and greed? If younger Americans are smart, they will use their voting power in the coming years to repudiate large portions of US debt. That is, unless you want to spend the rest of your life slaving away in order to pay for Iraq and Afghanistan and bank bailouts and boomer end-of-life care.
     
    Last edited: Jul 16, 2019
  2. Sirius Black

    Sirius Black Well-Known Member

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    lets start now, please repay the government for your education
     
  3. Pycckia

    Pycckia Well-Known Member

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    Because no one will lend you money if you do. After the Russian Revolution, the USSR was scrupulous in servicing Tsarist debt for this very reason.
     
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  4. cd8ed

    cd8ed Well-Known Member Past Donor

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    They will never agree with that, they have destroyed the country, exploded the debt and poisoned our atmosphere. They care about themselves first and only

    Reform social security into private accounts and end the program as funds dry up.
     
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  5. 61falcon

    61falcon Well-Known Member

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    Not a single politician that I can think of has ever made a proposal to raise money for the purpose of paying down the debt.
     
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  6. drluggit

    drluggit Well-Known Member

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    How about this, the older generation should call in all the debt they loaned to millennials so they could waste it attending women's studies or basket weaving in college and just now figured out that their BA in applied gender studies doesn't automatically lead to 6 figure employment....
     
  7. Lil Mike

    Lil Mike Well-Known Member

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    I'm pretty sure a massive repudiation of US debt will collapse the economy and plunge the US into a more or less permanent 3rd tier nation status, but thanks for your idea.
     
  8. Ethereal

    Ethereal Well-Known Member

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    How about this. Our generation will pay for what we borrowed and your generation will pay for what you borrowed. We'll start with the "war on terror" that your generation started and failed to win. The cost is about $6 trillion so far.
     
  9. Ethereal

    Ethereal Well-Known Member

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    The US government takes in $3 trillion in tax revenues every year. It doesn't need to borrow any money. It has more than enough to perform its essential functions.
     
    Last edited: Jul 16, 2019
  10. Ethereal

    Ethereal Well-Known Member

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    Well, we have more votes than them, so it doesn't really matter what they want. We shouldn't have to pay for their incompetence and greed. We are not their slaves.
     
  11. Ethereal

    Ethereal Well-Known Member

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    Why would that happen? Do you think the health of the US economy is based on the government's ability to accumulate massive amounts of debt? If we repudiate the debt, will people suddenly stop working? Will food stop growing? Will the rain stop falling? If anything, it will massively boost our economy. We'll no longer be burdened with hundreds of billions of dollars worth of interest payments. And the government will have to live within its considerable means for a change. Sounds great, unless you're a fan of big government.
     
  12. HereWeGoAgain

    HereWeGoAgain Banned

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    Firstly, you can't just refuse to pay your taxes without severe consequences. So barring a civil war, good luck with that one.

    But the key is that you never have to pay off the debt. Limit spending to a budget in the black, and over time, the debt as a percentage of the economy will shrink until it is insignificant. It took from 1945 until about 1970 to pay for the depression and WWII,

    And how did we do that? The top marginal tax rate started at 92%. Kennedy finally dropped it down into the 70% range.

    What made America great were very high taxes on the very rich. The debt-to-GDP ratio only took off again when Reagan cut taxes. And it has skyrocketed ever since.
     
    Last edited: Jul 16, 2019
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  13. Ethereal

    Ethereal Well-Known Member

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    Fine, as long as your generation pays for all the money you borrowed on the US credit card. Somewhere around $15 trillion should cover it.
     
  14. Ethereal

    Ethereal Well-Known Member

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    Who said anything about not paying taxes?

    No thanks. I'm not interested in working the rest of my life in order to pay off the debts of a greedy and reckless generation.
     
  15. HereWeGoAgain

    HereWeGoAgain Banned

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    What matters is the debt-to-GDP ratio - The debt divided by the GDP. Debt alone isn't a complete number because it doesn't account for the national income - the GDP

    [​IMG]
     
  16. HereWeGoAgain

    HereWeGoAgain Banned

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    How else do you expect to avoid paying for the national debt?

    Okay, stomp your feet but you are going to pay your taxes, or go to jail. And it isn't that simple. Let's see your generation fix things before you gain a superiority complex. Then we can talk about who has to pay off the remaining debt.

    If you claim those who came before were reckless, prove it and fix things first. Otherwise it just sounds like whining to me.
     
    Last edited: Jul 16, 2019
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  17. Lil Mike

    Lil Mike Well-Known Member

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    This is one of those "wow, just wow" moments.
     
  18. Hoosier8

    Hoosier8 Well-Known Member Past Donor

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    LOL, millennials are all for new huge expenditures of the democrats utopian dreams. Good luck with that.
     
    Last edited: Jul 16, 2019
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  19. Moonglow

    Moonglow Well-Known Member

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    Reagan and Bush sr were baby boomers?
     
  20. Moonglow

    Moonglow Well-Known Member

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    A lot of the debt was covering the fall of capitalist pigs that poisoned the system and socialism saved them collectively with taxpayer dough..
     
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  21. Ethereal

    Ethereal Well-Known Member

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    By voting in politicians who will not honor it.

    Sounds like a very enlightened system.

    Anyway, people will still pay taxes. The taxes just won't be used to pay off the debt that boomers accumulated with their wars and their socialism.

    Refusing to pay the debt accumulated by selfish boomers is fixing the problem. It will liberate millions of people from being enslaved to big banks and foreign governments like China.
     
  22. Ethereal

    Ethereal Well-Known Member

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    In other words, you got nothing.

    I realize this may be hard for someone of your generation to understand, but debt is not the foundation of a sound economy. There was a time when the US had virtually no debt at all. Did the economy collapse? Were people starving in the streets? Nope. In fact, the real economy grew at about 4.5% per year. Not even your god-king Trump can match that kind of growth.
     
  23. Ethereal

    Ethereal Well-Known Member

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    $3 trillion in annual tax revenues is more than enough to pay for a generous social welfare system. The US just has to stop spending a trillion dollars a year on a massively bloated "national security" apparatus.
     
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  24. Robert E Allen

    Robert E Allen Banned

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    The biggest portion of Americas budget snd therefore debt is social welfare programs
    Blaming the debt on Iraq, Afghanistan and bank bailouts is disingenuous.
     
  25. Hoosier8

    Hoosier8 Well-Known Member Past Donor

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    LOL, get rid of government (discretionary spending which includes military) and 3 trillion will cover entitlements. Dems want to double that.
     

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