HOW TO PAY OFF THE NATIONAL DEBT

I have been listening to News clips here and there almost every day for the past few months about the National Debt. You don’t have to be a News junkie, politically astute or even slightly interested in the Nation’s economy to know that America’s economy is in the toilet. There are more the 20 million people who are unemployed today. Evidence from churches, agencies, businesses, industry and even the government have unveiled the statistics of just how devastating today’s economy in America is.
The fault of this nation’s economic may lays can be traced back to all the “Bailouts” starting back in 2009. The “AIG” bailout that cost every American citizen near $200 billion. The General Motors and Chrysler cost the American citizen over $100 billion counting the Union’s pension failures. Then add to that the “Bank Bailouts” that cost the American citizen over $1 Trillion. Add to that the US Government accepting TOTAL liability of almost all the BAD DEBT the corrupt banks created through scrupulous and fallacious dealings and the American citizen is in hock for some $4 Trillion. Some even suggest that when you count the interest, corruption and all the “sweet deals” over the next 10 years, American citizens is responsible to pay over $5 Trillion in DEBT.
Right now as I write and you read this blog, our Law Makers (Congress) and the Administration are negotiating to create a 2010 Budget (that they still do not have). The main focus and essential need is to STOP THE SPENDING craze from some maniacal politicians who are more interested in stuffing their pockets of $millions than working for you and me. The National Debt is the main concern in our nation’s economy for the sake to get American Businesses in shape to start hiring again.
The “National Debt” is the #1 issue and concern that MUST be fixed if our economy is ever to get back on its feet. Many highly educated and pros at this economy business are screaming that if we do not stop this spending abomination and balance the Budget, our money is headed for a fall. That means Inflation and Deflation. In simple terms to understand, if we don’t balance this ludicrous economic idiocy in our government, two or three years from now, a gallon of milk will cost $10, a pound of coffee could cost $25 and your rent could be $1500 for a two bedroom apartment. You say, there is no way I could afford that. Exactly, and neither can everyone else in America except the politicians, Bankers and the Money Moguls.
I propose that since the Banks, Wall Street and the Unions are the recipients of all the $Trillions of Bailout monies, make them pay the National Debt off. That’s right, sell off 10% of Wall Street Companies and take the money and pay off the debt. Force JP Morgan, Chase, Citi, Wells Fargo, General Motors, Chrysler, Union Pensions all contribute 10% of their profits and pay off the National Debt.

By Dr Tim McClure