I think we should spend like crazy now that I am retired. Just keep the checks coming and had the bill to our children.
Austerity simply does not work... We need massive investment to Build New and Rebuild, in doing so we generate means that Americans can produce a high % of what we consume and if we are paid well, we consume well, and that translates into higher tax revenue by volume which helps to pay down debt.
Austerity leaves everything to decline and nothing to grow.... Austerity has never worked.
With Federal Investments, We have a Fed Chairman to help manage the cost of capital and we invest to promote means for economics that can function on all levels.
I think many people don't know the full history of Federal Investment, most companies people work for, pursue vigrously both federal contracts and federal aid by many means... we have to extend that into the average communities citizens lives.
We have need to do massive community renewals, in Rural, Country, Towns, Moderate Sized Cities and Major Metro's, We have massive infrastructure need, for all out Utilities services; we have sewer systems in some areas that are 100yrs old + and electrical grid work, that needs to transition from wooden poles to underground cables and those need to be buried in quality conduit and/or encased channels with strategic access points. We need to invest in Medical Students, and that has to translate into supporting by investment to help them set up "imaging and other testing centers" in Rural, Country, Towns, Moderate Sized Cities and Major Metro's.
Various Factories have to re-model their floor operations (We saw that happen with the auto industry), it has to happen within the food and meat processing industry.
Schools require upgrades to security feature with the right type of fencing and access security check point.
Fact is the Gold Owned by the United States is vastly larger than any nation... therefore, even though our currency is not backed by Gold, the holding of such vast volumes allows us room to create the debt necessary to build and rebuild without inflation dragging us down. It's been an "unspoken offset" since the days we came off the Gold Standards.
World's Gold Reserves - Top 7
1. United States - 8,133 tonnes - $373,430,444,426
2. Germany - 3,369 tonnes - $154,711,817,616
3. IMF - 2,814 tonnes - $129,198,164,458
4. Italy - 2,451 tonnes - $112,568,606,829
5. France - 2,436 tonnes - $111,843,187,142
6. Russia - 2,168 tonnes - $99,552,373,843
7. China - 1,885 tonnes - $86,568,279,703
How Governments Reduce the National Debt
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The Bottom Line
Many people believe that much of U.S. debt is owed to foreign countries like China and Japan. The truth is, most of it is owed to Social Security and pension funds. This means U.S. citizens, through their retirement money, own most of the national debt.
U.S. national debt is the sum of these two federal debt categories:
- Public debt (held by other countries, the Federal Reserve, mutual funds, and other entities and individuals)
- Intragovernmental holdings (held by Social Security, Military Retirement Fund, Medicare, and other retirement funds)
end quote
We need to remove the cap on Social Security Contribution, but still manage the payout, the wealthy must pay more, their wealth is derived from what people do.
America grew the fastest and strongest during time with Corporate Taxes were higher.
Corporate tax rates and economic growth since 1947