Trump will reduce the national debt the Trump way, stiff the creditors.

[apdst]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Except you're only telling part of the story. The real world scenario would be this:

You make $500 per week and owe $10,000. You volunteer for a pay cut so now you're only making $250, but you decide to use your credit card for an additional $5,000 in expenses. So now you owe $15,000 plus interest.

Borrowing more money created more debt, not the pay cut.

 

[Napoleon]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Borrowing more money created more debt, not the pay cut.

You would still increase the debt owed without borrowing more money because, by reducing your income without reducing the expenditures, you have to extend the life of the existing loan and thus increase the amount of interest owed.

 

[Fishking]

1. Printing money amounts to having creditors taking less anyways.

2. It's actually not uncommon to renegotiate the amounts with creditors at this level.

3. Iceland did this and it worked out fairly well for them.

4. We aren't operating in a fiscally sound manner, anyways, and are only propped up by things like the petro-dollar and the dollar in international trade.

5. How does anyone get to complain about measures taken to pay back our debt when no one has ever done it yet? If he paid back a single penny it would be better than anyone else has done so what's the complaint?

 

[Deuce]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Tax cuts, in no way increase the debt.

Its like this: if I make $500 a week and I owe $10,000, then I take a pay cut and I'm only making $250 I still only owe $10,000.

Revenue is still a factor in national debt and trying to play semantic games to suggest otherwise is silly.

 

[Deuce]

1. Printing money amounts to having creditors taking less anyways.

2. It's actually not uncommon to renegotiate the amounts with creditors at this level.

It's completely unprecedented, arguably unconstitutional, and absolutely devastating for the US to do so right now.

3. Iceland did this and it worked out fairly well for them.

We're not Iceland.

4. We aren't operating in a fiscally sound manner, anyways, and are only propped up by things like the petro-dollar and the dollar in international trade.

5. How does anyone get to complain about measures taken to pay back our debt when no one has ever done it yet? If he paid back a single penny it would be better than anyone else has done so what's the complaint?

Um, America makes every debt payment on time. It happens every day.


Our current methods being bad doesn't make Trump's idea get better.

 

[ARealConservative]

Donald Trump's Idea to Cut National Debt: Get Creditors to Accept Less

Is anyone surprised by this?

it would be the 1970's all over again.

 

[Carjosse]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Cutting taxes doesn't create debt. It just doesn't work that way.

Yes it does if you do not also cut expenditures and Drumpf would have to cut quite a lot, like scrapping medicare/medicaid, abolishing the military, and ending social security, etc.

 

[apdst]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Yes it does if you do not also cut expenditures and Drumpf would have to cut quite a lot, like scrapping medicare/medicaid, abolishing the military, and ending social security, etc.

No, it doesnt! Spending has nothing to do with creating debt.

 

[Carjosse]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

No, it doesnt! Spending has nothing to do with creating debt.

Then where does it come from? How do you lack basic concepts of economics? When a government cannot cover all of its expenses with revenue it must borrow money by issuing debt. That is how all countries operate and have been for centuries.

 

[apdst]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Then where does it come from? How do you lack basic concepts of economics? When a government cannot cover all of its expenses with revenue it must borrow money by issuing debt. That is how all countries operate and have been for centuries.

Borrowing money created debt. Cutting taxes doesn't. There isn't much to understand, there.

 

[ARealConservative]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Then where does it come from? How do you lack basic concepts of economics? When a government cannot cover all of its expenses with revenue it must borrow money by issuing debt. That is how all countries operate and have been for centuries.

It's hard to say for sure what Trump is thinking but I take it as doing what we did before.

In the 1970's we unilaterally changed the terms of our debt, I think he is suggesting we could do that again.

 

[Glen Contrarian]

Donald Trump's Idea to Cut National Debt: Get Creditors to Accept Less

Is anyone surprised by this?

 

[Glen Contrarian]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Borrowing money created debt. Cutting taxes doesn't. There isn't much to understand, there.

Taxes are the income of the government. Cutting the income when the bills canNOT be cut without causing harm DOES create more debt. But I get it - it doesn't matter that we're spending what, a half trillion on defense when our military's already strong enough to take on the rest of the planet and still win, Thou Shalt Not cut the Defense Budget!!!!!

Just cut more taxes and that will magically make everything all better again...which is why Reagan tripled the debt, and why Bush 41 (correctly) called trickle-down economics "voodoo economics".

High taxes are the price of admission to life in a first-world democracy. If you want Really Low Taxes, then go live in a third-world democracy. But if you want to live in a first-world democracy, then you've got to be willing to pay the taxes that are necessary to achieve and maintain the infrastructure that is required for a first-world democracy to function from day to day.

 

[apdst]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Taxes are the income of the government. Cutting the income when the bills canNOT be cut without causing harm DOES create more debt. But I get it - it doesn't matter that we're spending what, a half trillion on defense when our military's already strong enough to take on the rest of the planet and still win, Thou Shalt Not cut the Defense Budget!!!!!

Just cut more taxes and that will magically make everything all better again...which is why Reagan tripled the debt, and why Bush 41 (correctly) called trickle-down economics "voodoo economics".

High taxes are the price of admission to life in a first-world democracy. If you want Really Low Taxes, then go live in a third-world democracy. But if you want to live in a first-world democracy, then you've got to be willing to pay the taxes that are necessary to achieve and maintain the infrastructure that is required for a first-world democracy to function from day to day.

Low taxes in a third world country? Like in Venezuela?...lol

 

[Carjosse]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Borrowing money created debt. Cutting taxes doesn't. There isn't much to understand, there.

Trump's tax cuts will force the US to borrow substantially more money as the deficit will explode with substantially reduced revenues. Unless he either cuts all those things like I said or somehow achieves like 100% GDP growth.

 

[Glen Contrarian]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Low taxes in a third world country? Like in Venezuela?...lol

Venezuela is not a functioning democracy.

If you'd ever lived in a third-world democracy as I have, you'd understand precisely what I mean. Most third-world democracies don't have income taxes because they don't have a reliable way to track people as we do with SSN's. Most don't have enough money to afford regulatory agencies to be able to tax small businesses at all, so most small business don't pay any taxes. The most reliable way that most of them collect taxes are at ports of entry charging high duties on imports...and so electronics and cars wind up costing more than they do here in America.

So...yeah, most third-world democracies DO have much lower taxes on the people, not because the government doesn't want to charge taxes, but because they don't have the infrastructure to reliably collect those taxes. Yeah, if you'll check the internet, you'll see that this or that third-world democracy charges Really High Taxes...but in reality, once you're there, you see that such is not the case.

 

[apdst]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Trump's tax cuts will force the US to borrow substantially more money as the deficit will explode with substantially reduced revenues. Unless he either cuts all those things like I said or somehow achieves like 100% GDP growth.

You don't know that.

 

[apdst]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Venezuela is not a functioning democracy.

If you'd ever lived in a third-world democracy as I have, you'd understand precisely what I mean. Most third-world democracies don't have income taxes because they don't have a reliable way to track people as we do with SSN's. Most don't have enough money to afford regulatory agencies to be able to tax small businesses at all, so most small business don't pay any taxes. The most reliable way that most of them collect taxes are at ports of entry charging high duties on imports...and so electronics and cars wind up costing more than they do here in America.

So...yeah, most third-world democracies DO have much lower taxes on the people, not because the government doesn't want to charge taxes, but because they don't have the infrastructure to reliably collect those taxes. Yeah, if you'll check the internet, you'll see that this or that third-world democracy charges Really High Taxes...but in reality, once you're there, you see that such is not the case.

Higher taxes aren't the road to prosperity.

 

[Skeptic Bob]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Here is the problem with some of the irresponsible fiscal comments he has made recently about not honoring debt. He doesn't have to actually win the Presidency to do serious damage. If the polls are even a little close in the months leading up to election date the economy is going to suffer as investors take precautions.

 

[Carjosse]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

You don't know that.

No, but he does.

 

[Cardinal]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Hes going to stiff the FED ?

Which begs the question: what is the lowest possible score America's credit rating can be downgraded to? If Trump is president, it won't be necessary for me to google the answer to that. I'll just read it in the front page news.

 

[apdst]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

No, but he does.

Is he another idiot that thinks cutting taxesvcreates debt?

 

[Glen Contrarian]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Higher taxes aren't the road to prosperity.

Care to show me a first-world democracy that doesn't have high taxes?

Look around you, look at everything your taxes pay for, from our defense forces to our schools to our roads to our social services to our law enforcement and courts and prisons to our parks to our regulatory agencies that are crucial to keeping everyone up to code and our infrastructure able to easily transition from state to state...

...do you really think that comes cheap?

THAT, sir, is why high taxes are the price of admission to life in a first-world democracy - you can't have a first-world standard of living in a democracy without high taxes to pay for the infrastructure that makes that standard of living possible. You don't have to like it...but it is a fact of life.

 

[Fenton]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Care to show me a first-world democracy that doesn't have high taxes?

Look around you, look at everything your taxes pay for, from our defense forces to our schools to our roads to our social services to our law enforcement and courts and prisons to our parks to our regulatory agencies that are crucial to keeping everyone up to code and our infrastructure able to easily transition from state to state...

...do you really think that comes cheap?

THAT, sir, is why high taxes are the price of admission to life in a first-world democracy - you can't have a first-world standard of living in a democracy without high taxes to pay for the infrastructure that makes that standard of living possible. You don't have to like it...but it is a fact of life.

Just nonsense Glenn. A arbitrary and imagined correlation you keep repeating

 

[Carjosse]

Re: Trump will reduce the national debt the Trump way, stiff the debtors.

Is he another idiot that thinks cutting taxesvcreates debt?

If you cut spending accordingly or the tax cut must be revenue neutral, which Drumpf's is definitely not. Look at the links in the description of the video on YouTube it links to analysis by two different groups, the non-partisan Tax Policy Centre and the right-leaning Centre for Federal Tax Policy both say it will create multi-trillion dollar deficits that over ten years could reach into 10s of trillions unless he cuts almost everything the government does.