Tax increases will not end the debt, nor will spending cuts.
The only way to end the debt is to solve it from the roots and the roots of the debt have one main vein – that all money in our system is borrowed, contrary to what the Constitution specifies. We could cut taxes to near zero and raise spending (appropriately, with better priorities) and still eliminate the majority of debt and prevent all future debt in under 2 years.
Every dollar in circulation is debt now. The government sells special bonds to the Federal Reserve for Federal Reserve Currency called Federal Reserve Notes. These notes are owned, controlled, and callable by the Federal Reserve which is a private bank. We only pretend they are ours. Once those notes (now referred to as dollars) enter circulation and find their way to the commercial banks they become reserves, get multiplied, and cause the injection of many more Federal Reserve Notes into circulation. The government then sells bonds to borrow THOSE dollars that are simply multiplied debt notes from the Federal Reserve. It is not NEW money. In fact it’s like a monopoly game but every time the government passes go, instead of getting another $200 cash, they get another $200 billion in debt.
No sovereign nation should have to borrow a dime to supply currency to its own economy, but years ago the US turned from its sovereign, debt-free, usury free currency and started borrowing everything. When there’s a debt ceiling debate, everyone should have a red flag going up in their head with the question “why is this government even $1 in debt, aren’t we a sovereign nation and isn’t Congress supposed to be coining our currency?”
While government spending DOES make a bad situation worse and there ARE a lot of priority problems and common sense problems with the spending, it is not in and of itself the reason for the debt. The reason for the debt is that we don’t have a sovereign currency and the tangent causes generated because of that are the borrowing of currency from the Fed and the RE-BORROWING of existing currency over and over through bond sales. That, and we haven’t discussed the over $9 trillion of accumulated debt from the international trade balance which has been negative every year since 1976.
Don’t allow another soul to scam you with the idea that cutting government spending or raising taxes is going to somehow solve the debt. That’s the course of insanity. We MUST return to a sovereign, credit/asset based, usury free, debt free, all-citizen controlled currency and end ALL government borrowing as the Constitution makes clear that we should be doing. One such currency called the United States Note IS still legal tender and could easily and quickly replace all existing Federal Reserve Notes and should.