What if we owed nothing?

Discussion in 'Politics & Religion' started by Ricter, Jul 12, 2011.

  1. Ricter

    Ricter

    If we woke up tomorrow and the debt was gone? Assume nothing else has changed, ie. millions are unemployed or underemployed, and big companies are still sitting on their record cash reserves...
     
  2. Lucrum

    Lucrum

    Assuming a steady budget deficit (unlikely) we'd be right back where we our now, in terms of debt, in roughly nine years.

    If you wanna dream, dream no debt AND no deficit.
     
  3. Tsing Tao

    Tsing Tao

    In your imaginary world, the right thing to do would be to go reallocate incoming cash to spur REAL stimulus through tax incentives and domestic protection (vs. foreign investment). That would be my call.
     

  4. Well I don't know about anybody else but if my debt was erased tomorrow, I'd go to the track.
     
  5. Ricter

    Ricter

    Re the tax incentives part, for whom exactly? At the bottom, the unemployed, the underemployed, the unemployable, they pay little to no tax. At the top, the 1%'rs, they're not hurting. For businesses at the bottom, sales are down so naturally so are their taxes. For big businesses, deductions, exemptions, and offshoring have minimized their tax burdens and they have big cash holdings. So who is to get, and what kind are they, these "tax incentives", and how would they help?