Days
Commentator
As of May 18, 2016 we owe...
$13,836,955,706,806.20 in outstanding Treasuries
$5,369,561,337,497.34 to Govt Trust Funds (such as Social Security)
for a Total Public Debt Outstanding $19,206,517,044,303.54 ($19.2 Trillion)
Total annual federal revenues are roughly $2.5 Trillion. Annual spending is running roughly $3 Trillion. The debt keeps growing. How is the country going to be great again when it is bankrupt? What programs make sense and what programs are a scam and how can we possibly rebuild if there is no funding?
The real answer to that question lies in the way to fund programs. Once you understand the money, it unveils what programs make sense. We lost gold and silver coin, and trying to revert to them, is a slow process, although, at least for silver coin, that process should be started. In the mean time, to keep living on the money we have, it is high time to pull another Nixon tweak to the currency. In 1972, Nixon stopped redeeming foreign held Treasuries with gold, so what did he replace the gold with? paper. Specifically, Federal Reserve Notes, same as is in your pocket. That was a HUGE tweak. Now it is time to make a further tweak... let's switch the paper we use to redeem the Treasuries from Federal Reserve Notes to United States Notes. By doing this, we can absorb the Treasury auctions into the general fund.
(US Notes would be in denominations of one, five, ten, 50 and 100 million dollars and could be used by banks for asset reserve the same as new bonds are used - no one gets hurt, the money supply in circulation is unchanged, and the nation's debt remains the same but it no longer matters because it is paid off with those printing presses in our mints)
This should allow us to retire the wage tax, and by wages I mean personal income under $250,000 per year. Above that, wages begin to take on the appearance of income, as in, corporate profits, which were always taxed. So maybe we could tax personal income from 1/4 million to 1/2 million @ 5%, and from 1/2 million to one million @ 10%, and over one million @15%. That's fair to the rich, and it should balance the Congressional budget... without interrupting the bond sales that banks need.
The nation will not turn around until we stop taxing wages. The budget will not turn around until we stop retiring old debt with new debt. Americans need to understand these two concepts. They are simple and the answer is simple and it doesn't need legislation, all it needs is a president like Nixon willing to make the changes necessary to fix our US Treasury policy.
$13,836,955,706,806.20 in outstanding Treasuries
$5,369,561,337,497.34 to Govt Trust Funds (such as Social Security)
for a Total Public Debt Outstanding $19,206,517,044,303.54 ($19.2 Trillion)
Total annual federal revenues are roughly $2.5 Trillion. Annual spending is running roughly $3 Trillion. The debt keeps growing. How is the country going to be great again when it is bankrupt? What programs make sense and what programs are a scam and how can we possibly rebuild if there is no funding?
The real answer to that question lies in the way to fund programs. Once you understand the money, it unveils what programs make sense. We lost gold and silver coin, and trying to revert to them, is a slow process, although, at least for silver coin, that process should be started. In the mean time, to keep living on the money we have, it is high time to pull another Nixon tweak to the currency. In 1972, Nixon stopped redeeming foreign held Treasuries with gold, so what did he replace the gold with? paper. Specifically, Federal Reserve Notes, same as is in your pocket. That was a HUGE tweak. Now it is time to make a further tweak... let's switch the paper we use to redeem the Treasuries from Federal Reserve Notes to United States Notes. By doing this, we can absorb the Treasury auctions into the general fund.
(US Notes would be in denominations of one, five, ten, 50 and 100 million dollars and could be used by banks for asset reserve the same as new bonds are used - no one gets hurt, the money supply in circulation is unchanged, and the nation's debt remains the same but it no longer matters because it is paid off with those printing presses in our mints)
This should allow us to retire the wage tax, and by wages I mean personal income under $250,000 per year. Above that, wages begin to take on the appearance of income, as in, corporate profits, which were always taxed. So maybe we could tax personal income from 1/4 million to 1/2 million @ 5%, and from 1/2 million to one million @ 10%, and over one million @15%. That's fair to the rich, and it should balance the Congressional budget... without interrupting the bond sales that banks need.
The nation will not turn around until we stop taxing wages. The budget will not turn around until we stop retiring old debt with new debt. Americans need to understand these two concepts. They are simple and the answer is simple and it doesn't need legislation, all it needs is a president like Nixon willing to make the changes necessary to fix our US Treasury policy.
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