Posted by MarkB_MI on January 13, 2015 at 09:16:21 from (198.208.159.17):
In Reply to: Re: 140 acres posted by Bret4207 on January 13, 2015 at 08:41:14:
Holy cow! The federal debt is too big, yet the federal government shouldn't run a long-term surplus. What? How does a government reduce its debt other than run surpluses for many consecutive years? I'll tell you how, because our beloved Motown just did it: you go into bankruptcy! Is that what you propose? That the federal government default on its existing debt? I realize that's the tea party-approved solution, but personally I think we should balance our books instead by bringing spending in line with revenues.
By the way, there is only one set of books. The debt is growing because the deficit is positive. But the deficit is shrinking and if that continues at some point in time the deficit will go negative and the debt will then shrink. Assuming there's not another big tax cut.
Now if you have some magical solution to reducing the debt that doesn't involve either eliminating the deficit or defaulting, please let me know. I'm sure Congress would like a third alternative as well.
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