A Federal Debt Super-cap

[Th-e]

I was thinking about a new way to go about this whole debt concern, with these pathetic trillion dollar deficits.

The idea of the SUPERCAP...

Creates a higher level debt ceiling, I'll say $20 trillion, and sets it to remain that way until 2020. This means that there will not be those annual debt ceiling fights we have been consistently seeing, and our government can spend as much as it wants up to that point...

...but the SUPERCAP cannot be removed until January 1, 2020, unless an increase beyond that amount is approved by two thirds of both houses of Congress and by either two thirds or three fourths of the states. The increase would have to be approved in nearly the same way a Constitutional Amendment is approved.

If we hit $20 trillion in debt without approval, we default. Game over man, game over. As of now, we are on pace to hit that mark before the end of 2016.

This mass spending has got to stop. We had a freaking surplus back in the 90s, and back then someone who said America would face a debt crisis would have risked being sent to the looney bin. This is inexcusable, and I feel that this should be an ultimatum for America. I know I am suggesting another type of fiscal cliff, but we cannot continue on the existing path any longer.

Entitlements need to be cut and streamlined, we need to bring back hiring and restore our labor force, get people off of government dependency, and put an end to IllegalCare (taxpayer money spent to support illegal immigrants without helping them towards American citizenship or tax payments).

I know what I say about the $20 trillion SUPERCAP may not be feasible, but I am angry about this and I have a feeling that America has no right to break that threshold.

[LemonCrush]

A balanced budget amendment/law would suffice.

[Warforger]

At 1/4/13 11:39 PM, LemonCrush wrote: A balanced budget amendment/law would suffice.

Doesn't really work that way. The states which have those suffer alot, partly because during a recession government spending is one of the few things which can start a recovery, and during a recession you lose revenue thus this generally makes the recession worse. The other part is that the government is pretty good at hiding costs and borrowing money. This is why say Christ Christie while he heads a balanced budget still has a structural deficit (this is the same structural deficit he was condemning when running for office and he has barely dented it). So the whole thing just doesn't work because balanced budgets while they're something good to say you have as a politician are not always good.

[Ceratisa]

Our government needs to stop creating jobs for the sole purpose of creating them. We need to cut spending and entitlements.
The increased money from taxes is laughable compared to the projects Obama is planning on.

[Warforger]

At 1/5/13 12:24 AM, Ceratisa wrote: Our government needs to stop creating jobs for the sole purpose of creating them. We need to cut spending and entitlements.
The increased money from taxes is laughable compared to the projects Obama is planning on.

You have a Barry Goldwater quote in your sig! I'll respond with my favorite Goldwater quote in my signature.

Otherwise can we just stop assuming Democrats are planning on spending and expanding government? Because it's been every Republican President including and since Reagan who's been doing that, whereas the Democrats take cautious Conservative reforms they don't really like in an attempt to appeal to Republicans. All this talk seems to just be recycled over and over again every political season since Jimmy Carter (and you can tell looking at the Republican campaign they just wish they were running against Carter again), Democrats are too nice and can't solve economy whereas Republicans are too stupid and can only crash economy. Because what does Obama want to do exactly? So far the only thing he wants to change is immigration restrictions, other than that you could argue about the relief package for Hurricane Sandy, but that's worth a deficit since it'll rebuild the economy of New England thereby increasing tax revenues.

[Camarohusky]

Until we can get an agreement on even the slightest of budget issues in Congress, this idea, while noble, is extremely dangerous.

The last thing we want is another fiscal cliff debacle when the entire ability of the government to spend a penny is handcuffed.

[Kel-chan]

The debt ceiling is a farce at this point and no super cap or any other mechanism could bring the deficit back into balance without a massive slashing of gov't services and super taxes to take on the interest payment

Without those two things the country like so many others faces financial oblivion or at the very least a very long and painful depression if the monetary/fiscal system is not dealt with

the easiest way out of this would be to hyperinflate the currency, pay off debts then come out with some new currency pegged to something

usually when super powers do that it leads to major wars though

[SadisticMonkey]

The debt ceiling should be abolished entirely. It's always going to be raised, so we might as well let politicians spend as insanely as they want and crash the system sooner rather than later.

[LemonCrush]

At 1/4/13 11:47 PM, Warforger wrote: Doesn't really work that way. The states which have those suffer alot, partly because during a recession government spending is one of the few things which can start a recovery, and during a recession you lose revenue thus this generally makes the recession worse. The other part is that the government is pretty good at hiding costs and borrowing money. This is why say Christ Christie while he heads a balanced budget still has a structural deficit (this is the same structural deficit he was condemning when running for office and he has barely dented it). So the whole thing just doesn't work because balanced budgets while they're something good to say you have as a politician are not always good.

You could very well be correct.

However, anything is a welcome alternative to the limitless spending we have now. There needs to be a law that keeps spending in check, because it's getting fucking crazy, and they aren't gonna stop themselves, especially in post 9/11 America where everyone thinks they "need" shit from the government.

[LemonCrush]

At 1/5/13 03:53 AM, SadisticMonkey wrote: The debt ceiling should be abolished entirely. It's always going to be raised, so we might as well let politicians spend as insanely as they want and crash the system sooner rather than later.

This is already happening.

[morefngdbs]

At 1/5/13 01:21 PM, LemonCrush wrote:

At 1/5/13 03:53 AM, SadisticMonkey wrote: The debt ceiling should be abolished entirely. It's always going to be raised, so we might as well let politicians spend as insanely as they want and crash the system sooner rather than later.

This is already happening.

;;;
Nothing bd will ever happen
THe USA can produce 100 Trillion dollars in currency a day & Everyone in the world will still treat it likes its pure gold !

That's why gold is still only worth 35 bucks an ounce .
Oh
Wait a second ! !
http://www.24hgold.com/english/gold_silver_prices_charts.asp x?money=Loonie

Hmmm over 1600.00 bucks ...seems i am mistaken once again ~;p