Rivlin: How to Solve the National Debt Crisis

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How come none of our leaders vrought up how much it would cost to fight for our oil prices low. America spent and borrowed billions of dollars, yet Saudi Arabia only LENT $500 million to the cause. And why did we borrow from China who is pro-communistic. Strange bedfellows, governments. Yet a true string arises. Our so called conservatives had their hand in the cookie jar to the tune of trillions to satisfy their employers (ie. Haliburton, Saudi's etc.) It's time the American people start reading between the lines and realize that the captains of industry have pillaged us and left the country.

Dr. Paul J. Conway of MD 5:08PM February 22, 2010

In order to cut the deficit and get our country back on the right path, we need to cut the bloated salaries, pensions and health benefits of ALL our politicians. Due to their incompetence, stupidity, graft, greed and mismanagement of government, we are in the financial mess we are in. It's time for them to suffer the consequences of their incompetence. No more bloated benefit packages, No more bloated salaries, no more bloated pensions and definitely no more bloated health care benefits, which the taxpayer is paying for. If we cannot afford health care reform then we must STOP all the health care benefits for all politicians and government workers. Let them pay for it just like we do. Due to the stupidity, incompetence of our elected and appointed officials, we have lost our jobs, savings, homes and yes, our pensions. No more payouts until they clean up the mess they made. If we cancel their benefit packages we could save billions and get our country back on the right path. Once we do, no more feeding at the public trough without earning it. From here on in, let all elected and appointed officials pay for their own health care and contribute to their own pensions. Most of them are multi-millionaires and can well afford it. Let's get rid of the public trough and let them pay their own way. We will see how quickly we will get rid of our debt and deficits, they created.
Also, demand term limits and pension limits of $70,000. Why are we paying $200,000+ pensions when the taxpayer has to make due with what he has. The incompetent politicians voted themselves their own packages and screwed the taxpayer. Let's STOP that now.

A. Geary of IA 4:09PM February 22, 2010

The truth nobody wants to face is that we want a handout, but don't want to pay for it. If a politician wants to be defeated, let him/her suggest EITHER raising taxes OR cutting Medicare or Social Security.
So who is the problem? Got a mirror?
Like a child, (retarded child) we want the candy but don't want to pay for it. We want to pretend that money will start growing on trees.
The Republicans (and Greenspan) thought the only strategy was to run up such a big deficit we'd HAVE to cut spending.
Did we fool them!

W. L. Head of NC 3:36PM February 22, 2010

JUST PRETEND THAT EVERYTHING IS OK!

Barney in Oregon of OR 3:26PM February 22, 2010

The problem is caused by many factors and over decades, so it will take gutsy, painful steps to fix. Here is what I suggest,
End the two wars immediately and don't start new ones,
End foreign aid and all subsidies,
Eliminate lobbying and campaign contributions. Voting should be done by popular votes in the mail. No campaigning,
Every state must balance its budget or no federal assistance is given,
Absolutely no bailout of any corporation or individuals,
Reduce the power and immunity of the Fed, perhaps eliminate it, and
Gradually go back to the gold standard.
I know of course that nobody will seriously consider any of that because it destroys the comfortable way of life of all the crooks on K-Street and Wall Street, but maybe someone with guts will finally decide that the status quo cannot possibly continue and the sooner we fixed the problem the better if we still want to have a functioning country.

Bruce of CO 2:45PM February 22, 2010

The general public has to acknowledge failure in holding elected officials accountable for their actions while in office,until then we will continue to complain when special interests have their way.the President needs to call on ALL Americans for a WAGE/PRICE FREEZE for one year to help the debt crisis from worsening.only SHARED SACRIFICE WILL WORK.

V MOORE of NY 2:11PM February 22, 2010

1. Employ get rich schemes, either stimulus or tax breaks.
2. Sit back and wait for our ship to come in.

Luther of LA 2:07PM February 22, 2010

NJ Govenor Chris Christie is in a similar situation on a smaller scale. He noted that after raising taxes for years under the Corzine administration all that was accomplished was for NJ to see $70 Billion worth of wealth exit the state. Obama/Democrats will see the same thing happen in the US as a whole should they try to solve this via higher taxes. Wealth will simply exit the country.
Reduce spending and lower taxes, especially corporate taxes & grow your way out of this mess. The Republicans had better be warned that the grand change that is going to take place in the 2010 elections does not mean we simply want a shift in spending. It means we want a huge reduction in spending.

R. Miller of NJ 2:06PM February 22, 2010

We cannot wait until the "recovery is solid". We are bleeding to death NOW! Put an immediate end to ALL earmarks for at least 5 yrs. or until we have a handle on the debt. An across the board, immediate, spending cut (10%)in all programs including all government salaries (management and above)except the military which is putting its life on the line. NO new spending program permitted. Return to Reagan's Workfare program - you get a government handout you work for it, perhaps community service of some type. No free rides unless you are physically or mentally unable to work. NO $700,000/per job created programs. Payroll cuts for small businesses-% based on jobs created. The development of an attitude that doesn't ask government to do what I can do for myself.

Patrick of ND 2:05PM February 22, 2010

I beg to differ. If we entered this depression with a clean balance sheet and needed $2 trillion to wealther the storm, I would agree that debt is a long term issue.
But the fact of the mater is if interest rates go from 0 to 10% to support a failing USD, 10% on 14.5 trillion is a lot and will stratify the debt into perpetuity or bankruptcy.
And as it is, interest rates are far far too low. It in part is the cause of the depression. Cheap easy money was more important han economic balances in banking, now further out of whack than ever before.
Taxing people more will only make it worse, less revenue, less spending, a vicious circle. In the end, one way or another government is going to have to reduce over all spending and foot print on the peoples lives by 50% or the system is not sustainable.
And that breaking point of no return may have already been reached.

DaveA of WI 6:53PM February 20, 2010