[Wondering]

Originally Posted by Rainger99

Interesting article on global debt.

The world is sitting on a $91 trillion problem. ‘Hard choices’ are coming | CNN Business

The most disturbing language is that “Tackling America’s debt problem will require either tax hikes or cuts to benefits, such as social security and health insurance programs.”

The good news is that we may have another 25-30 years before the world economy collapses.

I am glad that I am not graduating high school this year.

Any comments or suggestions from any economists or financial experts? Is it as dire as predicted? Or does it exaggerate the problem?What are the solutions?

Easy solution - tax the billionaires and large corporations, like Amazon, who don't pay any taxes or at least not their fair share. Again, an easy solution!

[ThirdOfFive]

Originally Posted by Wondering

Easy solution - tax the billionaires and large corporations, like Amazon, who don't pay any taxes or at least not their fair share. Again, an easy solution!

I'm curious...What would be Amazon's "fair share"?

[Stu from NYC]

Originally Posted by Wondering

Easy solution - tax the billionaires and large corporations, like Amazon, who don't pay any taxes or at least not their fair share. Again, an easy solution!

Ever take a class in Economics? Typically corporations pass on taxes to their customers in the form of higher taxes.

BTW what is a fair share? 40%, 50%? Corporations and small businesses are the ones who provide jobs to grow the economy. They spend much more efficiently than the govt.

[SHIBUMI]

Nice breakout.........the debt is obviously not a problem as no one ever tries to correct it. So, its a non issue............

Originally Posted by dewilson58

No need to pay it back.

30% of US debt is held overseas............if it's not paid back......the countries will survive. They are holding the debt..........it's really not "in the system".

Another ~30% is held by "US government". SSA, Federal Reserve, Retirement Agencies. Just "print money" when & if the funds are needed if the agency can not redefine.

The last ~40% is held by US individuals and institutions. As individuals die, right off the debt.....no passing to next generation. For institutions, write off 10% per year.

Flush the toilet.

[OhioBuckeye]

I hear you, so there’s nothing we can do about it. So in the last 3 1/2 yrs. who do you think is the blame for most of it?

[retiredguy123]

Originally Posted by Stu from NYC

Ever take a class in Economics? Typically corporations pass on taxes to their customers in the form of higher taxes.

BTW what is a fair share? 40%, 50%? Corporations and small businesses are the ones who provide jobs to grow the economy. They spend much more efficiently than the govt.

Especially Amazon. If they depended on the USPS to deliver their products, they would probably go out of business. They have developed their own delivery system that is head over heels better than the Government system.

[dewilson58]

Originally Posted by Mazjaz

Sure can do but nobody will buy any new debt ever and our credit rating will be in the toilet and interest rates will climb higher for is being a deadbeat borrower.

Perfect...............we can't borrow, we must live within our means.

[DPWM21]

Fairly tax *ultra* rich? Have I been misled that top 1% or so of business and individuals get deep exemptions? I looked at tax tables from 1900 forward and it appears that this group has steady decline in taxes paid? Idk?

[Topspinmo]

Originally Posted by golfing eagles

I don't know where people get that idea from. We don't just print up extra money---we BORROW it---mostly from ourselves, some from other countries. Last I heard it was 15% international ownership---someone above posted 30%---it may have reached that by now. But the concept that someone in the Bureau of Printing and Engraving is working the presses overtime is nonsense

“Countries keep printing money to get over the short term problem but debt has to be repaid or deflated”. Quoted for PhD in finance.

What’s your degree in ? Several branches of government covert activities just print money under table not accountable to anyone.

[Topspinmo]

Originally Posted by Wondering

Easy solution - tax the billionaires and large corporations, like Amazon, who don't pay any taxes or at least not their fair share. Again, an easy solution!

This what got use into problems, thinking taxing is solution when spend crazy taxing governments are the problem.

[retiredguy123]

Originally Posted by DPWM21

Fairly tax *ultra* rich? Have I been misled that top 1% or so of business and individuals get deep exemptions? I looked at tax tables from 1900 forward and it appears that this group has steady decline in taxes paid? Idk?

Raising taxes on the rich will not solve the problem. But, increasing the number of people who pay taxes could solve the problem. A tax system where half of the people pay no income tax is absurd. Everyone should have skin in the game.

[Topspinmo]

Originally Posted by retiredguy123

Raising taxes on the rich will not solve the problem. But, increasing the number of people who pay taxes could solve the problem. A tax system where half of the people pay no income tax is absurd. Everyone should have skin in the game.

Somebody buying something when only little less than half pay no taxes.

[Cliff Fr]

I was reading recently that tge Chinese government owes us quite a bit of money from the pre communist era that is still due

[Topspinmo]

Originally Posted by Cliff Fr

I was reading recently that tge Chinese government owes us quite a bit of money from the pre communist era that is still due

I sure we written if off in 40s.

[SHIBUMI]

3 1/2 years has nothing to do with it...........it went out of whack after a balanced budget existed...........since then its all their faults, in that way no one is to blame........just rhetoric...........its a non issue until action is taken not rhetoric

Originally Posted by OhioBuckeye

I hear you, so there’s nothing we can do about it. So in the last 3 1/2 yrs. who do you think is the blame for most of it?