Quote:
Originally Posted by Paul Markham
How many Americans will give up their tax returns to help balance the budget or even lower debt?
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Quote:
Originally Posted by Paul Markham
As you're to thick to see what I'm getting at here's a dunces version.
America is sinking further and further into debt because of the policies your politicians have enforced on the country. How many Americans are ready to pay more taxes or give their refunds back to the government, to bring down the debt?
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That's not how it works Paul. The US Debt is at about $20 Trillion as you know. While some of that is owed to China and other countries. The US Social Security Trust fund (American Retirement) actually owns most of that debt (about $15 Trillion Dollars). The debt is in Treasury notes and bonds and also in Treasury Inflation-protected securities.
What this means is that about half of the US Treasury debt is owed to the American people (social security, pension, etc.). If the US ever defaulted on its debt as some doofus said it would a few years ago, it's the American people who would be hurt the most. Americans would give up their tax refunds to payback mostly themselves.