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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow deep in debt is the USA..
After reading posts about the enormity of the debt of the USA I have a suggestion that may be worthy of implementation.
Would Americans be in agreement to a tariff plan to pay down or eliminate the national debt?
Here's my proposal:
A tariff of one percent on all goods and products entering the USA.
Permitting increase at a rate of one quarter percent annually, to be passed by Congress.
A total five percent upper limit
This legislation to sunset after five years
All revenues to be used to pay down the national debt.
Would Americans agree and feel this was a reasonable and effective way to reduce or eliminate our debt?
31st Street Bridge
(148 posts)I've lost all confidence that the people of this nation can right their ship. Ever.
Too lazy. Too cowardly. Too uniformed. Too selfish. Too privileged.
They can't even see how messed up their for-profit health care system is.
Initech
(108,268 posts)WmChris
(686 posts)TAX the rich, big business, and mega churches. All those who profited from the ever expanding debt like the government contractors who continually rip us off through lobbyist negotiated loop hole filled contracts. Let those who created the debt repay it. Certainly a complicated proposition but it would seem fair to me.
Ferrets are Cool
(22,675 posts)It's just that Congress will not apply them.
durablend
(9,148 posts)Sure they will....
Norrrm
(4,594 posts)Sometimes great intentions cancel themselves out. Some state lotteries were designed to add money to the school budgets. As a result, some states reduce the money given to the school budgets. giving a net gain of zero.
bucolic_frolic
(54,721 posts)Trump has slashed government, declared and begun massive tariffs, kneecapped ACA and Medicaid and social programs, and still we are in the red about $175 billion a month - $2 trillion a year. Throwing money at it hasn't helped, nor will it.
No, your idea is not useful nor effective nor reasonable. It's an accommodation to feed greed.
homegirl
(1,951 posts)you improve this idea or present a better plan?
unblock
(56,117 posts)for starters, completely eliminating the debt is not a wise goal, it should reasonably be around 60% or so of gdp not 0%. that said, we're now somewhere around 120%, so that still means eliminating half of it.
then, why tariffs? any means of raising revenue has an adverse effect, but tariffs in particular are quite complicated as they impact foreign trade and foreign relationships and international relations. moreover, the amounts you're talking about wouldn't come close to paying down half the national debt.
with tariffs, you're making american consumers pay down the national debt, when in fact a lot of it did not go to their benefit in the first place. republicans are responsible for the vast majority of the national debt, largely through unfunded tax cuts that benefitted the big businesses and the rich far more than lower earners, and in some cases didn't even benefit at all the half of the population that doesn't earn enough to file income taxes.
tariffs would hurt poor people and lower earners coming and going. don't buy their b.s. that foreign companies pay. they don't; american importers pay directly, then pass the costs on to downstream businesses and eventually, u.s. consumers. a *small* portion of tariffs *may* result in foreign exporters lowering their price (in practice, it's maybe 10% of the tariffs) but the vast majority hits americans.
worse, tariffs allow domestic companies that aren't subject to the tariff to hike their own prices by almost the same amount as the tariff because the tariff makes their competitor's goods more expensive, leaving room for them to raise prices and still be cheaper. the whole market becomes more expensive, not just the imports.
evidence of the dislocations in the economy are all over, the concentration of wealth in the hands of a few is at record levels, even beyond the imbalance that led to the great contraction starting in 1929. this needs to be fixed anyway, and the outsized national debt is a reasonable justification.
one way or another, we need to levy taxes that reduce this dangerous overconcentration of wealth. find a way to tax their wealth directly, or their income, or eliminate their various tax dodges, whatever, but leave poor people, low income-earners, and consumers alone.
Cirsium
(3,741 posts)Just no.