President Trump’s Plan To Pay Off The Debt

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President Trump has explained how America will pay off its national debt. The Washington Examiner reports:

President Trump said on Friday that the U.S. would grow its way out of the $22 trillion national debt, rather than by cutting government spending or raising taxes.

“It’s all about growth,” said Trump at a Rose Garden announcement of his national emergency declaration in an attempt to build a border wall with Mexico. “Growth will straighten it out.”

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The Congressional Budget Office, responsible for providing nonpartisan analysis to Congress, estimates that annual deficits will continue to grow, with a shortfall of $900 billion this year alone. In an analysis released late last month, the CBO estimated that under current law, and assuming there is no economic downturn, deficits would continue to rise and reach over $1 trillion annually in 2022.

Debt will be as large, relative to the U.S. economy as it has ever been by 2029, according to the CBO, assuming the individual tax cuts Trump signed into law expire as expected in 2025. The CBO expects modest growth in the coming years.

Growing the economy will be essential, but cutting spending would accelerate paying the debt off.

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Robert Hahn
Robert Hahn
5 years ago

Americans ( us Legals Citizens ): Hello. President Trump could: Keep all agencies budgets at current level. Balanced Budget is required, every year. Skim 1% off all agencies budgets and required, use only to pay to the National Debt, every year. Keep increasing the Skim by 1% per year, using to pay to the Debt every year. Once reaching 6% skim, apply to the Debt, keeping the Skim at the 6% level, forever. The Debit would be paid-back within 12 years.
At that time, reduce the Skim to 3% that year. Again, Balanced Budgets are required each year. If the Debt grows to $ One Trillion, increase the Skim by 1% each year until reaching 6%. Keep the Skim at that level, apply to the Debt annually until the Debt is paid-off. Repeat the cycle with the Skim restarting at 3%.

Ernest Lane
Ernest Lane
5 years ago
Reply to  Robert Hahn

And go to zero-based budgeting: base annual budgets on what they need, not what they got last year. And end all programs we don’t need, and stop funding programs that haven’t been authorized.

Lorraine E Blazich
Lorraine E Blazich
5 years ago

The elimination of the rogue agency, the c.i.a., the federal dept of indoctrination (used to be education), the e.p.a. and the f.d.a. would provide enough money to pay for both a southern and northern wall.

boldaq
boldaq
5 years ago

Only one thing keeping us from balancing the budget – democrats.
They never run out of other people’s money

Edward Weber
Edward Weber
5 years ago
Reply to  boldaq

I’m a staunch conservative republican,,,and I say,,,BS. The GOP,,,the flip side of the same coin as Democrats,,,is equally as bad. We need a Constitutional Amendment for a balanced budget.

Ernest Lane
Ernest Lane
5 years ago
Reply to  Edward Weber

Congress will just ignore it.

N
N
5 years ago

Keep up the great work President Trump! The best President ever! Not to mention the first lady she’s the best too! Now that America is great again, let’s keep it that way! Trump 2020!

Gerhard
Gerhard
5 years ago
Reply to  N

Well said !!!!!!! Thank you

zee
zee
5 years ago

This ‘snippet’ IS somewhat Convoluted.

Wendell Fountain
Wendell Fountain
5 years ago

Growth is essential for debt reduction or possible elimination, but spending has to be reduced. There is no need for certain agencies to continue to exist. They are deleterious to the health of the nation. Agencies like the Department of Education, EPA, Commerce, Energy, and others could be eliminated which would save tens of billions annually. What about true government waste? All of those funds should be exclusively dedicated to debt elimination. Ten years or so should level us out financially.

Don
Don
5 years ago

One solution that would help is to get any and all politicians who voted for the increases and pull their fortunes and put towards said debt. That could/would deter any more irresponsible government increases of the debt.

Bruce
Bruce
5 years ago

Here is a suggestion to solving the debt crisis: but first let me say that the fact is that about 45-50% of people in this nation really pay any taxes. Those that have the power, use the law to keep from paying any taxes. So, here is the solutin, take what is to be known as a “CONSUMPTION TAX” and apply that tax to “ALL” consumables. Everything that is bought or consumed would have a tax of from 7 to 12% based upon the amount of consumption. This means everything from Cars to Oil to steel to a candy bar! This also means that EVERYONE, NO exceptions, would pay this tax. this also means that when this tax is paid there is NO need to have any taxes as far as income tax or otherwise. Yes there would still be license fees etc or fees for bldg an addition etc. But, no need to file IRS taxes or pay any taxes from your pay check every week/two weeks. What this would do is to eleviate the burden of taxes for only 45-50% of the population but would have 100% of the people would pay! I mean even a young child, if they spent their money on any item, they would pay the tax! Young and old and all would assume the burden and it would bring in MUCH more revenue and ease the TAX BURDEN! Congress needs to consider! They probably won’t becuase they want this nation BURDENED! that means more control for them!!

Ernest Lane
Ernest Lane
5 years ago
Reply to  Bruce

I favor a consumption-based tax . . . but until then, we should start income tax at $1. Maybe the lowest tax bracket is only 5%, but _everyone_ should be subject to income tax. And tax credits should stop when tax due is $0 . . . their should be no “negative tax” at all.

ABU TOM
ABU TOM
5 years ago

RUN A NATIONAL LOTTO.LOTS OF SMALL PRIZES NOT ONE BIG ONE. NEGOTIATE A BETTER INTEREST RATE ON THE DEBT.

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