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How Do We Solve The U.S. Debt Crisis?

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This week’s online poll at beefmagazine.com asks how to fix the U.S. budget deficit.

With the presidential election just months away, our nation’s leaders seem to be at a standstill, as politicians avoid sticking their necks out too far on polarizing issues for fear of losing votes. Without a doubt, one of the biggest challenges facing the nation right now is the growing U.S. budget deficit. Knowing that my generation will carry the burden of this debt load, I’m becoming increasingly concerned about finding a solution for this problem.

This week’s poll at beefmagazine.com wants to hear from you on this subject.

What’s the best way to fix the U.S. budget deficit?

So far, an overwhelming 70% of you say the best solution is to cut spending. Only 1% think raising taxes is our best bet, while 29% believe both cutting spending and raising taxes is the best route to solving our nation’s debt problem.

VOTE HERE.

What’s your take on the issue? If you are a proponent of cutting spending, where should we tighten our pursestrings? If you believe taxes should be raised, who should the increased taxes fall upon?

More importantly, what do you believe our elected officials will decide? Who should lead our nation out of this debt problem in 2012 and beyond? Do you predict agriculture will take an unfair hit as our nation’s leaders attempt to solve the U.S. debt crisis?

 

Discuss this Blog Entry 11

on May 30, 2012

What we really need to do is completely downsize the federal government. Stop sticking our nose in other countries affairs and just worry about protecting our boarders.

Give a lot more control to State and local governments.

Get rid of Income taxes and get revenue via sale tax or at the minimum institute a flat tax across the board.

Make people who recieve welfare work doing community service.

Ron Paul 2012

Anonymous (not verified)
on May 30, 2012

I used to believe that we could just cut spending to eliminate our debt burden, but no longer feel that will get us out of the hole. I am tired of hearing about the "tax the rich" philosophy, and class-envy warfare. I think that everyone needs skin in the game. We all benefit from roads, security, etc. I'd be in favor of a flat-rate tax on all income, whether that be capital gains, earned wages, "tax-free muni bonds", etc. Income is income, whether it is from investments or wages.

On the cut spending side, I think a few federal departments could be entirely cut. Dept. of Education, Dept. of Energy come to mind right away, due to ineffectiveness. EPA should be severely slashed, and put other budgets on an across the board 2% cut. Not "We were going to increase spending by 10%, so now it will only be an 8% increase", but a 2% cut. The other thing that I think should have to happen, is spending should be based on the previous year's government income, not on next year's projected income. So, the money brought in in 2012 could be spent in 2013. And, debt reduction should be a line at the top of the budget, not, well, if we have any money left over, we'll use it to pay down the national debt.

John R. Dykers, Jr. (not verified)
on Jun 4, 2012

single rate tax on all income the same is a good start and an important part of The Big Four. Let the single rate tax with NO deductions run parrallel to present IRS tax code and let taxpayers choose which but can't go back to the old code once we change. New taxpayers use the single rate with NO deductions.

Anonymous (not verified)
on May 30, 2012

Cut spending: cut the most from those getting the most, delete somethings all together. Raise taxes on those getting the most and then in a couple of years after things get turened around reduce taxes. Lets hope the elected officials would quit worring about getting re-elected and do what is right for the country even if they make enough people mad they can't get re-elected.

on May 30, 2012

Unfortunatly, you have left out a key ingrediant to your voting. There are a lot of things that should be done, but trying to balance the budget by raising taxes is IMPOSSIBLE, ain't enough money there! Cutting spending will go a lot further, but, making the pie bigger will increase all monies for all entities; people, government, etc.
Lighten the load---less regulation on businesses, farmer & ranchers and entrepenours. Let us create more businesses that pay more taxes, which will beget more employees that pay more taxes. Make the pie bigger & let the market place work like it is supposed to & all will be well---look at history first & always to see where we've been & learn those lessons.
So, add to your voting something to do with creating an envionment that will increase business opportunities, thus increasing employment, thus increasing tax revenue. It takes it all & quit giving so D.... much money away!!

debd (not verified)
on May 30, 2012

How can the American people create a balanced budget? One way to start would be to demand responsibility and create incentives for those who get tax cuts to earn them through true productivity. Too many loopholes allow and even encourage greed rather than creating opportunities for entrepreneurship and the jobs it creates.
Another way to balance the budget would be to recognize and encourage true productivity, which always starts with reality, not with perception.
Facebook stock, for example, while creating the perception of value, has not lived up to its initial hype because it does not produce anything, except perhaps opportunities to cash in on its inherent invasions of privacy through advertising.
Derivatives are the greatest tax on true productivity known to contemporary society: they take the real work of real people and turn other people's money into fuel for a game of smoke and mirrors in the boardrooms of banks that are "too big to fail."
True productivity always begins with the wise and prudent use of resources, which is, in fact, the real definition of "economy." That is especially true of the soil. Farming and ranching are truly productive enterprises, yet much of their profit and productivity goes to people and/or corporate entities with little or no interest in wise land use. Before deciding how to balance our budget consider these Facts about Family Farms:
• During the 1940s, farmers and their families numbered about 35 million people, or about one-fourth of the U.S. population. By 1999 that number had plummeted to under 5 million, or less than 2 percent of the population, and one-half of farmers did not report farming as their principle occupation.
• People who don’t farm now own more than half of America’s farmland. A great many of them do not pay their fair share of taxes because of loopholes that allow them to exploit their landholdings.
• Five percent of the country’s largest farmland owners, whether they farm or not, own over half of all U. S. farmland. Most landowners do not live on the land they own. source: Charles C. Geisler, Cornell professor of rural sociology quoted in www.news.cornell.edu/Chronicle/99/6.24.../small_farms.html

Neal (not verified)
on May 30, 2012

First: Education, we blame the politians but we the voter are the blame because we demanded federal dollars for votes.
Second: cut spending.
Third: sell some of the none esential federal assets.
Fourth: if this isn't enough then reassess what else we can do.

Chris Purcell (not verified)
on May 30, 2012

Comments made by Warren Buffett:
"I could end the deficit in 5 minutes," he told CNBC. "You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.
Congressional Reform Act of 2012
1) No Tenure/ No pension
A Congressman/woman collects a salary while in office and receives no pay when there out of the office.
2) Congress (past, present & future) participates in Social Security.
All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.
3) Congress can purchase their own retirement plan, just as all Americans do.
4) Congress will no longer vote themselves a pay raise.
Congressional pay will rise by the lower of CPI or 3%.
5) Congress loses their current health care system and participates in the same health care system as the Americans.
6) Congress must abide by all laws they impose on the American people.
7) All contracts with past and present Congressmen/women are void effective 12/1/12. The American people did not make this contract with Congressmen/women.
Congress made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.
I feel that if these simple steps were followed our country would be back on the right path!

Anonymous (not verified)
on Jun 2, 2012

exactly

james (not verified)
on May 31, 2012

In no way will merely cutting taxes do the job......how about increasing taxes(concurrently), sell some federal assets as un-needed public lands(one shot deal), etc?. Can we get out of all this "public education" idea? The Dept. of Defense is very "fat".....stay home, and get out, and stay out of these un-needed wars!

I am a veteran. J. Lehmann.

John R. Dykers, Jr. (not verified)
on May 31, 2012

and here is HOW to accomplish the great suggestions made above
Laws designed to improve function can be briet. Laws designed for "loopholes" to satisfiy the particular interests of particular groups and their lobbyists and to keep lawyers well employed exploiting the convoluted language can run into the thousands of pages. eg The Medical Care Reinvention Act, 4 pages with annotations, and Obamacare that Nancy Pelosi famously described as having to be passed to see what it says! (Reminds me of my first mother in law who had to hear what she said about something before she knew what she thought about it!!!)
----- Original Message -----
From: John R Dykers
To: John R. Dykers, Jr.
Sent: Friday, October 07, 2011 2:03 PM
Subject: THE BIG FOUR FOR JOBS

Subject: THE BIG FOUR FOR JOBS

(1) The Medical Care Reinvention Act – 4 pages including annotations- www.dykers.com
(2) Term Limits – already 2 for President

2 terms for Senate, 3 for the House; better management control of civil service

(3) Leave the IRS Code intact and create a parallel single rate system with NO deductions. Will still have to calculate income on which tax is due but tax will be due on every dollar the same. Every current taxpayer may choose which system to use, but can’t switch back. All new taxpayers go on the single rate system.

(4) Abolish the corporate income tax AND require that 90% of earnings be paid in dividends (as is currently done with Real Estate Investment Trusts). The maximum Executive compensation limit is the lowest hourly wage paid x24x7x20 OR 1% of earnings whichever is greater. (that would be the same earnings 90% of which are paid as dividends to stockholders.) (an increase in lowest hourly wage would also raise the limit on executive compensation) (so earnings, dividends, wages and executive pay are directly linked!)

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A fifth-generation rancher from Mitchell, SD, Amanda grew up on a purebred Limousin cattle operation in which she and husband Tyler are active. She graduated with a degree in agriculture journalism...

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