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Create money -- pay off the national debt. That simple action has a Present Value ... (Ask your accountant what "present Value" means) ... of about $10 Trillion.That $10 Trillion can either (a) pay off the national debt, or (b) completely eliminate Income Taxes for the next eight years.
See government statistics where it shows that all income taxes collected in 2007 was $1,115,504,000,000 (that is about $1 Trillion)
The Government should never borrow money. It has the Constitutional power to print whatever money it needs (as do all sovereign nations).
To borrow money is almost insane if you can create it.
Ignore those that will say that printing money is inflationary. That is nonsense. If the printed money is spent on wealth-producing assets it will be neither inflationary or deflationary. On the world money markets our dollars should seek their natural level of value. If we are efficient and wealthy -- our dollars will be worth much. If we are laggards, our money will be worth little.
We should not be afraid of international wealth-producing competition. Challenge the rest of the world to a wealth-creating competition. Pay off all debts immediately with our newly printed money and never go into debt as a nation again.
This action will save $406 Billion every year in interest payments.
From: http://www.federalbudget.com/ "In Fiscal Year 2006, the U. S. Government spent $406 Billion of your money on interest payments to the holders of the National Debt. Compare that to NASA at $15 Billion, Education at $61 Billion, and Department of Transportation at $56 Billion."
That debt and those payments can all be wiped out if the government issues money rather than interest bearing bonds.
Some will argue that would be inflationary -- but such thinking is obviously incorrect. The national debt is already the same as money in the system, they are both claims on our national wealth -- converting that debt to actual money would not be inflationary.
Martin R. Carbone
