The 99% Declaration » 8. Debt Reduction

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# 8. Debt Reduction

Grievances Add comments
Dec 082011

Debt Reduction. Adoption of a plan to reduce the national debt to a sustainable percentage of GDP by 2020. Reduction of the $15 trillion national debt to be achieved by BOTH fair progressive taxation and cuts in spending that benefit corporations engaged in perpetual war for profit, inefficient health care, pharmaceutical exploitation, over-prescribing medications for profit, monopolization of the media by a small group of corporations, the prison and military industrial complexes, criminal banking, securities and financial schemes, the oil and gas industry, and all other corrupt monopolies, entities and individuals that have used the federal budget as a private income stream for decades. Corporate bribery of politicians can no longer be deemed a cost of doing business paid for a lucrative “return on investment.” This abhorrent and brazen “pay to play” racket run by Congress, corporations and the top income earners, puts greed ahead of People, resulted in a $15 trillion national debt and an unprecedented downgrade of our sovereign credit rating.

Click here to see the US National Debt Clock

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### 20 Responses to “8. Debt Reduction”

1. elkojohn says:
   2012/01/25 at 7:51 pm

   Everything is set up to make us a ”consumer society” so you spend everything you have and borrow everything you can borrow to buy – buy – buy. In addition, the financial system is a big casino with all kinds of crazy stuff like options, derivatives, forex, futures, short selling, 9-1 margins, etc., etc.

   The Fed’s job is to support all this crap by manipulating interest rates and printing paper notes called ”dollars.”

   It’s going to take something really intelligent and effective to replace the ”Consumer Society” with something that works by, of and for the people.

   It won’t be easy.

   Global Predatory Capitalism is a MONSTER
   (and I’m not talking about small to medium size or family owned businesses that need to be protected from the bureaucratic, inefficient, incompetent, apathetic government MONSTER).

   And it just may take another 1930′s Great Depression to get enough people in the streets.

   BUT, liberating ourselves from Global Predatory Capitalism is the only salvation for the future of our planet, the plants & animals and the humans.

   So we will fight them in the streets, in the halls of government, in the pews of the churches, in the town halls, in the political conventions, everywhere possible
   — until victory or defeat.

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2. bchristie says:
   2012/01/21 at 7:27 pm

   To Reduce the Debt and to End the Fed are so closely related that it’s hard to separate them; nor should we. Under the present monetary system the national debt cannot be significantly reduced without destroying what little is left of the Main Street economy. To End the Fed says nothing about how to form a viable money system to replace it.

   In both threads, many good intentions and ideas have been expressed, but the conflicts between them reflect in large part stalemates that result from attachment to the linguistic baggage that the private banks have for generations used to frame the American economic consciousness in a way that supports private control over the public functions of money. Even the thinking of the “gold bugs” who want to abolish the Fed and return to the “gold standard” is imbued with magical thinking that clouds the actual monetary facts of history as well as the present situation.

   Debt-money is, in the U.S., a fiction that resulted from the creation of the Fed and its relation to the Treasury, which occurred because of the political power of the big banks at the time. Why would any sovereign nation cede its authority over its own money system to a hierarchy of private banks? For more Bankster fun and profit, of course!

   It’s not that the federal debt is non- existent, it is that the debt is CREATED FROM A FICTION every time ‘money,’ whether printed or entered into an electronic ledger, is issued as government debt. That is, as several have acknowledged, the Fed “loans” money it does not have to the Treasury, which in turn issues T-bills and other “obligations” which the Fed may hold in its “portfolio” or auction off to the Chinese or whoever. The Treasury prints paper money mostly for circulation in the ordinary economy or makes an electronic ledger entry for the money it “spends.”

   Oh, by giving away its sovereignty over our money system our government “goes into debt” to the Fed, a private bank with rergional subsidiaries, all owned by the big banks whose interests they serve. How convenient for the private banking members of the “Federal Reserve System”–sounds so ‘governmental,’ huh? What possible reason would a sovereign people have for allowing such a crazy give-away of the commonwealth to such financial special interests? Well, information distribution was not all it should have been in 1913, as well as today.

   So, if we cut through all the debate over various fragments of this mess and focus on the key elements (debt-money vs. credit-money and sovereignty over the monetary system) the solution becomes clear and the means to it can be recognized as feasible. But that requires that we break loose from the conceptual shackles that have controlled the debate, or lack of debate, since the Fed was created.

   The proposal for converting from a debt-driven monetary system to a credit-driven monetary system offered by Rep. Dennis Kucinich in his HR 2990, ending “fractional reserve” banking, where the banks can lend far more than their ‘reserves’ (the money they have on reserve with the Fed), so that money can instead be treated as credit rather than debt, is based on sound scientific research. Why is it so soundly ignored by the corporate media? No, it’s not a conspiracy; it’s a way of life for the members of the financial and corporate power elites and their political cronies.

   While many historical examples of credit-based monetary systems are available, though not widely known, they are largely based on far less complex societies than ours, with economies based on moral principles and social relationships, not ‘rational’ calculation and pure self-interest. And the transition to a new kind of credit-based monetary system is very important in our case because of the complexities involved. While I would advocate throwing out all Econ 101 texts for several fundamental reasons, some economic research and systems analysis is very useful for this purpose.

   In particular, Professor Yamaguchi (Cal. Berkeley and Doshisha universities) has applied general systems dynamics to the issue. His findings are much of the basis of the Kucinich bill. Even more important, his models have shown that given the parameters we find ourselves working under today, the present spiraling national debt is simply unsustainable, particularly since we are at the inflection point of increasingly accelerated growth in the debt that would continue to grow rapidly even if there were no more annual deficits. More important yet, the models show that a smooth transition is possible, if the government issues its own money rather than ‘borrowing’ the phantom money that is debt, for its operations while paying off the national debt with the same sovereign money when each note comes due, the national debt can be gradually paid down, all without inflation.

   In the context of our contemporary conceptual framework for thinking about such things, it is very difficult to give such claims credence. Yet, I would say, it is far more probable that Yamaguchi’s models are correct than that the Bankster Ideology represents some universal truth!

   Kaoru Yamaguchi, “An Economic Modeling of the American Monetary Act,” found on the American Monetary Institute Monetary Reform Web site, is a must read! I have not completed my analysis of the paper, but it looks to have great potential as a starting point for developing a viable monetary/banking system that would serve the nation, not the financial elite.

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3. smlgjohn says:
   2012/01/19 at 1:09 pm

   I was wondering what the possibility is of all nations writing off the debt they have now and going forward being required to maintain a balanced budget with no deficit spending allowed? Is this possible?

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4. lylareed says:
   2012/01/19 at 10:51 am

   First eliminate the Federal Reserve Bank and stop wasting Tax Payers money to benefit corporations. Most economic wars are started to benefit corporate profits in emerging foreign markets. War for profit became part of western history when Alexander the Great…robbed and plundered the known civilized nations from Greece to Egypt to Iran (Persia). Alexander the Great is also the mastermind of building the first national money mint.

   The Federal Reserve is ran by “appointed” not elected people…who represent USA Corporations and big Bankers…all who are guilty of corruption our DC politicians…the old saying is that the Banker’s control congress and the military tells the Bankers what to do.

   The Federal Reserve should be eliminated unless the board of directors is elected by the people…but even that is questionable because of the corruption of money in mass media. There is no reason to have a Federal Reserve if REAL Bank and Securities reform happens. Starting with criminalizing bankers who caused this recession/depression.

   So stop wasting Tax Payers Money on “war for profit” a history that funded “slavery” by New York bankers in the 1840-1850′s and lead to the US Civil War…and has continued since and includes in our US History of “Robber Barons” and big Bankers who funded “Banana Dictatorships” in the Americans…which lead to revolutions to ride those countries of another type of slavery to the rich and powerful dictator military families…and resulted in Cuba of today.

   The corruption of the USA by big money is well documented. This part of our history is a repeat of our history from the 1850′s forward. Slavery of blacks was stop by President Lincolns Civil War…but corporate slavery of children and the poor was not stopped by President Lincoln. And the public was warned by the late President (General) Ike Eisenhower who before leaving office warned against the Military/Industrial complex. Eisenhower said that, “ever dollar spent of war took food from the mouths of our children…”

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5. dbreslin47 says:
   2012/01/18 at 2:07 am

   Scott Baker is absolutely right…the Constitution does permit the printing of money to settle all government debts. The current system just keeps the rich and powerful of this nation with money, luxury and influence and the poor indebted to them and barely getting by!
   Getting rid of the busch tax cuts for the rich, Raise top level taxes to 40 percent Clinton Era rate, eliminate corporate loopholes and unfair tax breaks, exemptions and deductions,Investment income taxed at 40 percent not the current 15 percent, Tax all stock market transactions, eliminate all subsidies except for transportation air rail, End offshore tax haven abuses punish those that try to avoid taxes by hiding their money, reinstate inheratance tax, end tax breaks for companies to move their companies overseas, end tax breaks for companies inventories overseas also End all the other tax breaks for millionaires, over 1,470 households made more than a million dollars and yet paid nothing — zero, zip, nada — in Federal income tax in 2009 all the silly corporate welfare programs and it will generate about 1 Trillion one hundred billion yearly simply by collecting this lost or given away revenue!!!Social Security does not contribute to the National debt (not a penny)! It does however need to be means tested. Anyone making over a certain amount does not need to collect it. Or the income level can be raised over the current $106,000 to maybe every dollar made that would more than solve any shortfalls for medicare and medicare and provide for Universal health insurance for all! Why should only the working poor and middle class have to pay to it on every dollar they make and not the rich? Anyone concerned with the debt should be outraged by all this corporate giveaway!!! They certainly don’t need to lower taxes on the rich or corporations for that matter

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6. pclark44224 says:
   2012/01/04 at 9:26 pm

   Agreed. The runaway debt of our nation is probably one of the biggest issues we face and the one most likely to cause our downfall. Despite the way a lot of people make it sound getting out of debt is essentially simple and achieved in two primary way: Increase Income and Decrease Expenses. The same way you or I would do it is the same way the nation has to do it.

   Decreasing expenses is the simpler of the two , but somewhat more difficult. Some fat is easy to trim (unnecessary wars, subsidies, bailouts) but when you have things you’ve been used to for so long or are emotionally attached to theyre tough to get rid of (Social Security, Medicare, aiding foreign nations). But these are the hard choices we have to make. We first have to sit down and determine what is actually Constitutionally provided for, and then of those programs that are left we have to determine what we NEED and what we can AFFORD. Many of us are swimming in debt so we know how this process works. We also know its very painful, but it has to be done. Do you really NEED cable or can you do without it? Do you really NEED a new pair of shoes or can you just glue these ones together and go a few more miles?

   Increasing income is more complicated to figure out, but once we have the how the implementation is easy. Most people automatically think higher taxes are the way to increase income, and conventional wisdom would suggest this direct approach is true. However there are many that believe the indirect approach of lowering taxes would increase the GDP and cause an net increase in income. I’d be lying if I knew which one worked better, but with most things it probably lies in striking the popular balance.

   I am also in agreement with those that say we need to end the Federal Reserve system. Using it is like trying to pay off a credit card with another credit card. The debt is still there, it just keeps going back and forth constantly increasing.

   “The most powerful force in the universe is compound interest” – Albert Einstein

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   - scottbaker says:
     2012/01/05 at 5:33 am

     Sorry, but you have bought the line the 1% wants you to believe.
     The facts are:
     1. There is no debt – examine the Comprehensive Annual Financial Reports (CAFRs) for your local city or region (no one can look at all 184,000 of them). These report the TRUE income of the entity – including not just taxes, but investment income, which in most cases, roughly doubles, or more, the income politicians use to justify raising your taxes and cutting expenditures. There’s no room to go into it all here, but look at this site:
     http://www.comprehensiveannualfinancialreport.com/
     CAUTION: this will take some time & effort to read, which is why most people don’t do it. The reward is finding 10s of trillions of dollars in government accounts that really belongs to the people (the 99%).
     2. Money does not have to be created as debt. Money, first created by Lincoln as the original Legal Tender in the original United States Notes, and re-issued 14 times until 1971, can be created by Congress under Art. 1 Sec. 8 of the constitution DEBT-FREE, not through the Fed. Reserve (a private central bank). Then, carefully distributed to areas of the economy in DEflation (e.g. infrastructure), so as to provide jobs and a reinvigorated middle class. Money Creation is a sovereign right that has been stripped (mostly) from us since 1913.
     I am advising on a lawsuit against T. Geithner right now on this very issue: http://www.opednews.com/articles/The-American-Crisis–To-F-by-Clifford-Johnson-120103-997.html
     3. There is enough money collected in the form of “Rent” to idle speculators and monopolists to pay for all government needs, while eliminating all other forms of taxes. Rent, including rent on location, is 33-40% of GDP. It gets its value entirely from popular demand and not from anything the resource holder has done. It belongs to the people. A Resource Value Tax would eliminate all major booms and busts, going back at least 500 years (and occurring about every 18 years in the Western Capitalist world). See: economics.ucr.edu/papers/papers08/​08-12old.pdf

     This entire thread should disappear from this site. It is serving the 1% to talk about debt and deficit reduction. The truth is they are siphoning off 80% of the wealth and there is no reason for the 99% to sacrifice anything more. Further, by so doing, the 1% is destroying the productive capacity of the nation and its natural opportunities. The 1% is not the most productive class, it is the LEAST productive. It gets its wealth through theft, deception, and rent-collection. Don’t buy the lies.

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     - pclark44224 says:
       2012/01/06 at 8:42 pm

       I don’t really understand how you can say that the government has no debt. Now I understand that the federal government can print its own money and that money created does not have to be created with debt. But the fact of the matter is that it has been created with debt. The nation has borrowed money, and borrowed it at interest. It has borrowed it not only from the federal reserve, but also from other countries, and even individual people (govt bonds). And until this is paid back, we will continue to have debt. I don’t see how this is a “1% lie”. If you have information that says we haven’t borrowed money from any of these sources then by all means share it. But until you do I simply cannot buy the argument that the debt is a lie.

       In response to point 2 Scott
       As I also stated the first step is to remove ourselves from a debt based monetary system (ie The Federal Reserve). You cannot pay off an interest bearing loan with another interest bearing loan. It simply doesn’t work. Get the country back to printing its own money, debt-free, and we’ll have a place to start. So I think we’re in agreement here.

       In regards to 1
       You bring up a great point with CAFRs. If the government does truly have this money available then it would be a great boon to the economy. But this is something that needs to be looked at in terms of incomes and expenditures. I guess I may not have been exactly clear on this, but this is part of what I was talking. An overall examination needs to happen, an audit of the government’s finances. Sic the IRS dogs on the feds for a change. But overall, we need to see whats coming in and whats going out. It it comes out that we’re positive, then great, keep all systems in place and give the excess back to the people (finding new ways to spend the money I don’t think is a good idea in this case). If it turns out in the red though, then we have to start examining how our money is coming and going and how we can increase income and decrease expenses.

       As for 3
       I wasn’t really talking about a new system of taxation or trying to suggest one. I have my thoughts on this covered in the “Fair Tax Code” section.

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       - scottbaker says:
         2012/01/07 at 4:25 am

         Most of the other writers, and me, have already responded to the debt issue, but I stress, again, look at the TOTAL assets of the governmental entity (local, State, Federal). You will find:
         1. The governments collectively are the largest holders of stocks, bonds, and commodities, holding over half via pension and agency “rainy day” and other funds (e.g. I found a quarter trillion in just NY State and NYC pension funds alone, just scratching the surface). Now you know why they were DESPERATE to re-inflate the secondary markets, by whatever means necessary.
         2. The income from these assets is now larger than the income from taxes – yet is only reported in the CAFRs, never in the media, which is both ignorant, and which likes to scare us for ratings.
         Question: if you had a pension fund with $140 (or so) billion, that had to shell out net (after contributions) about $5 billion/year to pensioners, and you also had the ability to collect more through taxes, would you call that fund broke? No? Yet, that is exactly what is happening here in NY, and elsewhere with similar fund/amounts. We are NOT BROKE. This is a lie promulgated by the 1% controlling the assets that ought to belong to the people, facilitated by revolving door politics in the Treasury, Controller and other financial offices.
         I already mentioned the need (or NEED, as in Kucinich’s HR2990) to get off debt-based money. Until we do that, the debt increase will ALWAYS outpace the ability to pay for it. A prominent member of the 1% whose Modern Monetary Theories are being adopted by the Fed/Treasury etc. told me that’s what bankruptcy laws are for (though he did admit those were too weak currently), but Greenbackers like me say, “No,” that’s what Occupy is for, to change the status quo and end debt-based money.
         The only “fair tax” is a Land Value Tax, but I agree, that’s for another forum.

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     - mspollok says:
       2012/01/12 at 10:07 pm

       This is absurd double talk. When your revenues are less than your expenditures you are in debt.

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   - zarepheth says:
     2012/01/05 at 10:52 pm

     As ScottBaker mentions, the federal “debt” is essentially a fiction. Although states and local governments have to acquire wealth through taxation, the federal government has the power to literally print money. If the federal government simply created the money needed to fund its expenditures, the federal debt would not exist.

     The banking and finance industry will immediate cry “Inflation!” at this proposal, but besides adding money to the economy through spending, it can also remove money from the economy through taxes. There is no need for interest bearing debt to pay for federal expenditures. Further, to keep the economy stable and flourishing, the gap between federal spending and federal taxation should equal the difference between the price of all goods and services made available in the economy versus the wages, salaries, and other income received by all the consumers in the economy. This value is not zero!

     According to Richard Cook, at http://www.richardccook.com/2011/04/22/six-part-video-now-available-credit-as-a-public-utility-the-solution-to-the-economic-crisis/, if the federal government were to bridge the gap between the cost of products and services produced in our country versus people’s incomes, it would amount to approximately $1000 per month per citizen – that is every man, woman, and child in the country (about 300 million people).

     That is a large gap, with two means of being filled: 1) borrowing 2) foreign trade. End consumers borrow money to purchase some of the goods and services for which they are inadequately paid. Businesses producing goods and services attempt to sell them to foreign markets. Both situations are bad. Borrowing turns the borrowers into slaves for the lenders – and the reason why the Bankers and Finance industry will do everything in their power to stop any attempt to truly fix the economy but will continue to preach austerity. Foreign trade is a problem because every country in the world is trying to do the same thing. In the end, national governments and large financial firms lend money to 3rd world countries so those nations can buy products from the wealth industrialized nations. This keeps the 3rd world countries in abject poverty and keeps us living large on the backs of their labor and the benefits of stealing their natural resources. Trade competition between countries can also lead to war.

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     - pclark44224 says:
       2012/01/06 at 9:16 pm

       As I mentioned above I don’t understand how you can call the national debt fiction. Its been borrowed, the government owes it. This is debt. You have to either say that the government hasn’t borrowed or that it doesn’t owe it for the debt to be fictional.

       I don”t understand your point about inflation. The government can create money, and it can destroy money. If the amount of money destroyed does not equal the amount of money created then inflation occurs. I’m not really sure what you’re trying to argue here. I know and understand that a debt based money system doesn’t have to be the case, and agree that it shouldn’t. But if you’re trying to say that the country can eliminate its debt simply by printing more money then I have to very strongly disagree with you. But you’re probably not saying that because you say the debt doesn’t exist at all.

       I agree, borrowing is not the answer to our problem. Borrowing is debt and debt is bad. That’s exactly what we’re trying to get away from. However, I can’t share your sentiments on foreign trade. Foreign trade benefits us greatly. It allows us to purchase products and services that are produced better or cheaper or we otherwise would not have access to and at the same time allows us to sell those products and services we produce better, cheaper or at a surplus and don’t need. Resource disparities cause wars, and attempting to interfere with trade will only increase war.

       I’ll save comment on the “Credit as a Public Utility” videos until after I’ve watched them.

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7. Nathan D says:
   2011/12/19 at 1:43 am

   As much as I’d like to eliminate the Federal Debt, if we attempt it without also changing our nation’s monetary system, every dollar removed from the Federal Debt will equal a dollar (or more) removed from circulating in our nation’s economy. We have a debt-based monetary system. Every dollar that comes into existance started out as an interest bearing loan from a banking institution that practises fractional resource banking under the auspices of the Federal Reserve system. In order for this system to function, more and more debt must be created in order to create more money to pay the previous debts. Without exponentail debt growth the economy will collapse.

   To eliminate the Federal Debt, the federal government must issue its own money , without interest, to pay its bills instead of borrowing from the Federal Reserve. Dennis Kucinich introduced a bill in congress, HR 2990, that would do this. Implementing this bill as originally written would seemlessly shift our monetary system from being based upon debt to being based upon the faith and credit of our nation, and save us the whole amount current spent on interest. It would also make it possible for everyone in our nation to be simultaneously out of debt and still have enough money to make the economy flourish.

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   - scottbaker says:
     2011/12/25 at 2:38 pm

     The above writer is correct.
     Preaching austerity for the 99% and profligacy for the 1% is a favorite tactic of the 1%, and only hurts the 99%.
     We have had a fiat monetary system since Nixon took us off the gold standard in 1971. That is a GOOD thing. What is a bad thing is routing virtually all the money to the 1%.
     We must retake the Money Creation Power to “coin Money” (Art. 1 Sec. 8 of the U.S. Constitution). The way to escape debt is simply not to create it, by returning Congress to the power to make money, as the founders intended, as Lincoln first did (1862), and as we had – albeit in too small amount – until 1996, when Treasury falsely claimed, and still claims, that there is no difference between debt-free United States Notes and Federal Reserve Notes (stay tuned for news of a lawsuit filed for that reason against Tim Geithner real soon).
     The power to create the money supply is one of the fundamental powers of any sovereign government. A Government that cannot create the currency, at least for its own needs, is no more sovereign than a government without a military or president.
     We do NOT NEED TO BORROW OUR OWN MONEY!
     Take this requirement out of the list, or many people will not join. This is Tea Party mantra, and we need to rise above their ignorance.
     - Scott Baker
     president, Common Ground-NYC, NY Coordinator, Public Banking Institute

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8. Jean Netherton says:
   2011/12/18 at 3:09 pm

   drop 8 Debt Reduction but include the debt reduction

   wording in the other items. i.e. jobs reduce debt,

   eliminating war reduces the debt, etc.

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9. David Gilbert says:
   2011/12/16 at 7:46 am

   Eliminate corporate loopholes, unfair tax breaks, exemptions and deductions, subsidies and end offshore tax haven abuse saves $100 billion a year. End the wars and reduce the military budget by half saves over $400 billion a year. A 3% annual surtax on incomes over $1 million would raise $200 billion a year. A tax on all Wall St. financial transactions of 1% would raise $400 billion a year

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10. Brian coon says:
    2011/12/13 at 9:35 am

    To decrease the Federal debt(which is not our debt),calls for they’re complete abolishment,they defy the principals of our nation,and are inadequate in sustaining the Liberties of the populace,they violate the constitution,have violated the constitution but must not be allowed to continue.They’re financial stability depends on constant debt and failure.they are an obvious choice for elimination.

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11. Johnathan Mcwilliams says:
    2011/12/10 at 4:03 pm

    You all have a passion for the truth but I believe you lack a sincere compassionate voice to represent your many voices. I know you believe it to be wrong but i find it imperative. Someone who’s best interest is peace on earth. Not just peace in the U.S

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    - Brian coon says:
      2011/12/13 at 9:38 am

      Yes,but before we can help everyone,we have to save ourselves first,…one drowning man cannot save another drowning man.

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12. Patrick Molen says:
    2011/12/10 at 3:40 pm

    We need to lower the unsustainable debt accumulation in this country.
    If our Republican and Democratic leaders remain paralyzed like a deer caught in car headlights, it will only be a matter of time before “the market” ruthlessly puts and end to our unsustainable debt accumulation. When “the market” makes the decisions, the entire burden will fall upon the shoulders of the poor and the middle classes…….either way, current political paralysis or future market directed solution and the poor, the working class and the middle class bear the burdens and the elite 0.1% continue on their merry ways. Time for We The People to shake up Washington DC.

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4. Term Limits
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