Ron Paul thinks Bankruptcy is the answer..

[Forever_frost]

As Reagan said "The problem isn't that we aren't taxed enough, the problem is the government spends too much."

[BP]

We haven't had higher taxes since the Clinton administration. The Bush taxcuts are still in place. I don't think we can make the argument that we've tried higher taxes to work our way out of it...

We, no. People making $250k+ a year though definitely have had tax increases though and anyone that inherited any money or an estate had massive tax increases over what would have happened prior to Obama. Percentage wise yeah no increases but deductions have all changed. Instead of "raising taxes" they've lowered deductions, which in effect make us all have a higher taxable income. There is plenty more coming.

Any time the government gets more of my money it's a tax increase, no matter how they want to explain it.

[bcoop]

We haven't had higher taxes since the Clinton administration. The Bush taxcuts are still in place. I don't think we can make the argument that we've tried higher taxes to work our way out of it...

The problem with bankruptcy is that it will fuck over our entire country for a very long time. I don't think RP has fully looked into the ramifications.

The solution, at least for now, is to get control of this run away spending. If the federal government shows some real fiscal responsibility (cut spending to the bone in all areas, cut tax loopholes, etc) and we are still short then I would "consider" a tax increase as a possible need. But those other things MUST be done first.

Under no circumstances is higher taxes the answer. If they raise tax rates, I'm announcing my intent to commit tax fraud. Period. Go ahead and come after me. Fuck them. They get enough as it is. What kind of logic is that? When you're in debt up to your eyeballs, a better paying job isn't the logical answer. The logical answer is to quit spending like a retard. If it came down to the two options, I'd support bankruptcy over a tax hike.

And yes, I realize you say cut spending first, close loopholes, etc. Even still, a rate hike just sounds completely absurd to me.

[Sgt Beavis]

If you owe more than you can ever possibly repay and you have an out why not take it? Higher taxes, more social programs and making the dollar more and more worthless every day doesn't seem to be working.

We haven't had higher taxes since the Clinton administration. The Bush taxcuts are still in place. I don't think we can make the argument that we've tried higher taxes to work our way out of it...

The problem with bankruptcy is that it will fuck over our entire country for a very long time. I don't think RP has fully looked into the ramifications.

The solution, at least for now, is to get control of this run away spending. If the federal government shows some real fiscal responsibility (cut spending to the bone in all areas, cut tax loopholes, etc) and we are still short then I would "consider" a tax increase as a possible need. But those other things MUST be done first.

[bcoop]

Seems out of character for him, when he preaches financial responsiblity. Bankruptcy is the easy way out, not the responsible way out.

I like a lot of what he has to say, but I have questions over why he made this statement. Perhaps he made the comment because even in the off chance he does get elected, he knows damn well the career politicians in Congress will continue to spend like drunken sailors.

[futant]

While I like a lot of what thean says. He didn't have a chance to begin with.

exactly. He has great ideas. Most impossible to implement.

Why ?

Because of the generations of government titty suckers liberals have pandered to for decades.
Until they go away, I'm convinced any reform is absolutely hopeless. Democrats and Libs would maintain just enough power to water down anything even remote 'reform' worthy for their constituates.

the irony is that it's just self defeating any way . Handing out money for social programs, especially like the ones we have, just makes everyone poor enough to stave off a real recovery and bullish economy enjoyed in the past.
Fucking liberals and their self entitlements. I hate em.

[Broncojohnny]

If he really thinks that, he is an idiot.

[8mpg]

While I like a lot of what thean says. He didn't have a chance to begin with.

[BP]

If you owe more than you can ever possibly repay and you have an out why not take it? Higher taxes, more social programs and making the dollar more and more worthless every day doesn't seem to be working.

Ron Paul has some great ideas and realize that most of them will never happen, even if he is elected. However more of the same isn't the answer. You need someone in power on the extreme conservative side to offset the years of extreme liberalism that's been running the country. You can't fight off a rabid pitbull with cropped ears by talking to it nicely, you need to overwhelm it with force.

Of the current crop of announced candidates I like Michele Bachmann. She's had some pretty whacko comments over the years but her core principles are sound. She is a real conservative in every way.

[Trip McNeely]

Ron Paul is a loon. He just blurts out whatever senile idea pops into his head.

[Sgt Beavis]

IMO he just shot a big hole in his candidacy..

http://money.cnn.com/2011/06/28/news/economy/ron_paul_bankruptcy/index.htm?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+rss/money_latest+%28Latest+News%29

NEW YORK (CNNMoney) -- How should the United States deal with its growing debt problem? Ron Paul thinks declaring "bankruptcy" might be a good idea.

The Texas congressman and Republican presidential candidate was discussing Greece's fiscal trouble with Iowa radio host Jan Mickelson on Monday when he was asked, "If bankruptcy is the cure for Greece, is it also the cure for the United States?"

"Absolutely," Paul replied.

Of course, sovereign nations can't declare bankruptcy the same way a corporation might. Instead, the government would be unable to fulfill its obligations, and would stop making payments on its debt, resulting in a default.

Greece is currently embroiled in a debate over how to pare back its social programs and government spending to secure another bailout for paying its debts.

Paul said social programs -- medical care and other benefits -- have pushed Greece to the edge, and the United States should take note.

"The big message there is the fact that the people who are seeing they are losing their benefits and their free medical care and all, are rioting in the streets," Paul said. "That is the problem, and we are not immune from that."
How Washington screwed up the budget

Paul -- known in Washington for his renegade economic ideas -- wants to convert the U.S. monetary system to one based on the gold standard, and held a hearing last week to grill federal officials about his bill to audit and inventory the nation's gold reserves.

The Texan is no fan of the Federal Reserve either, and suggested Monday the United States should eliminate the Fed as a way to reduce the deficit.

"We owe, like, $1.6 trillion because the Federal Reserve bought that debt, so we have to work hard to pay the interest to the Federal Reserve," Paul said. "We don't, I mean, they're nobody; why do we have to pay them off?

However, the Fed returns the interest earned on those holdings to the federal government. Last year, the Fed sent $79 billion to the Treasury.

On the debt ceiling, Paul said the most likely scenario is that lawmakers pass a series of short-term increases of the nation's borrowing limit. And he said that if the U.S. were to wipe out the debt owed the Fed, investors would gain confidence.

"They'll say 'Hey, they've just reduced the deficit by over a trillion dollars, now they can handle it. They can go back to meeting their other obligations,' " Paul said. "It might give some reassurance to the market."