Here's an Idea For You...

Recently I had almost an epiphany. I refer to it as almost one because the idea might actually not work as well in reality as it does in my head.

The US national debt is over 15.5 trillion dollars and rising. Breaking that down, per citizen it’s about 50,000 dollars; per taxpayer it’s about 140,000 dollars; the US federal budget deficit is about 1.3 trillion dollars; and US federal spending is over 3.5 trillion dollars. (Deficit is per year what debt we have while the debt is overall what has been accumulated.)

Now the whole idea of getting rid of the deficit is for consumers to start spending more money so that aggregate demand will increase. To do this, you’ll have to cut taxes and increase government spending.

–Which by the way, ignore the republicans budget idea for the new election because it is a proven fact in economics that if they cut government spending, we’re going to hit another recession. If government spending decreases then aggregate demand does as well which means less GDP, less spending, and a lower price level.

If we’re going to cut taxes then that reduces the amount of money going into the budget. Also by increasing spending the government will have to borrow the money in order to increase their spending, which in turn, will increase consumer spending. So basically it’s just a vicious cycle of debt and it seems there is no way out.

But here’s my idea. There are plenty of rich people out there that earn billions a year or more and I bet that they don’t use every last cent of that earned money. I think it would be extremely beneficial if everyone that earns over 1 million dollars per year contributes to paying back our national debt, just out of the goodness in their hearts. If they could contribute each year more than 1.5 trillion dollars (all together) then we can begin to bring the debt down and get this nation to feel secure again.

However, a lot of these rich people are just big jerks like Mitt Romney and won’t help out the people who are affected by an increasing deficit because they’re still earning millions to billions of dollars. Hell, I even bet that some of those super rich people don’t even realize how big of a problem this deficit is. They’re going to sit there and spend millions on a new clothing line instead of helping out the nation they live in for our future generations.

If I was a billionaire, I’d totally donate my money to decrease the deficit and not expect a penny back.