First welcome to the board
But a question. Since we run the country at this point with deficit spending you are suggesting that, instead of charging $750B to the nation's credit card, we should also reduce revenue by a similar $750B meaning that, in one fell swoop we raise the National Debt by $1.5T.
Now I know you might be thinking that those tax cuts will stimulate the economy and multiply their revenue generation. That logic has been tried three times [Reagan, Bush1 and Bush2] and in each instance we have NOT increased revenue and instead simply increased deficit spending.
So the question. How do you propose building revenue with a plan that doubles down the Deficit Spending?
My general assumption is that the trickle down approach is fine in a growing economy, or mild or shallow recessions. So BushCo has tried what Reagan tried (did Bush1 lower taxes? Don't think so), and you see what an absolute failure that is.
First, that bill which was so urgently needed will not help for another 3-12 months, depending on what that braintrust is doing at the moment.
Secondly, we're no longer in a growing economy. This is depression like economy. This could be hyperinflation, or stagflation, but right now looks most like the Great Depression II. If so, you (Gov) had better get money into the hand of people to pay their bills, buy some more crap from China, and boost the economy.
If they continue to believe (as someone here suggested) that trickle down from the Wall street crooks and the big three is going to help the people, that would be a mistake.
What we're really talking about is unfreezing the economy. Nothing does that better than money flowing up, trickle UP.
140M workers will mostly recycle their savings immediately into the economy, or pay down debt.
They'll need to re open circuit city and best buy will have lines at the checkout again.
Now, this is not the best solution since all these goods are mostly made in China/elsewhere, but at least it will unfreeze the markets and put people BACK to work.
We're on the cliff between the current fake 6% unemployment, staring right at 20%.
Yes, the debt was 5.5T 8 years ago, and now the ceiling is 11.3T, and my suggestion would increase it to 12T.
The debt argument is long lost.
As I recall back in the day, "WE JUST OWE IT TO OURSELVES!" and "IT DOESN'T MATTER!".
It looks like it does, but we won't find out for another 2-5 years when the dollar is worth less.
EDIT: McBear, it would have been smart to not rack up the 5.5T to 11.3T in the last 8 years, and instead have had some for a rainy day. NOW is the time to rack up the large debts!!! Still, one might start to wonder where the money has gone. Everyone is or will soon be broke. The local Govs are or will soon all be broke. The corporations can't get loans either.
Where did the money go???
It was not there to begin with is probably the correct answer, but if it did go somewhere, it is overseas and probably in a swiss bank account.