Quote:
Originally posted by Superbelt
Well, actually no. By not paying down the debt it becomes necessary in the interest of this countrys solvency to raise taxes. That would just be more of your money you can't keep.
Paying off the debt frees that money up so you can stop fretting over your taxes being raised and used for ill.
And in your analogy.. (I) have tremendous credit card debt, crippling. I'm already barely making ends meet.
So I of course decide to give back part of my pay each week to my boss. That's your tax cut.
Now how can I pay off my credit debt?
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Without prioritizing expenditures and cleaning house, raising taxes is pointless, it just gives the government more time to avoid making the tough decisions. Raising taxes has been the answer for far too long. First prove that every ounce of fat (hell, one ounce of fat is more than has been cut in decades) has been cut from current expenditures and then I will gladly contribute more taxes if the country is in desperate straits.
If you want to recall ALL the politicians based on their fiscal actions, I'll agree so long as we put people in place who will first cut spending before they reach into the citizens pockets again.
As far as how you will pay off your credit card debt, a start would be to stop subsidizing your crazy uncle's performance art then proceed to cut out every other expense that ranks lower than your priority of reducing credit card debt. Until that's done you're nowhere near a path to being debt free.