How can the national debt be eliminated?

Answer 1

It would require rather radical solutions to fix the national debt, and it is doubtful that Obama could obtain Congressional support for radical solutions even if he were inclined to use radical solutions, which is not at all apparent to me. However, I can suggest useful strategies for fixing the national debt, despite my doubts that Obama will make use of them.1. Legalize all drugs and allow them to be sold legally in drug stores. Collect sales tax on drug sales, and save the enormous cost of the current drug enforcement program.

2. Reduce the prison population by finding alternative methods of dealing with the large bulk of criminals. Fines are great, since they actually generate income rather than costing money. Pardon people who are guilty only of victimless crimes. It is extremelyexpensive to imprison people.

3. Greatly reduce US Military expenditures around the world. There are a number of ways that the US can deal with other nations without having to deploy troops at enormous expense. Personally I would close military bases outside the US and bring the troops home. The US can retain the capability of devastating attacks when and if necessary. For example, if North Korea does attack the US as it has threatened to do, a very convincing response would be the nuclear annihilation of Pyongyang. That would cost a lot less than sending over an army to do battle.

4. We have to be much more serious about preventing Medicare fraud, which costs the US an insane amount of money. Perhaps after ending the war on drugs, we can re-assign the personnel of the Drug Enforcement Agency to look into Medicare fraud.

5. All areas of wasteful government spending need to be re-examined.

Answer 2

By balancing the budget. This can be done by increasing government income (raising taxes) and decreasing government expenditure.