How to pay back China - Democratic Underground

JDPriestly

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Tue Feb-01-11 01:14 PM
Original message

How to pay back China

Place import taxes on goods brought in from China -- and repay China out of the tax revenue. That would solve our deficit right there.

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Drale

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Tue Feb-01-11 01:17 PM
Response to Original message

1. China would probably have a heart attack about that

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Statistical

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Tue Feb-01-11 01:18 PM
Response to Original message

2. China represents about 6% of all federal debt.

We will pay china say way we pay everyone else.

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defendandprotect

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Tue Feb-01-11 01:19 PM
Response to Original message

3. We could also stop subsidizing the Vatican and use that money to pay off China ....

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JDPriestly

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Tue Feb-01-11 02:06 PM
Response to Reply #3

4. Good idea, defendandprotect

Maybe our bill for purchases of military equipment to support the Mubarak regime will decrease and we can pay our deficit with that. Don't count on it.

Imposing an import tax is the surest, easiest, best way to pay off our debt. And all it would take would be maybe a penny on the dollar of the purchase price -- a VAT at sale for everything imported from China (and maybe elsewhere). It's probably the only way we can save our country like it or not.

The difference would be that a toy that now costs $20 would cost $20.20. That's really not an oppressive tax, not on anyone.

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bluethruandthru

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Tue Feb-01-11 02:12 PM
Response to Reply #3

6. +1000 n/t

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ProdigalJunkMail

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Tue Feb-01-11 02:07 PM
Response to Original message

5. Or we could just inflate the currency

and piss off the whole world...

sP

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JDPriestly

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Tue Feb-01-11 03:03 PM
Response to Reply #5

7. Which is what will, no doubt, happen if we don't do anything else.

I am planning to buy soil today. If the price has yet again gone up for just dirt, then I will know that the inflation is underway big time. As demand ebbs, handling costs per unit of product increase. And prices go up. That's just one tiny bit of pressure on prices. We will feel it before long. Hopefully, it will cut into the amount of imported junk that washes up on our shores.

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Statistical

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Tue Feb-01-11 03:12 PM
Response to Reply #5

8. Inflation helps debtors and hurts creditors

and we are a debtor nation. Not just federal debt, but state debt, mortgage debt, credit card debt, corporate debt, auto loan debt.

Debt debt debt.

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ProdigalJunkMail

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Tue Feb-01-11 03:16 PM
Response to Reply #8

9. Yep...we inflate our way out of the problem

and the only group that benefits is the federal gov't and state gov't and all the people in the US who are buried in debt. It will crush all the creditors...

It really isn't a good idea...but it would handle the debt :-)

sP

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Statistical

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Tue Feb-01-11 03:21 PM
Response to Reply #9

10. We have backed our selves into a corner I think that is the most likely.

Edited on Tue Feb-01-11 03:29 PM by Statistical

Now I am not talking about hyper inflation but more like 4%-6% sustained annual inflation. That cuts buying power of a dollar in half in 12 to 16 years. It also makes $14T in debt the equivelent of $7T in debt which is much more manageable.

Now I agree it isn't a good idea but we are running out of good ideas racking up $1.5T deficits.

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ProdigalJunkMail

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Tue Feb-01-11 03:26 PM
Response to Reply #10

11. I agree...

plan ahead, my friend.

sP

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JDPriestly

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Tue Feb-01-11 11:17 PM
Response to Reply #9

13. Inflation hurts older people who have saved dollars that lose their value in inflation.

It also hurts countries that produce natural resources like Saudi Arabia. They take their money in dollars today for resources that are not replaceable. When the dollars they get for their resources lose value, they have problems.

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ProdigalJunkMail

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Wed Feb-02-11 09:35 AM
Response to Reply #13

14. I did not say it was a good thing

but I do believe that some degree of significant inflation will occur ... seems to be inevitable.

sP

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JNelson6563

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Tue Feb-01-11 03:28 PM
Response to Original message

12. that's right. Can you say "tariff"?

I knew you could.

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