Mr. Wonderful’s CRAZY Plan to Pay Off the U.S. Debt (Will it work?)
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- Опубликовано: 14 июн 2024
- Kevin O'Leary has an outside-the-box plan to pay off our country's debt. Could it actually work?
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My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US.
Inflation can have a significant impact on individuals and their cost of living. As a result, it can cause negative market sentiment. It is important for individuals and businesses to find ways to navigate and potentially mitigate the effects of inflation on their finances. The current economic climate, including underperformance of financial markets due to fear of inflation, has led to a decrease in the value of my portfolio. I would appreciate any recommendations on how to potentially increase returns during this market downturn.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over $150k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up $450k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
@@BernardFrederick-tk7un Impressive can you share more info?
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like ‘Carol Vivian Constable’ who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I just Googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes.Thanks
I paid up all my mortgages in 2yrs while working with a Financial Adviser. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.
That is so amazing, I’m trying to get onto the investing ladder at 40. I wish at 55 I will be testifying to similar success..
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
in wall street
Mr Wonderful forgot that even if the debt was paid off today, it would only take a few years of reckless spending by clueless Congress, to be back to where they are today.
Exactly. Congress has no clue how to handle money. Financial illiteracy may even be a prerequisite to qualifying for congress.
Absolutely, the oil will not change bad habits
Ya that’s why I’m not confident in congress, ever since I heard how the prosecuted the CEO of Lehman brothers I knew they were very ill equipped to deal with such matters, our Fed is much better than congress, they have a way better understanding and we need a powerful fed, love em or hate em, they are the only party that can leverage up.
Well despite Mr Wonderful's garbage math, 750billion doesn't cover 30,000 billion.
Not if you vote it doesn't happen.
"Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Buy Bitcoin and buy me a beer later.
THE PROBLEM IS THE GEVERNMENT!
The problem is the ignorance of the voters who want the government doing everything for them, cradle to grave. Sadly, that mentality of government dependency dominates the voters.
It's called democrat spending like Biden is doing at the present time, nothing of what he is spending is working and is causing more debt, inflation and damage to our country.
You meant The Giver-ment and it's giver-mentality! 😅
Yep, the debt isn’t the problem. Government is the problem. Let’s fix the problem before we treat the symptoms.
Your right we need bigger government to solve the problem! 😂😂😂 calm down..I’m just kidding
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Hello how do you make such monthly ?? I'm a born Christian and sometimes I feel so down 🤦 of myself because of low finance but I still believe in God.
Thanks to my co-worker (Alex) who suggested Ms Christy Fiore.
She's a licensed broker in the states 🇺🇸
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.
Wow that's nice She makes you that much!! please is there a way to reach her services, I work 3 jobs and trying to pay off my debts for a while now!! Please help me.
Need to shut down atf, dept of education, health and human services, term limits for all in Congress , let other countries know free ride is over no more free money from us, and all of congress’s perks.
@lqdzon1 -- Especially, their hush money fund for their sexual escapades. $17 million and counting.
Simplistic
Why stop there. Shut down all subsidies to farmers and let the free market sort it out. Auction off all national highways to private firms and let them charge whatever tolls they want. Who needs regulations on water or food? People can pay extra if they want food and water that won’t make them sick. Let’s outsource the military and let communities decide how much protection they want to buy.
@@richardh6964 -- Change your tampon.
Dept of education? So make us an uneducated country? How about reforming the agencies or consolidating some? I am sure there are some agencies and departments that could be eliminated or greatly reduced but it would take some one smarter than me and probably you.
The only way that would work is if you coupled it with a policy of no spending having to meet our debt at the end of every year like the average American does in their home
Most American’s have No idea how much a Trillion dollars actually is.
I have seen if you think of it in seconds,
1 million = 11 Days
1 Billion = 31 years
1 Trillion = 31,000 yrs!
We owe 34 of them!
Wow!
That includes politicians in charge.😂
It is truly a number beyond human comprehension. It's infuriating the way they throw around the numbers of a trillion here and a trillion there, like it's no big deal.
31k×34=
1,054,000+ years worth of wealth stolen (in today's dollars).
A trillion dollars is a million dollars a million times over!!
Relax, there is always a debt ceiling increase. Did those who survived the 2008 financial crisis have it easier? I lost $35,000 this month, and my income is decreasing, so I'm worried about the stock market. Concerned that because I can't increase my savings, I won't have enough money saved for retirement.
Save at least 20% in your 401(k). Use online calculators to determine your ideal contribution based on age and income. This strategy ensures a comfortable retirement and capitalise on compound interest for growth.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Hello! who is the consultant that assists you with yours and if you don't mind, how do I get in touch with them?
Monica Shawn Marti is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I really appreciate your useful advice. I was able to set up a call with her and confirm her identity. She seems incredibly knowledgeable, and I appreciate your advice so much.
Our economy is struggling with uncertainties, housing issues, foreclosures, global fluctuations, and the pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
This is definitely considerable! Do you think you could suggest any professionals or advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
@@HRMColoniallifeinsurance Just research the name Desiree Ruth Hoffman. You’d find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
From paying for day care and college, to managing mortgage payments. I'm approaching retirement yet inflation is getting worse. How can I generate more income to retire with at least $3m for long term care? I have about 750k in savings.
We share common goal, making sure you are ready for your later years is very important. I'd suggest you consider financial advisory.
You're right, I and a few Neighbors in Bel-Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew by close to 30% in the last quarter.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I've experimented with a few over the past years, but I've stuck with the popularly ‘’Amber Kay Wright” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for the lead, searched Amber by her full name and at once spotted her consulting page, she seems highly professional having over 12 years of experience. amazing!
If the politicians don’t have to worry about reelection then maybe they’d do the right thing for the country. Very simple solution , term limits.
Yes, Yes, Yes, Yes, Yes!!! All politicians should have to swear to fight for term limits or the Do NOT get elected. Doesn’t matter if they’re incumbents or newly elected, Democrat, Republican, or any other party, black, white , purple - ALL!! We must get the government back to of, for, and by the PEOPLE! It’s the only way we get out of this mess!
AMEN 🙏, Term limits are SOOO LONG OVERDUE!!!
That's a pipe dream. Unfortunately in reality if we put in term limits that just means they would screw us over even quicker and even more because they need to go ahead and make more money off of us during their shorter term! The only way to fix this problem is to start electing good moral driven people and not immoral people! You have to think beyond the surface everything is always deeper and there are always consequences for actions good or bad. Term limits are not the problem The quality and morality of the people being elected are the problem! Someone cares about America and gets to keep their job for 60 years awesome they're helping us if you kick them out after 4 years how does that do us any justice if it's filled with someone who will just steal from us
@@markfrost7441term limits aren't the problem it's the immoral politicians being elected! Putting term limits just means they screw us over quicker! If we get good honest people in there it doesn't matter how long they're in there if they're doing what's right! Otherwise we just cycle a bunch of corrupt people in there and they continue to steal from us over and over and over again like they have been
Yes term limits you need to earn those seats America first policy.
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I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery
Glory to God shalom.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
This sounds so good and I would like to be a party to it, is there any way I can speak with her?
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Most people miss it but the secret to living and retiring comfortably is finding a way to make returns while your money works for you.
If the U.S. expects countries to want to use the dollar and the U.S. Treasury we should stop weaponizing the current financial system. This is not in America's interest to do this without due process.
Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.
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Consulting with a financial advisor can provide personalized insights and help align your investment strategy with your retirement goals.
Consider diversifying your portfolio with a mix of stocks and stable assets. Seeking professional advice now could provide valuable insights and strategies to navigate market uncertainties and protect your investments.
Dude, SSI is not unfunded, all of us working people, I’ll say it again us working people , pay into it every hour we work. So don’t come off and say it’s unfunded. The government may not be handling the money correctly, but do not say it’s unfunded dude.. Also, I paid 54 years into it. It’s not an entitlement.
More people are pulling from then paying in and now genx will be reaching retirement age in just a couple of years.
You paying into it for 54 years doesn’t mean you will get it back it just means you gave them money your whole working life without taking the time to research how you’re obligated to do so and if you did your due diligence you most likely would have discovered that what they said you were obligated to do you weren’t responsible for and did not have to pay.
Truth, and equal amounts paid into it by our employer. When they decided to put social security money into the general fund it was over. That gave our criminally corrupt congress access to every penny. No surprise they bankrupted it quickly.
When you max out your credit card and then have no money to pay it back, then borrow from your neighbor to make payments on it, but not the whole amount borrowed, that would be where we are right now with SSI. And now the neighbor is out of money as well.
@freewillchoice8052 so are you saying that you do not pay into social security?
They need to stop the over spending!!
Unless the politicians stop creating debt, it is senseless to talk about paying off debt as if it is static. We'd have to have balanced budgets, develop multiple policies to encourage factories (reduce lawsuits and payouts, regulations, encourage mining the materials in the US, etc), cut out various non-productive government departments and experiments, make single line item bills instead of these bills designed to take away our rights, sign away our country and make politicians rich, etc).
Balanced would be nice, but how about ANY budget, something we have not seen in a long time.
The banks are also allowed to create debt. Fractional reserve banking was a mistake.
yep
Going back to the gold standard would stop the Debt in its tracks!
Dream on.
Yea, maybe when they find gold on Mars, but until then, debt we will have!
Assuming the US actually has gold
Agreed !! revalue Gold... Bam done deal !!
It's a bad idea because if legislators knew that this plan will pay off the national debt, they would feel free to create more debt by legislating more spending, knowing that it will be paid for by oil royalties.
Why are you blaming oil?
The biggest thing would be to stop politicians from spending. They are responsible for the problem. As they say what is the definition of a financial genius. Someone who can make money than a politician can spend it.
Not only do you make an overwhelming good point.
No mechanism stops the Washington swamp from ADDING to the debt. Politicians will simply spend the last years income from ANWR, along with this years overspending. No solution.
In 1971, we were taken off the gold standard. Nothing will fix this. You can't put the genie back in the bottle. ENTER ➡️ RESET.
I Thought it was 72 or 73, I know Nixon was president?
You could start by stop funding these ridiculous wars!
@@cindybogart6062 Yes, Nixon was president. Gold window was closed on August 15, 1971. Yet another date "that will live in infamy".
It was actually 1933 that the people were taken off the gold standard What Nixon did was discontinue foreign countries to take their gold from American vaults but gave them dollars in exchange
@@cindybogart6062 : Not much happened in '72. I know we pulled out of the Vietnam War in '73 and Roe vs. Wade was decided in '73. The 70's certainly set the stage for the destruction of the US. But hey, we're doing so great with our current administration. Build Back Better...right? 😏😒
What is Norway's population? 5 million. What is the United States population? 340 million.
@@shayjohnson5830 or 40 million, we just dont know
Well, ca 1 mill are imported people. The diffucult type. So we are in deep shit aswell
Over 50 million that should not be here, never contributed to taxes, should never get benefits.
More accurate US population is really well over 400 million.
@@shayjohnson5830 ; Latest conservative estimate is approximately 35 - 40 MILLION Illegal Aliens.
we the people should also have a royalty on political contributions. anyone contributing to any political party should not have a problem reducing the national debt. we should also have a royalty on political party advertising for the same reason.
END political contributions.
Great idea, 75% of all political contributions go directly to the national debt !!!
NO new spending. At ALL. Lock it to the inflation rate.
North Dakota takes a portion of their oil production tax revenue and invests it in their "legacy fund".
For a state with a population of only 725k people, we have $11 billion saved. About $15k per person.
It would be cool if eventually every baby born in North Dakota, to north dakota residents, gets $6k in a 529 fund or something. Would cover their tuition at a North Dakota state College at 18. For 9500 babies it would cost $57 million. Which is less than 5% of the annual returns on the 10 billion.
Or they could roll it into a Roth IRA if they aren't going to college.
By 60 years old it could be 2.6 million dollars or more.
Talk about a legacy.
There is no way I would waste money on paying for college. That is not the be all end all way of looking at things today. College is an overpriced joke. I would rather it be put in a HSA to cover the deductible.
I think the only way out of the debt crisis is to sell energy to the world. I know this will be difficult with the green lobyists, but it is about the only thing America has to sell since we make so little here anymore.
@@insideoutsideupsidedown2218, yeah. The state school I went to for engineering cost me $20k for a degree. I graduated in 2007. Now it costs $40k. Not bad compared to most places.
The nice thing about the 529 is they changed it so if your kid doesn't go to school they can roll it over into a ROTH IRA after 15 years.
So, the kid that decides to work construction, work in the oil field, drive truck, gets a hardcore jump start on their retirement.
Roth IRA has more advantages than an HSA.
Those kids would be millionaires in a tax free roth IRA at retirement.
Your right. The opportunity cost for college is huge.
I worked construction to put myself through college for an engineering degree. I should have just stayed in construction. Would have made more in the long run.
@@gregpeterson4348, the Green lobby are all just propagandists anyway.
if it will work ..the government won't do it ....😢
Balanced budget amendment. Term limits for House and Senate
It raises the question, it doesn't beg the question.
Yes! Begging the Question is name of a fallacy of logic. When I see the phrase misused (as Mr. Wonderful does here) to indicate raising a question, I am embarrassed for the speaker and I can't help be a little suspicious of his intellectual acuteness. I imagine his heart is in the right place, but I do wish we humans were more aware of the various fallacies of logic, how to recognize them, and how to avoid them.
No, it begs it.
@@heavenlysonshine look it up
We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy
50 and early retirement. I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.
@@mariaguerrero08I'm new to this and have heard that now is an excellent time to buy. However, I currently have cash sitting in my bank account that I would really like to put to good use because inflation is at an all-time high. Who is this coach that you mention, and do you mind if I look them up?
Yes, *Gertrude Margaret Quinto* made headlines in 2020, but I'm not sure if I can bring her up in this context. She manages my portfolio and acts as a counselor for me.
I recently retired at 62. My accountant is telling me we are going to probably run out of money because of the poor direction. The current administration is leading us in, but too many people are blind to what’s going on in our country I hope and pray that people see the light before it’s too late, not for just me but for everyone in our country, God bless America
Well by all means then let’s do nothing
Lmao I was going to say, let's not take anything from Canada but he came around to that point.
The question is who do we owe the debt to in the first place because the United States government doesn’t print money but the federal reserve does . So who is this specific person that we have to pay .
I say Congress should not get a raise intell they figure it out.
Did Kevin O'Leary name himself Mr. Wonderful?
I don't think anybody in the world would name him that except himself.
Kev strikes me as type he paid some company to write an article where they call him that .
I always thought it was self deprecating sarcasm, BC it’s definitely contrary to his persona on Shark Tank. Regardless of its true origin, like many celebrity nicknames, it stuck and has become his brand. Not saying I’d be friends with him, but after watching over 20 one-on-one interviews regarding the U.S. economy over the last year, he admittedly knows that he’s unlikeable to many people, but those who choose to work with him aren’t doing so BC he’s a “nice guy”. My take. JS
Easiest way to remove debt is to add a $1.00 debt tax to every sporting event ticket sold. This includes everything from little league baseball, if admission is being charged, to any high school, college, pro sporting event of any kind. Second thing to do (which may actually need to be first thing to do) is quit spending so much frickin money!!!
We have a spending problem. Cut spending by 10% a year.
But that would make America great, we can't have that.
The "Fair Tax" combined with DJT plan WOULD work.
I would like to see a bill passed that says if Congress is unable to balance the budget, they dont get paid. And that no money leaves the country for foreign aid unless it comes out of a surplus in the countries budget
Not a gift, NOT the citizens debt! Imprison the politicians running up the debt.
Talk to Rand Paul first.
Very good idea. Use the royalty from our oil. Go for it.
Build a time machine and go back to 2001 when we last had a balanced budget and instead of the tax cut we chose to continue paying down the debt.
sounds like a nice plan, but we have to remember we are dealing with politicians here.
I like investing in close-end funds that pay monthly dividends. The trick is to hold long term and reinvest the monthly dividends plus buy more shares on a monthly basis or when ever you can afford to. This can be easily done because close-end funds are bought and sold on the stock market just like regular stock. That’d be enough to create a portfolio that would pay you between $50k to $70k in dividend income
Just because there are opportunities in the market doesn’t mean you should go in blindly. To understand the potential factors that contribute to your financial growth, I'll advise you to seek the help of a professional
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
‘’Aileen Gertrude Tippy’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.
I have a feeling we don't owe that much . I say audit the government then have the countries that owe us money pay us back. And the same the big businesses that owe us money, pay it back. Then stop helping other countries and concentrate on the USA.
The problem, as others have already stated, is that we not only need a supply of $$$, but we need to stop spending money we don't already have in hand. A balanced budget Amendment, requiring a continual rate of pay-down of existing debt, and allowing new debt only during a declared war, is the primary need. And it has to include a sane METHOD to rein in appropriations by Congress AND an absolute restriction on new taxes. It won't do for Congress to appropriate funds willy-nilly through, say, July of each year, and then not be able to address other needs for the remainder of the year.
Here is a plan (no doubt to require some amendment, but it's a start):
1. Move immediately to a flat tax, with a subsistence exemption, but no others, and no deductions.
2. Stop taxing corporations entirely. They don't pay taxes anyway, they just pass them on.
3. Identify taxable income as cash flow to the person; it's not collectable until you take the money in hand or in a bank account.
4. Leave Roth accounts alone, and make all new retirement accounts according to Roth provisions.
5. These provisions already named should allow huge downsizing (and eventual abolition) of the IRS. So do that.
6. Abolish all the other useless departments and agencies, at least these: ATF, EPA, Energy, Education, and probably a score of others.
7. Impose immediate constraints upon the DOJ, the FBI, and all police everywhere to start obeying the Constitution. While justice already requires this, the economic point is to get rid of the huge expense of unnecessary enforcement effort, sham trials and other lawfare, and the payouts in civil actions against stupid and untrained police.
8. Establish foreign policy to act decisively at need. Ukraine in NATO and a speedy and clear threat to Iran and North Korea would have saved billions now spent in support of Ukraine and Israel.
9. Restrict commerce with China. For over 30 years, we've been allowing them to take our markets AND a great deal of our industrial capacity. Well past time to stop it and spend our dollars domestically.
10. End abortion. Even ignoring the right to life, which should be obvious even to a dolt, we have executed above 40 million innocents, potential taxpayers and consumers, over the last decades.
11. Deport illegals. Some provisions for those we allowed in by breaking our own laws.
12. Close the southern border. Use the military if necessary.
Coupled with said balanced-budget Amendment, these changes would reduce expenses and increase prosperity and revenue. How long to cure the deficit? With a will, 4 to 10 years. I say that based upon curing our own accumulation of debt years back while I was unemployed for a year or so, which came to about 40% of my salary when I got back to work; this was retired within a year. If we're determined, we can drive expenditure well below revenue, especially where a robust GDP increases revenue.
Unfortunately politicians would not decrease spending and likely would use the new found windfall as a green light to increase spending 😞.
Boom O'Leary is spot on!
I'm glad he's supporting President Trumps idea.
@@JohnTovar-ks8dp No tax on oil. We need cheap energy to fuel the expanding economy.
According to this guy it's better to do nothing than do something.
It is better for Congress to do nothing.
NOT if they keep spending
Sounds great! Let's do it!
Politicians will spend the money as quickly as possible
Mr. wonderful, I thank you for bringing up the topic. the debt problem is always avoided. No one ever tries or talks about. I give Mr. wonderful credit for trying.
Buffer said it himself, if every US multinational corporations paid their taxes, there would be no need for w2 workers to pay into SS and Medicare. Berkshire Hathaway paid 8B in taxes in one past year.
With respect to Mr. O'Leary, ALL fiat currency systems are "debt-based" not credit-based, not backed by tangible assets. To keep a fiat system going, more debt must be constantly issued to prevent the system from imploding upon itself though inflation. This is the fatal flaw of central banking. There is no equitable solution to this globally. Ancient kings recognized thousands of years ago that in order to keep farmers producing food, and thus prevent people from starving, a "debt jubilee" was enacted every seven years or so to wipe out all excessive debt to allow the society to heal and continue.
Unlike earlier times, modern society is high complex, and more importantly extremely interdependent due to specialized materials, labor, energy and transport. Social Security and Medicare are set to be insolvent within a decade or so. It seems that the best solution is to tell the people the truth, begin to wind down the current government system, lose most military and foreign expenditures, and set a date to start over again. Government and the debt it creates remain a cancer to the people whom the system is designed to serve, so every once in while it all has to go away and begin again with a clean slate. It think that can be done by secession of groups of states in America to dismantle the current, overbearing and corrupt system and allow much smaller political entities, that would be more accountable, answerable to the people themselves. Make no mistake, the current system cannot be fixed, and it's time that we start to accomplish this slowly by defaulting on foreign obligations, then perhaps domestic as well. If we don't, a Mad Max scenario with resulting societal and economic chaos could well ensue, and what required thousands of years to build could well be decimated over a decade or so from deprivation.
Reduce the debt. Spend less than you brining in. We don’t have a taxing problem, we have a spending problem.
Government would simply spend every dime of that money, plus an additional 20%.
If you cut the entitlement program down you're going to have to put in rent and medical restriction amounts for cost to make that work or people will be more homeless and you're creating a bigger problem
I’ve spent nearly a quarter of my life in northern Alaska and can tell you that there is enough to dwarf Saudi Arabia’s reserves. It is no secret to us in the industry. 10 billion is a conservative estimate and ANWR is only a minor portion of Alaska’s vast oil reserves.
Maybe would fix the debt, BUT, it would do NOTHING for the spending problem that got us here !! 😮
best idea is to shut down the government
It's not real debt. The national debt just represents how much the money has been diluted.
the best idea for this yet.
One thing David isn't mentioning is that the reserves in question are only a small part of total reserves and the possible discovery of new reserves. The scary part is the continues rise of our debt. Even if we were unable to pay it off with Kevin's idea it could eliminate deficit spending. This would make it easier to deal with the debt as time would mean paying it down with cheaper money would help.
Unfortunately, our politicians are toooooo greedy and would rather spend, spend, spend away our future!
No more deficit spending. Balance budget, close the border, deport those who have come illegally, no more IRS, everyone pays a 10% flat rate. Gut the government. We do not need many federal departments, like education and so on. We need to put the clamps on government and government spending. Turn off the printing press.
GENIUS !!!
It's not kicking the can down the road - it's kicking the snowball down the mountain!!!
The national debt was never meant to be "paid back", it was meant to inflate away. If the valve of the dollar is reduced to 50% of its previous value then the debt just got cut in half. The number stays the same but the value of the debt is only half of what it was. That's why the government doesn't care how much they spend and don't care to stop inflation.
No level of taxation will ever pay off the national debt. The only way is to limit spending.
Our debt cannot be paid off with the current system and politicians in place.
$25/barrel for ALL oil, domestic or imported. That would make a difference.
Increasing taxes is a terrible idea because it shows down growth. This has been proven again and again.
Growing increasingly frustrated with the governments failure to manage money.
There is only one key problem to solve: Government has to spend less than it receives in tax revenue, every year.
These people are elected to serve the nation, but so far, they only seek to serve themselves getting re-elected. And the general public is greedy. People know we have to spend responsibly, but nobody will elect a person who promises to spend responsibly. Because as soon as someone says they will spend responsibly, the question becomes, "ok, what will you cut?"
And once someone announces what they will cut, everyone effected will not vote for that person, and that person never sees office.
Other than times of war, the government should be legally bound to spend within its means.
With more revenue coming in, regardless of the source, the federal government would simply spend more.
The government could live within its means today if it wanted to. This analysis misidentifies a revenue problem for what is really a spending problem.
That’s not a bad idea to payout down our debt. The issue is to stop the government from the crazy spending. Smh
Is it a royalty on a barrel produced or all the steps of production and distribution through to retail royalties?
Math check: 10 billion barrels x $100 / barrel = 10^10th X 10^2 = 10^12th = $1 Trillion.
I would do a 4% fixed interest rate for businesses and 2% interest rate for consumers. Afterwards, I would do a 2% federal sales tax on all goods and services in the U.S.
Awesome comments
The presumption here is that the "national debt" should be "paid back". There is not enough fiat in creation to pay it back. And it is built on the ponzi scheme of the "dollar" which is debt itself. Banksters created the debt, and they should be left holding the bag, as we reset the financial system and move to an asset-based PM-backed system.
Thank you Mr. O’Leary
Grow America. Turn all the power back on. America first policy only
Like pretty much all Western governments, the US government is spending beyond it's citizen's means. No government wants to stop spending, but that's the only solution
Problem is, we have demonstrated that greedy leaders are willing to grow debt at exponential rates. They could pay off the entire debt and replace it in a single year. Without some mechanism to stop Federal borrowing, debt can never be eliminated. If only there were a document limiting Federal government to a small set of enumerated powers!
Brilliant ! ! ! !
It still does not solve the problem! Make laws or enforce the current laws that prevent the government from creating this much debt!
It might help
He thinks that he's the first one to come up with this idea! NOPE, I've heard it hundreds of times myself.
Until the federal government is significantly reduced in size our debt isn't going to be paid off. That's just the national debt. There are another $150 Trillion in obligations.
Why is the answer always only entitlements? We spend needlessly trillions on defense spending which is the number one spending problem. Makes “zero” sense to me…
Doing nothing pays off nothing! Doing this positive idea would actually pay off at least a large chunk of our debt!
Mr. Wonderful is very smart. We should use the oil to pay off the national dept. and pass a law that any politician who serves two years without a balenced budget can not run for relection.
It only works if congress stops needless spending and has a true balanced Budget amendment
Raising taxes has shown time and time again through many studies and history, to have the opposite effect on an economy
You can't pay off all the debt when the whole system is based on debt.