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Strategies & Market Trends : US Inflation and What To Do About It
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To: ggersh who wrote (867)3/13/2019 5:06:30 PM
From: RetiredNow  Read Replies (1) of 1504
 
I think the best way out will be to pass a law that says that our Congress must compile a set of financial statements every year and pass a budget, before it can allocate funds. The financial statements and the budget and spending against that budget must be audited every year by an independent 3rd party on a rotation basis. In addition. let rates float free of Fed control. That more than anything will curtail spending, because Congress will have to fund Interest on the debt first and foremost and interest rates will rise when the market perceives we are borrowing and spending too much. Then with the right controls in place, including audited financials published to the citizens, we can hold them accountable through elections and we can elect good stewards who will help us keep the debt growing less than GDP and we can grow our way out of this situation.

However, we're going to have to dispense with the notion that we can do things like Medicare for All, police the entire world with our military, and provide endless social security benefits. We're going to have to cap all three of those things, since they are the albatross around our necks right now. The only other choice is to raise taxes. However, at the end of the day, we need to stick to a balanced budget and live within our means. That's the only real way out.
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