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A government debt is a government claim against personal income and private property – an unpaid tax bill. —Hans F. SennholzA Freedom Guide to Debt and Sequester
Here is a quick guide on debt and sequester, plus related articles for more in depth study of what's currently happening in American politics.
Historically, government debt is a major cause of destruction for great nations. [Read: The West and the Tyranny of Public Debt] Through the years, studies by Harvard economists have found debt relief is best achieved by cutting government spending – particularly entitlement programs and government payroll. [Read: The Right Way to Balance the Budget] Data also clearly indicates that successful attempts to balance budgets rely almost entirely on reduced government expenditures, while unsuccessful attempts have relied heavily on tax increases.
Presently, cuts to entitlement programs will not happen. [Read: Means-Testing Entitlements Will Extend Corrupt Government]
To continue the government's spending explosion, a value-added tax must be extracted from the middle class. New York Times columnist, Paul Krugman, admits:
"We won't be able to pay for the kind of society we want without some increases in taxes," he said, "and surely in the end it will require some middle-class taxes as well, maybe a value added tax."
Thus, government spending reductions are the only beneficial alternative.
[Read: Cut Government Spending - No Tax Increases]
Even if the public foolishly approves a tax increase (a VAT), our politician's duty is to institute the best policy and that is to reduce government spending with little or no tax increases. [Read: America Beware of More Stealth Tax Increases]
Shall we close the Washington Monument!?! Government generally chooses to closes our most popular or important programs and exaggerates potential hardships. [Read: Sequester Insincerity and Mendacity]
Our exploding debt has already started and will continue to burden young Americans and the unborn. Remember, as Sennholz has stated:
A government debt is a government claim against personal income and private property – an unpaid tax bill.