4 Things That We Can Do to Fix Our National Debt

by Les@SpillingBuckets | Thursday, August 21, 2008 in |

An explosion of debt and entitlement spending is threatening to severely weaken this country and could fundamentally change our level of financial interaction with the government, requiring a doubling of the current tax levels.

This is not some far fetched political hootenanny, the numbers are not disputed. By 2030, at historic GDP growth rates and if big changes are not made, the federal government will only be able to pay for Social Security, Medicare, Medicaid, and interest on the national debt.

We the people have a responsibility to ourselves and to our future to fix our country's current financial inadequacies now, while the possibility to do so remains realistic. It's not a Republican thing or a Democrat thing, it's our thing.

We wrote about why you should care. Now we are writing about what you can do.

1. Become Educated
Learn about the problem, make up your own mind about the gravity of the situation, for it's the only way to spark action and involvement.

  • Watch these brief illustrations from the film I.O.U.S.A (Yes, we attended the Live session with Warren Buffet, Pete Peterson... It was excellent. We recommend the film)


Consider reading these sources for background and information
Learn about the entitlements that threaten our fiscal security
2. Better Yourself, Better Others
It seems like common sense, but a minority actually follow through with it.
  • Don't follow the example of the federal government and spend more than you earn. If you don't have the money, don't buy it. What do you do with all that money that's not being spent on stuff you can't afford? Save it. It seems simple but for many reasons it is a huge challenge. Start with yourself and your family.

  • Improve yourself personally through education, try things, take risks, and learn from mistakes.
  • Improve your health. Don't be part of the 61% of adults who are obese. Part of the rising cost of health care is our declining interest in a healthy lifestyle.
  • Adjust your thought process from an entitlement mentality to one of self reliance. Do not rely on the government to insure against all kinds of trouble. Take care of yourself, it's your responsibility.
  • Help others. Donate some of your time and good fortune to improve the lives of those in need around you. You know where you can make the most positive impact, consider doing it.
3 .
Your most powerful tool to make big change is who you select to set the direction of this country and make decisions on your behalf.

Here is the kicker on this one: Hold them accountable.





  • Make it very clear that if they propagate fiscal stupidity or continue a policy of non-action, they will be fired and you will help find someone else who will make progress on this issue. Seems harsh, but when was the last time anyone was held accountable for anything other than media fodder promiscuity. The choices get tougher and tougher the longer we wait, so make it clear that empty promises and idleness are no longer acceptable.
  • Understand what their decisions mean financially. Lower taxes? what is it going to cost? Universal health care? what is it going to cost? and how can we afford these things when we have no money?
4. Talk about it. Think about it.
Two weeks ago we had no idea that the problem was this large. Now, possibly to our readers determent, we have written a bunch of posts as we learn and develop a stance and plan of action.

  • Regardless of your view, discuss the issue. Talk to your parents. Talk to your spouse. Get people to think. The greatest error politicians, leaders, you, and I can commit is idle ignorance.
  • Know that it is not too big of an issue to solve and there is something you can do about it. Bad ideas and inaction got us in, better ideas and action can get us out.


Note:
It's temping to just click somewhere and move on to the next post or site out there. Regardless of your view on the issue or political beliefs, I urge you to at least share these ideas or your own ideas, spark thought and give as many people as possible a chance to come to their own conclusions.

Update 9/16/2008
Glenn Beck's CNN Special covering the topic. (Part 1)


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Here are our current list of goals as we discover what it means to be wealthy, abandon the deferred life plan, and work to design a fulfilling and sustainable life.
  1. Have an emergency fund of 6-9 months living expenses. Accomplished: June '08
  2. Eliminate higher interest student loans. A few of our big guys have some nasty rates attached to them, these must be destroyed.
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