PAYING THE NATIONAL DEBT
LOANS FOR CITIES & STATES
Allow for communities, cities, and states be able to borrow on a revolving basis at 3% interest. They'll make minimum payments until their projects are complete and their employee's pensions are properly funded.
THIS IS HOW WE GET LIBERTY IN THE WHITE HOUSE.
My name is Phil Gray and I am seeking the Libertarian Party nomination for United States President.
PAYING THE NATIONAL DEBT
We must focus on paying down the national debt. It was at $23 trillion before Congress passed the $2 trillion stimulus package. It is slated to hit $70 trillion by 2070, but with the administration talking about the additional stimulus, even that figure may be low. One modest proposal to begin to address the debt is to allow the immigrant to voluntarily invest in America in exchange for free entry and the right to live and work freely. I personally wish that we could have open borders, but cannot pass that through Congress. This is my proposal that can pass Congress, and reach my desk. We can let those already here, and those seeking entry, pay voluntarily for their chance at the American Dream. Every dime raised will reduce the national debt. Every dime can then be loaned to others, and the repayment of those loans will reduce the debt yet more. My program will promote liberty by freeing our nation from the chains of debt while making immigration more attainable than is has been in most of our lifetimes.
WHAT HAPPENS TO THE MONEY?
Every week, the Federal Reserve must sell enough bonds and T bills to cover new debt and maturing bonds. The money paid to the debt reduces the bond sales needed, so reduces the debt. The same money becomes available to loan. Loan it to folks with high interest debt, at 8% simple interest, on a term loan. Loan it to students, at 5%, to replace their student loans. Loan it to cities, counties and states, at 3%, for infrastructure repair and pension shortfalls. Loan it to disaster victims, so they can get their lives back on track, and rebuild. Loan it to those with catastrophic medical bills. Loan it to our allies in other nations, so they can ensure their own security, and install infrastructure for their people. Loan it to our farmers, to supplement crop insurance. Loan it to homeowners, who want to run their cars with the natural gas that already flows to their homes, for as little as 80 cents per gallon. Loan it to entrepreneurs in impoverished lands, to make goods to sell to their people, if they will pay their workers a living wage, so they may buy the products they made.
As the borrower repays their loans, every dime paid reduces our national debt. Every dime becomes available to loan again. We keep loaning, and that cash flow will reduce the debt until it is gone. When we start to have shortfalls in Social Security, and Medicare, we can cover them monthly, paying cash, out of the Fund. That will prevent our grandchildren from shouldering those burdens. The loans I have described will reduce the taxed expense of Farm Bills, Foreign Aid, Highway and Transportation Bills, Education, and FEMA. Beyond that, they will enable job creation.