Sunday, February 21, 2010
The ultimate solution to the American debt
The solution to the spiraling American national debt crisis is quite simple. Instead of the government printing money they don’t have, they should allow us, citizens, print money directly. This ingenious policy has three advantages over our current, post-financial-crisis, system:
First, if individuals are only allowed to print physical money, they can’t print it faster than the government, so the overall increase of national debt will cool down.
Second, as the money will be in our hands, we will consume more, which will help refuel the struggling economy (after all, how many new houses or cars can the few rich financiers that receive most of the tax payer money buy?)
Third, the government will be able to tax us more, but as we'll be able to print it, even the Republican wouldn’t mind. The additional debt will help the government close the public debt, and allow the Democrats pass the Health Bill, which will make it the very first time in American history that a policy satisfied both parties - a great way to alleviate our growing bipartisanship problem.
Naturally, all citizens will have to declare that they will not print more than they need to. But as we can include it in our tax return declaration every year, it will even be easier and more efficient to handle than the presidential election.