Sunday, February 11, 2007

Debt Slavery, Part II

In this essay, we will examine the methods we as individuals can get out of debt slavery. We will also examine how we can stem the tide of government debt and return not only our country, but our personal lives to prosperity. Let's start with government debt.

1) Stop the bleeding of deficit spending. How? Abolish the welfare/ warfare state budget. It's simple, the US government must stop spending more than it brings in in taxes, period.

2) Sell off all uneccessay federal property. Harry Browne in his excellent book " The Great Libertarian Offer" shows that selling off all unconstitutional and uneccessay federal property, the US government could gain 10 Trillion dollars. This is just enough to pay the federal national debt.

3) Reduce the US government's functions down to it's constitutional functions. A constitutional government will not need a 2.3 trillion dollar budget, which President Bush has proposed for FY 2008.

4) End all subsidies to industry, and open US markets to free trade. Not the phony NAFTA, CAFTA managed trade nonsense. True free exchange between citizens of the world's nations. This will unleash productivity and prosperity throughout the world.

5) Enact a balanced budget amendment to the US Constitution. No exceptions, no loopholes for "emergencies", etc.

6) Abolish the income tax. Once abolished the productive energies of the American people will be unleashed.

The last, and most common sense of the proposals: stop spending more than you take in!

Now for private debt. I am no stranger to personal debt. I, like many Americans, have learned the hard way. Here is what I have found works:

1) Stop the bleeding immediately. Stop using credit cards. Cut them up, shred them, do whatever you must , but stop debting.

2) Pay off all debts. Have a useful, yet reasonable plan with a timeframe for financial freedom.

3) Build up a personal savings. Experts say to put at least 6 months of your take home salary in a savings account. Although it sounds difficult, it may save your bacon in a depression or other financial disaster: job loss, etc.

4) Have a Spending plan, not a budget. Have a plan that allows you to enjoy life while paying off debt. If you are miserable, you will be more likely to debt. Have money to spend and enjoy life. After all, that is what money is for, provide the means to live. Fun is part of living.

5) Lower your taxable income. Invest in a 401K or other tax deferred plan. Reduce the amount of money the state can extort from you. Donate to the charity of your choice. Don't let the government take more of your hard earned money for the welfare/ warfare state.

Is it really this simple? I believe so. Common sense and commitment are absolutely necessary to redeem our nation's finances and our own. I must warn you, though. The longer we keep electing corrupt Democrats and Republicans, and the longer we permit their lobbyist whores to bribe and manipulate our government, the harder it will be to liberate ourselves. If we do not liberate ourselves, economic disaster will be followed by ruin. The time is now, before it is too late.

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