Don't forget about the inflation tax folks. There will never be any such thing as reducing our national debt or eliminating it without abolishing the Federal Reserve a corporation that is rgistered in Delaware. They are NOT a part of our government, yet they control the money supply for this entire country.
Then we need to ask "how does our government generate revenue to function"?
Around 2/3 of all the revenue comes from tarriffs, duties and other fees to foreign governments. The other 1/3 that most of us "think" comes from IRS collections really doesn't. It is borrowed.
Of the 33% that is borrowed, around 8% is borrowed from a consortium of foreign governments like Bhrain, Saudi Arabia, the EU, Japan, China etc. The other 25% comes from the Federal Reserve.
They operate on a fractional reserve system based on 10%. In other words all they need is to show 10% of the loan value in the form of deposits or "in their vault" to issue a loan. So if they issue a loan for $1,000,000 they only need to prove they have $100,000 in their vault. But here is the Mandrake Mechanism. When they issue the loan for $1,000,000 it's not counted against their books as a liability. It doesn't come out of the vault. BUT.....the interest due on that loan IS counted as an asset. It goes right into the vault. So the more money they lend.....the more money they can lend. This is the nature behind ALL the foreign aid. ALL the eneitlements. ALL corporate welfare and most other spending.
In fact if you compare what the IRS collects to the interest on the loans to the Fed, the interest comsumes ALL of the IRS collection and it only pays a portion of that interest.
So....the government goes to the Fed and says "we need$________00000000000000000000 for this months expenditures. The Fed simply creates that money out of thin air, or as I described above, through the Mandrake Mechanism. To pay the Fed, our Tresury Dept prints the money non stop 24X7. Then it ships that money literally by the truck load to the 12 branches of the Federal Reserve. Then the Fed begins to circulate that money thereby inflating the supply of currency. When the supply of currency is inflated, it de-values all the existing currency in circulation.
We, me and you and our family and friends just see this in terms of the cost of everything going up especially relative to the cost of fuel and food, which curiously isn't included in the government's inflation index.
This is the reason behind our national debt because when the Fed creates that money out of thin air, they charge us interest on it. Man, I wish I could do that right now to pay my bills.
After all that I want to give some kudos to Tonka Tim for some GREAT and informative posts.
I would ad that a classical liberal would say "that which governs least, governs best" while a modern liberal would say "give me more government". A modern liberal is really nothing short of a Marxist and a classical liberal would be more like a modern libertarian.
A new style conservative (neocon) is really a progressive in foreign policy like Woodrow Wilson and FDR while a old style conservative or libertarian (Constitutionalist) is more like our founding fathers.