2. With the U.S. at 73%, my blog on 8February2013 showed the following comparison of debt as a percent of GDP (gross domestic product):
a. Rescind the Budget Act of 2011 and don't cut anything. Effectively, kick the can down the road, for our national deficit is already dropping. This diminution occurs after every major war.
b. Keep borrowing as necessary if long term interest rates remain around 2% or less, where the 10 year treasury bond is at today. My HuffPo explains why:
The Simplest Solution for Our National Debt...
Spend the money on rebuilding our infrastructure, global warming remediation, early childhood education, etc.
c. If sequestration occurs, even though this is unnecessary, don't worry about any defense cuts, for our national security will not be threatened and the Nation will survive this one-time sequestration. Why one time? Congress will then rescind the Budget Act of 2011 and continue to do nothing much else.
d. What we should do is raise the retirement age to 70, legislate for zero growth of our economy into the future and insure for a soft landing when the world economy seriously stumbles, as it will, and probably soon.