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Senator Flake (Arizona) is a ‘flake’ with his debt buy-down act!

July 17, 2017

https://www.flake.senate.gov/public/

Dealing with Debt: KTAR News reports on Sen. Flake’s Debt Buy-Down Act, legislation that empowers individual taxpayers to designate up to 10 percent of their federal income taxes to pay down the nation’s nearly $20 trillion national debt.  Read the full story hereKey Takeaway: “With the national debt hurtling toward an unprecedented $20 trillion, it’s time taxpayers had real power to reign in Washington’s big spenders. At any rate, I hope this commonsense solution makes like the national debt and grows a lot of interest.” – Sen. Jeff Flake via KTAR

July 13, 2017 – A bill introduced by Sen. Jeff Flake (R-Ariz.) on Thursday would allow taxpayers to voluntarily pay more in an effort to reduce the federal deficit. “With the national debt hurtling toward an unprecedented $20 trillion, it’s time taxpayers had real power to reign in Washington’s big spenders,” Flake said when introducing the bill. “At any rate, I hope this commonsense solution makes like the national debt and grows a lot of interest.”

Taxpayers would make the payments on their annual income taxes. The bill, called the Debt-Buy Down Act, would also force Congress to make cuts to match the amount contributed by taxpayers to ensure the money goes to reducing the deficit.

“In 2014, Americans paid over $1.37 trillion in individual income taxes,” Flake said. “If every one of those individuals contributed 10 percent of their tax liability, Congress would be required to cut $137 billion in spending. While $137 billion does not solve the $20 trillion debt problem, it is certainly a good place to start.”

Should Congress fail to approve cuts, the Debt-Buy Down Act would trigger budget reductions across the board. However, some areas — such as Social Security benefits, benefits for those in uniform and net interest payments — would be spared.

Flake said the $20 trillion debt would be enough money to buy tickets for every seat at Chase Field for the next 22 million Arizona Diamondbacks games or purchase 20 billion tickets to see “Hamilton.” Flake introduced the same bill seven years ago, when the deficit was nearly $13 trillion.

Comment: The wisdom of Senator Flake’s debt-buy down act reveals the trouble we are all in today. Who in their right mind would want to send 10% of their income to a cabal of government bureaucrats who have demonstrated zero discipline on spending for the past 75 years. This makes no sense and yet this Senator from Arizona thinks this is wise policy. No wonder we are in such trouble financially. We need new leaders with some understanding and wisdom on economics and money.

When I read the above in my email box, I said to myself – this is what a representative of the people proposes for eliminating $20 Trillion of Debt? Is he serious? What we need in Washington is an empty house and senate with AI robots as our leaders. Maybe these AI robots could figure out what the ‘problem’ was/is. Read and weep as this is typical of our elected leadership in Washington. I am: https://kingdomecon.wordpress.com.

Some information on Senator Flake:

Image result for senator flake and his debt buy-down proposalJeff Flake, Senator from the State of Arizona. Wants you and me to buy-down the Debt with our income!

Image result for Senator Flakes buy down act for debt reduction

A Republican leader with the grand idea of having the voting citizens buy-down the $20 trillion of public debt! What has happened to our leaders wisdom and discipline? I don’t think this issue of Flake’s will get any support by our intelligent voters in Arizona or the USA!

 

 

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