A Way Out of Debt for the USA

I am happy to have read some very good news today. I needed it. I’ve been reading That Used to be Us by Tom Friedman and Michael Mandelbaum, a depressing and I’m afraid mostly accurate explanation of what is wrong with the good old USA. According to authors Friedman and Mandelbaum, a great deal of what’s wrong with us is that we are so deep in hoc that we are paralyzed. We can’t fix our infrastructure. We can’t improve the quality of education. We can’t even afford another war against a tiny country.
Then this afternoon I picked up this month’s AARP Bulletin and saw 5 ways Americans can help trim the national deficit. Never mind ways one through four. It’s the fifth step that made me jump for joy. Ready? “Give Uncle Sam a Gift.” That’s right, make a taxpayer gift to the US Treasury. Before you say, “Don’t be ridiculous Len! Who would ever do such a thing?”
Listen: According to the AARP article, taxpayers have already given the US Treasury $2,429,800.03 in gifts this year. (Would someone please make a Freedom of Information Act request to find out who gave the 3 cents?) So why is this good news anyway? It’s very simple. If enough of us give money to the Federal Government, we can solve the debt crisis. In fact, if every man, woman and child gives just $46,666.67 to Uncle Sam, our deficit would be zero. Imagine that! Free and clear! USA! USA! USA! Based on what’s been done already, 52 Americans have already ponied up. Who’s next?
Of course I realize it’s not entirely realistic to expect every man, woman and child to fork over that much money all at once. Take my daughter’s family of seven for instance. They would have to come up with almost $327,000 to do their part. With 5 growing children, their annual grocery bill is higher than that. And let’s face it, not eating for a year is improbable. Trust me, my grandson would rebel. Not to worry. There is another way for us to get this very important job done. If we can pull it off, historians will forever more consider us an all star, triple-crown, greatest generation. Not as great as The Greatest Generation but nothing to sneeze at. Here’s the plan. What if every American, including those of us who may be here illegally, promises to send $1.00 a week to the treasury? With 300 million of us we’ll have our national debt paid off in just under 90 years. It sounds like a long time considering it only took us about twenty years to dig this hole. But think of it this way. If you’re reading this the chances are excellent that you won’t be here for the last 45 years anyway. So it’s not really that long.
One thing I am a bit worried about is that we could wind up with something that looks sort of like Social Security in reverse. After all if we make a promise to the Treasury department they will surely depend on it. What happens if some of us start buying too many café lattes? Suppose some of us decide to get that pricey navigation system in our next new car? Will we find ourselves having to borrow to live up to our commitments? Will the nice people running the treasury begin to feel insecure as people start blogging that they might have to renege on their promise or reduce the size of their contributions? That would mean stretching out the payoff date well beyond the 90 years. I wonder, could the treasury plan for the future in that kind of environment?