Savings though do not just contribute to government coffers. It also contributes heavily to economic activity.
We no longer (as if we ever had it) have a 100% backed currency...investors have a much larger pool of money to take from- not just savings. Moreover, it should be obvious that while one form of money transfer is from lender to lendee, another form is from buyer to the seller.
The idea that savings are needed in order to provide capital for investment is outdated. If investors/capitalists sense that there is enough spending to justify increased production, then they will invest in the production, including hiring more people.
Plan for eliminating the national debt in 10-20 years:
Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a
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