Can blockchain help solve our national debt in United States?
The United States, which has been privileged with much economic growth, is currently deeply in debt. This may make sense for a growing business, or even a growing country, but our debt is incredible. And those who bare it can do nothing about it. They bare but do not own their own problem. Citizens should be given the right and privilege of owning their piece of the national debt, and the United States could then be held responsible or limited in how they incur more debt.
This is the idea. Each citizen is given their percentage of the national debt but is not required to pay it. The government will continue to pay the interest. The US will be limited in its incurring more debt beyond that which is citizen-owned, especially when using money saved from citizen-paid debt.
It could take generations to pay off one's portion of the debt, but that's ok. It will not hurt them, but it is a chance to make difference. All debt paid off could be certified on a blockchain.
Eventually honor or gratitude would be given to those who take part in this process, leaving a token of merit on their record.
To certify involvement, a blockchain records what is paid, giving a token for every thousand paid, which someday may become of value or like money. Debt paid could even be future proof of one's identity or citizenship.
It used to be a great honor to be a Mayflower descendant. The Mayflower was one of the first ships ever to bring families to the "New World". Many of those who made this country possible and as it is now, are descendants of families who came on that ship. Descendants should be honored by or may feel accountable to this heritage.
Each generation creates more Mayflower descendants, and it is silly to exalt oneself for another's merits, but we can be grateful for the past they created and honor those pilgrims who had such foresight and received so little recognition at the time.
Except for those of the First Nations, who also deserve respect, we are all from Europe, Asia or some other place. We are a conglomerate of many people. Each in this country deserves credit as being a pioneer or a descendant of one, and of having that explorer nature which brings people here.
Many of my friends growing up were children of people who had sacrificed greatly to move to another country and to start over. This willingness to try again is a key attribute of many Americans.
I only point this all out to show that honoring and providing a heritage is important. The whole purpose of paying off national debt is secure a better world ourselves and our children.
There should be some kind of reward to those who pay a part of the debt, but there must also be a feeling of responsibility. And to be truthful, paying off one's portion cannot really give them excessive privilege, as this would be counter to the freedom that American's hold so dear.
America has a Christian and Jewish background among its other religion and culture. In the Old Testament there is a story about a man named Nehemiah who sought to build a stone wall around Jerusalem.
In order to do it quickly and use citizen labor effectively, he gave every man the task of building the wall facing his own house. Thus each citizen felt the benefit and responsibility of building this wall, and had the privilege of protecting his home.
The debt is divided practically equally between all citizens and maybe a few others.
Those over twenty are responsible for 20 thousand dollars in debt. Those younger pay a thousand per year of age. Those who make over one million, add a extra thousand for each million made. Foreigners must apply to receive an equal portion of debt.
Debt paid off is tax exempt.
Some rules or legislation could possibly limit further increases of debt. This US government needs flexibility, but could possibly use guidelines and limits. So perhaps laws could force the national government from spending three times their average income in a year. Over three years, maybe it should be twice their income. Over eight years the limit could be 1.5 times the average income. This is somewhat liberal to give flexibility.
This should all be recorded in a good way, maybe even with cryptocurrency or a blockchain-based record system. The tokens of this system may even become a valuable sort of currency. Despite this possibility, they who first earned the token will be recorded on the first transaction and will not forgotten.
I really cannot predict how such an idea would turn out, but I hope these ideals are not forgotten. Maybe someday people will say things like the following.
"Yeah, my father and my grandfather paid their port of the national debt, and we still have our tokens…now worth $20,000 each. But we keep them to show how we supported our country. It's kind of silly, but my grandpa felt gratitude for our freedom and having helped incur the debt, he wanted to help pay it."
“My father applied twice to help pay and then was accepted. He paid his portion off in 23 years, and while never became citizen, all his child did, except one, who was already here. And the one here was never send back, for whatever reason.”
“My mother paid only a part of the national debt, but later when the tokens became worth something, she traded it and helped pay my education.”
This is just an idea I had. Through motivating people to protect and help their own country while giving possible benefits, much can be accomplished. And a wall of financial protection can surround our country.
