Posted on 03/12/2015 10:04:24 AM PDT by DoodleDawg
Senate Budget Committee Republicans got a taste of things to come Wednesday as witnesses warned it will take $5.5 trillion in deficit reduction to bring the government into balance in a decade and the GOP can’t afford to take its eye off economic growth.
“It will be about $5.5 trillion to get us to balance in 10 years,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget told the panel. “Just to put that in perspective that’s eight times the size of the [2012] fiscal cliff deal and it’s 65 times the size of the [2013] Ryan Murray deal which you recall we didn’t stick to for very long.”
(Excerpt) Read more at politico.com ...
What academic nonsense.
the next recession, which will occur eventually regardless of all the Fed money printing, zero interest rates and government spending, will easily push the deficit back well over $1 Trillion.
The USA is on the verge of losing economic primacy and world reserve currency status.
“GOP is warned: ‘$5.5 trillion to get us to balance in 10 years’”
As they get ready to pass another credit resolution adding to the debt. “My job is to fund government” senator thad cochran republican Mississippi.
Amen !
Get started...
Exactly. 10 years in political time = never.
Well, let’s get cuttin’, then!
...
Barry and Michelle’s vacation budget should cover a trillion. Michelle’s food budget should cover another half trillion. At least it seems that way.
Earned Income Tax Credits
EPA
Department of Energy
FCC
Green energy programs
Medicare fraud
DHS
Department of Education
HHS
Government unions
And on and on
Did they factor in another war and that will be the end of us?
Any 10 middle class citizens with basic accounting skills could sit down with the budget numbers and produce a balanced budget within a day. Here are some thoughts:
1) An immediate 10% reduction across the board in federal employment.
2) Eliminate the following departments and agencies - Commerce, Labor, HUD, EPA, OSHA, most of HHS, Transportation, Agriculture. Privatize the transportation security function of Homeland Security and fund it through user fees. Combine the US Forest Service and the Department of Interior. Disband Homeland Security and move the essential law enforcement functions to other departments or agencies. Eliminated departments and functions can be taken on by the states, or not, at their discretion.
3) Increase tariffs to 30% on all imported goods.
4) Fund activities of the Federal government with user fees wherever the direct cost can be determined.
5) Repeal the ACA. Establish a national health insurance marketplace.
6) Place a three year sunset on all government regulations and executive actions. Congress must approve any renewal.
7) Reduce discretionary authority for all federal departments to 2% of budgeted expenditure (all other line items to be included in budget approved by Congress). All cabinet secretaries are required to divulge and explain all discretionary spending quarterly to the appropriate oversight committee of Congress.
8) Concurrent with #7, slash most government grants to outside organizations and individuals.
9) Simplify the individual and corporate tax codes by eliminating all deductions and credits. Replace with a flat tax or fair tax. Tax the income earned by non-profits and foundations. Encourage the rebuilding of US manufacturing by charging a 0% tax on income earned from US manufacturing for ten years.
10) End the Federal Reserve. Issue legal tender, backed by gold and silver, from the US Treasury.
11) Withdraw most US troops from around the world within 5 years particularly Europe and Asia. It is long past time for the US taxpayer to subsidize the defense of wealthy countries.
12) Slash foreign aid. Withdraw from the UN and most international agencies.
13) Sell most public lands or give to the states.
14) Break up the “too big to fail banks” by bringing back Glass Steagall. End bank bailouts. If a bank gets in trouble, force it into bankruptcy, pay the depositors from the assets and FDIC up to the FDIC limits. Let the shareholders and bondholders take the hit.
15) Eliminate the Social Security cost of living adjustment. Tighten eligibility requirements for SS disability and prosecute physicians identified to be certifying extraordinary numbers of disability conditions.
16) End all grants and subsidy payments to the states. They can either fully fund activities, shut them down, or reduce services.
17) Bring revenue in line with expenses for the coming fiscal year through cuts and or revenue increases. A five or 10 year plan to eliminate the annual deficit is a fools game. Bite the bullet now.
18) Once the budget is brought into balance (year 1) begin budgeting a surplus for future years of at least $200 billion which will be used to retire accumulated debt.
The tightrope of managing the shrinkage of the economy will fail. The government class doesn’t have ten years.
Repudiating liabilities, sinking the currency and abolishing state and local zoning, planning and building regulations to allow tens of thousands of fresh, tiny manufacturing starts on American soil would be the only way to even try.
Federal funding to states, counties and cities would have to be stopped.
Would that even cover the interest?
Everywhere
Pretty much. And wouldn't they love that?
Amen, brother...........Plenty of places to cut.
Oh, I agree with your over all points....But just firing all the people at HUD, EPA, OSHA, HHHS, AG, NTS...etc,,,,isn't a plan it's a disaster.
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