Sunday, July 10, 2011

Debt & Deficit

Let's deal with this before the U.S. (and don't tell me it can't happen here).

First, separate this into two issues: the current deficit, and the accumulated debt.

The deficit should be dealt with through massive spending cuts.  Entire government agencies - at the cabinet level - should go.  If you've had experience in a company, charity, church, local or state government, school district, etc. then you very likely know one thing: to get real cuts, first the frills must go.  For employees to accept pay cuts and still give 100%, the corporate jet has to go.

Same here.  The Acorns and Planned Parenthoods must go.  This isn't about whether or not they are effective.  We are broke, and therefore can't afford frills.  Then you move to the tough  stuff, and larger amounts.

The goal would be to cut at least a trillion from current spending.

Then, on to the accumulated debt.  There tax increases are required.  Conservative buddies, I know you hate this.  But it is math.  The taxes should be very broad.  All those lower-earning citizens that are currently below the minimum need to come back into the tax system, even if the rate is 1%.  Everyone needs some skin in the game. 

That is the compromise that should be reached.  Current cuts to balance current operations, long-term tax increases to deal with a problem built up over years.
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