Yes, that would be fair. My solution is given below.
Cut the personal crap.
The following plan will exhibit no debt by 2015, and will pay down about $281 Billion of the debt by 2030. Not much pay down, but it's certainly a trend in the right direction that we have not seen in a long time.
The following categories are debt reduction proposals. The amounts after each category in bold face are respectively the
savings in 2015 and 2030. In total, 42% of the savings is due to tax increases, and 58% is due to spending cuts.
The data and categories came from a
NYT site.
Cut foreign aid in half .... $17 billion $17 billion
Eliminate earmarks.... $14 billion $14 billion
Eliminate farm subsidies.... $14 billion $14 billion
Reduce the federal workforce by 10 percent.... $12 billion $15 billion
The government could hire two new workers for every three who leave service, the chairmen of the fiscal commission said.
Cut 250,000 government contractors.... $17 billion $17 billion
Recent estimates suggest that contractors outnumber federal employees by millions.
Other cuts to the federal government.... $30 billion $30 billion
Eliminate some agencies, cut research funds for fossil fuels, reduce funds for the Smithsonian and the National Park Service, eliminate certain regional subsidies, and eliminate the Office of Safe and Drug-Free Schools.
Cut aid to states by 5 percent .... $29 billion $42 billion
In 2005, it equaled 3.4 percent of gross domestic product, compared with 2.3 percent in 1990.
Reduce nuclear arsenal and space spending.... $19 billion $38 billion
Reduce number of nuclear warheads to 1,050, from 1,968. Reduce the number of Minuteman missiles and some R&D.
Reduce military to pre-Iraq War size and reduce troops overseas.... $25 billion $49 billion
According to the bipartisan Sustainable Defense Task Force, 50,000 personnel would be withdrawn. Reduce the standing size of the military as the wars in Iraq and Afghanistan wind down.
Cancel or delay some weapons programs.... $19 billion $18 billion
like the F35 fighter jet and MV-22 Osprey. Delay other purchases and R&D in some areas.
Reduce troops in Iraq and Afghanistan to 60,000 by 2015.... $51 billion $149 billion
Enact medical malpractice reform.... $8 billion $13 billion
Begin to reduce the chances of large malpractice verdicts, and defensive medicine. The savings estimate comes from the Congressional Budget Office.
Cap Medicare growth starting in 2013.... $29 billion $562 billion
This option would cap the Medicare growth at G.D.P. growth plus 1 percentage point, starting in 2013.
Reduce Social Security benefits for those with high incomes.... $6 billion $54 billion
Workers just above the 60th percentile would grow at a rate between inflation and wage growth.
Tax Increases:
President Obama's proposal.... $10 billion $24 billion
Capital gains and dividends tax would rise to 20% for households making roughly $250,000 a year and above.
Allow expiration for Bush tax cuts
Income above $250,000 a year..... $54 billion $115 billion
Income below $250,000 a year..... $172 billion $252 billion
Payroll tax: Subject some incomes above $106,000 to tax.... $50 billion $100 billion
When FICA was created, it covered 90 percent of all income. Today, it covers closer to 80 percent. This option would gradually raise the ceiling, until 90 percent of income was again subject to the tax.
Bank Tax.... $73 billion $103 billion
Larger, riskier banks would pay more tax, both to discourage them from taking big risks and to help cover the costs of future financial crises.
What is your suggestion?
