The biggest victims of the current American government’s inability to compromise across the aisle is the American people because the country is drowning in debt. Talk about living beyond your means! Since 1960, Congress has raised the debt ceiling 78 times — 49 times under Republican presidents and 29 times under Democratic presidents. Every time it is a gigantic partisan finger-pointing argument!
The debt ceiling must be raised, or so they say, so the government can borrow money to pay our debts. If your wife or husband told you he or she wanted to borrow money to pay off your debts, you would be well-advised to think about a divorce. Would you not? Far better for you and your spouse to reduce spending! The trouble is this: Neither party will do it! Instead, when not in the majority they agitate for the other party to suffer the politically unpopular consequences of belt-tightening. When in the majority, it is tax and spend as usual, and that worn-out phrase goes equally for both sides.
The National Debt in 1960 was 283 billion dollars. Today, it is 31 trillion dollars. Today’s National Debt is 108 times larger than the National Debt of 1960. It is 688 times the National Debt in 1917 (45 billion).
Proposed: If any of the candidates in the upcoming presidential debates makes serious promises to cut the budget, let’s elect that person. However, if elected, and the promises continue to be unfulfilled, he or she must be impeached and possibly thrown in jail.
Social Security and Medicare are the two biggest federal spending programs. Seniors have the largest share of household wealth compared to other age groups. Seniors also have the highest rates of voting. Social Security and Medicare are funded by payroll taxes from employers and workers.
Start by means-testing these programs. Abolish income and payroll taxes, and replace them with a national sales tax, HR 25 the FairTax, so that those of us who receive income from pensions, capital gains, dividends, and interest will also contribute when we spend. Since 2006 all of the co-sponsors of the FairTax bill have been Republicans.
One party is worse than the other tax and spending-wise.
Abolish “nondiscretionary” (automatic) spending. Sunset all programs. Abolish all subsidies–some can be phased out while enacting the FairTax immediately ends using the tax code to buy votes with credits, exemptions, and deductions.
Government debt must be paid back by future taxpayers–innocent young people.
Those are some solid suggestions, Richard. Thank you, and let’s work together to make them happen!