Friday, March 18, 2011
- What A Balanced Budget Looks Like
In a word, I support this plan. Give me a choice between this and the 400 million that Anthony Weiner wants to cut, and I think the choice is obvious.
It's a shame that so much of this video is just leadership politicians equivocating, but at least what Senator Paul says is interesting.
Rand Paul proposes eliminating 4 entire department of the US government. Under this plan there will be no more Commerce, Education, Housing and Urban Development, and Energy departments. Since those four have done nothing expect prohibit America's economic growth, I have t admit, it's got real potential as far as I'm concerned.
By the way - this is also what political leadership looks like. I recognize that many of you haven't seen any recently, so you might not recognize it.
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1 comments:
Good start from Sen. Paul, but I dont think he is also being aggressive enough.
At this point we have two major threats
1. When interest rates increase, our debt service costs go from current 15% to 45% of revenues.
2. Tax rates will eventually go up for everyone.
As much as I hate to say this, we need to raise taxes now, with a caveat that a. added revenues directly go to retire debt (not debt servicing) b. put an automatic debt ceiling reduction in place to bring the ceiling down 400B per year.
Here is a sample plan that I drafted using NYTimes tool. Since it is Times tool, it eliminated few non-socialist options. But I strongly feel that to keep rate growth in check, we need to show a solid plan to retire debt and here is a cut.
http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html?choices=zzxvrjk9
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