Balance the budget in 10 years? Cap spending!

Discussion in 'Economy' started by Wiseacre, Aug 25, 2012.

  1. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Daniel J. Mitchell writes in a blog over at the Cato Institute website that if we capped federal spending at a 2.5% annual growth, we could balance the budget in 10 years. Would you sign up for that? I would, I'd even go for a 3% spending cap, which is what the EU members are supposed to do with their budgets. Might take longer than 10 years, but it should be clear to everybody that tax hikes alone can't come close to fixing the problem.

    1% of our $3.5 trillion budget is $35 billion, so 3% is about $100 billion. I see no reason why we couldn't limit our spending increases to $100 billion/year. Senator Coburn puts out a yearly report that says we waste more than that every year. There are several countries doing this now, IMHO we should be doing the same thing.
     
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  2. Papageorgio
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    Papageorgio The Ultimate Winner

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    How about some spending cuts. 5% cut across the board and then a cap, would resolve our problems quicker.
     
  3. Care4all
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    Care4all Warrior Princess Supporting Member

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    Yes, I'd hop on it! Sounds reasonable, even with up coming spending on boomers.....

    In the 4 years of fiscal budget spending under obama, keeping the recession in mind so the spending on unemployment, on Tarp, on bailouts, on stimulus, on an increase in welfare such as foodstamps, while still increasing military spending has come to $285 billion over this 4 year period....that comes to only 72 billion average a year under him...

    So it seems this guy in your op is correct, and it could easily be achieved.

    2009 ending $3.518 spent (this is Obama's beginning)
    -----------------------------------------------------
    2010- $3.721 spent
    2011- $3.630 spent
    2012- $3.796 spent
    2013- $3.803 requested
     
  4. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    imagine the huge growth we'd have if we announced with a Constitutional Amendment that we were capping spending at +2.5% a year until the debt and deficit were long gone!!

    It would be as if we announced to the world we were going to be the most stable country on earth as a matter of Constitutional law!!!

    Only the cancerous, treasonous Democrats prevent this!!
     
  5. Moonglow
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    Moonglow Diamond Member

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    you have eyes but you can't see.
     
  6. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Sounds like a sane and logical thing to do, so of course, Congress won't.
     
  7. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Well, Republicans wouldn't do it either and I'm not so sure that's such a great idea.
     
  8. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    its not the Congress is it, but rather the liberals in all 3 branches of government that will not vote to end the insanity with a Balanced Budget Amendment!
     
  9. rdean
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    rdean rddean

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    How about we raise taxes so everyone pays 25%, no exceptions. Stop this bullshit with gazillionaires like Mitt Romney paying, uh, whatever he's paying. He won't tell us. Thinks it's embarrassing.
     
  10. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    we're in a depression, we don't want to tax the rich at all since they create the jobs that end depressions!! Eliminate the corporate tax, their prices go way down, demand goes way up, jobs are created, liberals depression is over!!

    Liberals are actually so stupid as to hate and punish corporations, and then expect them to end this depression!!
     

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