AntonToo
Diamond Member
- Jun 13, 2016
- 31,050
- 9,009
- 1,340
Here are recommendations to cut spending and raise revenue to start paying down the $32T Debt
- Hire another "Grace Commission" to audit and fix the Federal budget deficit (eliminate duplication)
- B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b. NO WHINING
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)
US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending:
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion
- To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
- Reform entitlements, Medicare & Social Security, currently projected to be insolvent: Medicare 2024, SS 2035
So my answer is to cut spending AND raise taxes. No other way will work.
A sane, politically realistic, no tax-cut-cult budget fix proposal from a rightwinger?
Now I've seen it all.