Most of my reform ideas are relatively radical and are not among the options provided, but I'd go with this plan:
http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html?choices=431m05r2If implemented in 2010, it would shift the projected 2015 budget shortfall from $418B to -$120B while turning the projected 2030 shortfall from $1.345T to -$0.34T. The difference would come from spending cuts (53%) and some increases in tax revenue (47%).
Domestic Programs and Foreign AidMilitary- Reduce nuclear arsenal and space spending
- Reduce military to pre-Iraq War size and further reduce troops in Asia and Europe
- Reduce the number of troops in Iraq and Afghanistan to 60,000 by 2015
Health Care Reform- Enact medical malpractice reform
- Reduce the tax break for employer-provided health insurance
- Cap Medicare growth starting in 2013
Existing Taxes- Return the estate tax to Clinton-era levels
- Return [investment tax] rates to Clinton-era levels
- Allow [Bush tax cut] expiration for income above $250,000 a year
- Payroll tax: Subject some incomes above $106,000 to tax
New Taxes and Tax Reform- Millionaire's tax on income above $1 million
- Eliminate loopholes, reduce rates (Bowles-Simpson plan)
- Carbon tax
The results in this case are not useful in showing how my policies of choice would affect the deficit and national debt, unfortunately. There are some areas of spending I want to increase (e.g. space exploration, foreign aid, infrastructure, and state investments in the arts and sciences) while in others it is unclear whether changes would be more or less cost-effective - my best examples being across the board increases to the income tax, replacing Social Security and some means-tested programs with a basic income, and scrapping Medicare and Medicaid in favor of German-styled sickness funds. It is also unclear how my preferred replacement for the U.S. Constitution and shift toward a socialist economy would impact the sustainability of various public policies.
