I really like this interactive feature from the NYT. They came out with it a few years ago, but its still fascinating and breaks things down into simple terms.
http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html?_r=0It requires tough choices, which would probably be impossible with this Congress we have now.
Here is my deficit reduction plan:
http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html?choices=ymtk05lj- cut foreign aid in half.
- eliminate earmarks.
- end farm subsidies.
- cut the pay of civilian federal workers by 5%.
- cut 250,000 government contractors.
- reduce nuclear arsenal and space spending.
- reduce military to pre-Iraq war size
- reduce Navy and Air Force fleets
- Cancel or delay some weapons programs
- Enact medical malpractice reform
- Cap Medicare growth
- Return estate tax to Clinton-era levels
- Return investment tax rates to Clinton-era levels
- Allow Bush tax cuts to expire for those making $250,000 and up
- Millionaire's tax
- Eliminating loopholes in tax code
It can be done. It requires some tough, unpopular choices, which may amount to political suicide, but its worth it to pump more revenue into public coffers, balance the budget, and close the deficit.
I'd like to go back to Eisenhower economic policies.
Any surplus would be used to:
- expand Medicare for all
- pay for one year of college for every American student
- fund Pre-K in every elementary school
- establish the United States Public Service Academy
