Could we fix our budget deficit by cutting back the Federal Government's budget

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   ExpertCLBposted 7 years ago

   Could we fix our budget deficit by cutting back the Federal Government's budget by 1% per year...
   
   for the next 20 years?

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   Mr Tindleposted 7 years ago

   It would be a start, but my personal view is that we need to take bigger steps. I would say that at least 5% of the budget should be slashed every year. Preferrably even more than that in order for the U.S. to really make a dent in our gigantic deficit. After all when analyzing the federal budget we have to realize that the deficit has grown into an enormous beast! We are now overspending by $2 Trillion every year. So we need to take large steps to make a difference.
   
   Also I think tax cuts are desperately needed as part of the equation. More money in the pockets of both individuals (rich, middle-class, and poor) and businesses (Multi National Corporation & Small Businesses) means more revenue for the government to work with over the long-term.

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   uncorrectedvisionposted 7 years ago

   
   
   The Cato Institute contends that if we froze the budget and the taxes exactly where they are right now we would be even in 2016.  We could increase spending by 1% per year and still balance the budget by 2018 or 2% and balance by 2020.  It is freezing tax rates where they are that is the key.

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   someonewhoknowsposted 7 years ago

   We should start with reducing congressional pork barrel spending

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   nightwork4posted 7 years ago

   the only thing that is going to fix the deficit is for americans to take back their country from the wealthy. the love for capitalism is killing the U.S. and whether people want to admit it or not it's a great idea that is impossible to sustain. canada and the united states both need to forget about the original ideas and rethink what is needed to become truly free and self-supporting. i know many people will disagree that capitalism won't work and they have that right but so far it looks like it is destroying us and it will continue to do so.

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   Thesourceposted 7 years ago

   Surely all waste should be reduced or stopped if possible.
   
   However, the difficulty is in sorting out what is beneficial spending and what is not. This can vary depending on which party a politician is associated with. The wealthy individuals and corporations should provide more in taxes. After all they  benefit more from the education of masses, infra-structure, law enforcement, and the military.
   
   Cutting the Federal budget is not always the answer. These are usually proposed by the wealthy through the politicians they fund, so that their taxes are kept low.
   
   A better solution is stimulating the economy and or increasing the taxes on wealthy corporations and individuals. The tax revenues will then go up and reduce the deficit. No one will go hungry or homeless while we reduce the deficit. It is really not that painful unless one is greedy. Read my hub on Government spending and taxes during recession.

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   equineposted 6 years ago

   That would be part of it, but I really think the answer lies in finding small solutions. Wasted money can be found anyway. Can we identify incentives for employees to identify ways to save money?  I wrote a hub about it:
   
   http://equine.hubpages.com/hub/CostSaving

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