What is the most drastic way to cut budget deficit in the US?
Tax increase, reduce social benefits which includes food stamps, disability pensions, old age social security, cut all foreign aid assistance? What do you think?
Get rid of the social programs. and make people have to work for their bread!
The most drastic way to cut budget deficit is to ensure that Congress will support the cuts. The objects of juggling and lobbying in Congress are tax increase, reduction of social benefits and more. But a senator or a congressman will not budge if s/he sees that his/her district will not support him in the next election because of compromises on budget for his/her district or turf. It does not matter whether the senator or congressman is a Democrat or Republican. Even in the first term of Bill Clinton (Democrat) when Congress was dominated by Democrats Clinton had a hard time pushing his budget deficit reduction package. His package won by only four votes in Congress (Woodward, B. The Agenda,1995). Mindset comes first in budget deficit reduction.
Raid offshore tax havens. Create full employment. Raise capital gains tax and institute a financial transactions fee.
Create a fair and just (o.k. we are talking about the government) flat tax. Since everyone is constantly talking about "repealling" this or that. Let us start with our out of work politicians who still get paid.
Those that have are always complaining about having to help those that don't, yet we as tax paying citizens have made many of those have's wealthy. Not only are they continuing to take a Hard Working American's tax dollars, they go work for lobbying firms and such and continue to make great deals of money. And then complain about having to help those less fortunate.
If our government officials lost their pay, when they lost their seats....our government would be saving a fortune. If I worked for a company for 15 years and lost my job tomorrow...I'd be out of job an out of pay. What makes them special. They got voted out...same as fired...so why do we continue to pay them and allow our deficit to grow by paying their salaries?
The tax code needs to be dramatically overhauled. This was Regan's winning strategy that nobody seems to remember. Not just cutting back. But going over the tax code top to bottom and cutting out fat.
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