Wednesday, February 20, 2013

Think Progress: Fiscal Policy: Jeff Spross: "Moving The Goal Posts: Simpson-Bowles Renege On Their Own Plan For More Revenue": How to Cut the National Debt and Deficit

Moving The Goal Posts: Simpson And Bowles Renege On Their Own Plan For More Revenue: pFormer Republican Senator Alan Simpson and former Clinton White House Chief of Staff Erskine Bowles will release a new plan today to reduce the deficit by $2.4 trillion over the next decade. The pair of deficit hawks previously co-chaired a 2010 commission on fiscal reform (which failed) and then released a proposal for $6.3 trillion [...]/p

How about a latest update on the deficit reduction show I mean situation in Washington. For those who haven't slept in a while and looking for some sleep and the thing to make that happen. And the few who are left who are actually interested in this story. The Budget Control Act of 2011 that cut 1.5T$ from the debt with nothing but budget cuts but a third of those cuts came from. The Defense Department, something that Progressives tend not to mention and I bet Think Progress would be. Included in that and then we go to 2012 with the American Tax Relief Act that made all of the middle class tax cuts. Permanent something I'm guessing Progressives hate as well but raised taxes on the wealthy by 600B$ so do the math we are already at 2.1T$ in debt reduction. The deficit is now finally under 1T$ at 845B$ still way too high but the point being we are making progress. Every economist I've heard and read that I actually respect people who know a hell of a lot more about this then me. Say we need around 5T$ over a ten year period in debt reduction to get the national debt under control. We are already about half way there.

So how do we come up with the rest of the 1.9T$-2.9T$ in debt reduction and finish the job over a ten year period. We need to do several things but we can't do anything of these things without serious economic growth and I believe. Tax reform that raises revenue has to be part of this package but done in a way that doesn't feed the Federal Government to spend more money. But done in a way that promotes economic and job growth, as well as success, opportunity and responsibility. Senate Democrats are already looking at a proposal that would raise an additional 1T$ in tax reform. So thats where some new revenue would come from but you combine that with some type of economic growth package. That would include incentives for business's and individuals to invest in America and eliminate the incentives. That encourages people to take their money oversees we wouldn't see a huge tax hike that would bad for American business's. And takes American dollars out of the country.

We've already cut defense by 500B$ over ten years, we've raised 600B$ in new revenue. Lets eliminate the junk in the tax code and lower taxes on American business's when they invest in the. United States and have them pay higher taxes when they take their money out of the country. And control our entitlement spending especially as it relates to healthcare and stop subsidizing healthcare providers. For the amount of healthcare they provide but instead by the quality of health for their patients. And stop subsidizing junk food and drink, including alcohol and stop subsidizing tobacco. And invest in things like America infrastructure, energy and manufacturing and we can get our fiscal and economic houses. In order and stop governing by crisis and govern responsibly instead.