http://www.cnbc.com/id/42246531 The US ranks near the bottom of developed global economies in terms of financial stability and will stay there unless it addresses its burgeoning debt problems, a new study has found. In the Sovereign Fiscal Responsibility Index, the Comeback America Initiative ranked 34 countries according to their ability to meet their financial challenges, and the US finished 28th, said David Walker, head of the organization and former US comptroller general. "We think it is important for the American people to understand where the United States is as compared to other countries with regard to fiscal responsibility and sustainability," Walker said in a CNBC interview. "Americans are used to rankings and they're used to ranking very high, but frankly in this area we rank very low."
Thoughts: 1) Taxes. I believe we need to abolish the graduated income tax and go to a flat tax that applies equally to all. In addition, I support a 2-3% national sales tax with 100% of the revenues dedicated to buying down the national debt. It may take 12-20 years to pay the debt off, but it can be done. We have to make radical changes in business taxes and remove the punitive aspect. 2) Budget. A budget that cannot be more than 2% +/- of target. Period. No exceptions. 3) Social Security. Massive cut backs (like eliminating self induced illnesses like alcoholism, drug addicts, obesity, phantom illnesses like fibromyalgia that have no scientific basis) means testing... 4) Medicare. Radical changes, but I have to admit I don't know how to go about it. 5) Entitlement programs, subsidies- good by.
The former is a start, the latter is a waste of time and money. A net gain, but I don't really care for the social agenda of either party...
what does reducing abortion rights have to do with anything related to the economy? Now, if we're talking about stopping the subsidization of those abortions then you're on to something.
BP, I'd like to discuss your point #2. What does being within 2% of a target that is massively overinflated or underspent help with? And it only hampers you from doing things like disaster relief, or military action, etc. Now, if you say it has to be within 2% of revenues then you might be on to something.
I guess what I'm thinking is that it is impossible to perfectly balance a federal budget year in and year out. But, we should be able to get within 2%. Some years a bit over, some a bit under... and in so doing keep it balanced over any period of time.
