Dear Mr. President and Congresspeople,
Over the past few months, I have watched you bicker about the national debt. To deal with the crisis, a bipartisan panel was selected to devise a plan. Most of you decided it was a bad idea, and you punted on the issue. Thankfully, some people in Congress have made a stink about the debt, and once again, talks are ongoing. The biggest shame is that if any of you operated a business like this, you’d either be fired or in jail.
Doesn’t our country deserve better than this?
Who came up with the idea that enormous loans are necessary for operating the federal government? I know this is neither a red nor a blue issue: both political parties are culpable. It’s time that you make some hard decisions and balance the federal budget. The premise is simple: revenue must meet or exceed expenditures.
This graph illustrates the absurdity of our system. Remember, revenue must exceed expenditures. To fix this, you must either increase taxes or reduce spending. Considering that governmental spending is at an all-time (peace-time) high, I think spending may be the issue.
Here’s what you could do:
Pass a balanced budget amendment that takes effect in 2015. This will give the government four years years to get things in order.
Eliminate corporate and agricultural subsidies. Allow the market to determine which products are best.
Reduce the regulatory burden on companies–particularly in the health care and energy industries. The last thing we need is for rules to prevent innovation.
Simplify the tax system. This will allow people to better estimate their tax burden and will reduce the chance for people to avoid paying taxes.
Deal with Social Security and Medicare. The costs for these programs are going to rise unless Congress addresses the structural issues of funding and expenses. People live longer, and medical expenses are high. Either the eligibility age must rise or coverage must decrease.
Pay off the national debt. We should dedicate 1% GDP to reducing our debt.
From a non-budgetary perspective:
Reduce our country’s dependence on imported energy. Allow companies to extract oil, gas, and coal from our country that is environmentally friendly and economically feasible. This puts men and women back to work and adds to our GDP.
Reform the immigration system. Intelligent people from other countries study in our universities and work in our technology firms. Provide a way for these folks to become permanent residents or citizens.
Elected officials: it’s time to fix the problem. Please, take care of this issue for us and for future generations.