Much has been written about the debt and the deficit, and there are strident voices saying either tax the wealthy or cut Medicare and Social Security.
I am not opposed to taking more from the wealthy, even though the top 5 percent of taxpayers already pay 50 percent of all income taxes. To really fix the problem would require a 30 percent-plus tax increase for everyone -- not just the rich.
As for corporate income tax, we need to reduce it. Our corporate tax rate is second only to Japan's. We need to cut the rate to about 15 percent and then eliminate virtually all loopholes and deductions.
We're losing jobs to other countries due to high corporate tax rates and excessive regulation.
How about we just cut discretionary spending? That won't work because mandatory spending for entitlements plus interest on the debt takes up about 60 percent of the budget. Defense is another 18 percent.
I am all for cutting discretionary spending, and here are some good places to start. We have troops in more than 100 countries. Why?
How about we privatize the Post Office and Amtrak and quit building aircraft carriers we don't really need.
Sorry, everyone, but there is no way around it: We must cut Social Security, Medicare and Medicaid (and repeal the new health care legislation).
We then can protect the future by instituting term limits, eliminating the pensions of elected representatives and requiring that any legislation that applies to us must also apply to them.
St. Helena Island