No more pitiful political debt "deals." Forget fixes over 10 years, and eliminate annual budget deficits now by spending no more than received. Build an annual surplus of revenue over expenses to pay down existing accumulated debt of more than $14 trillion. Really insane is that accumulated debt is projected to grow to about $21 trillion in 10 years. Our country is on its last wobbly legs.
First, for people age 57 or younger, reduce future outlays (including means testing) for Social Security, Medicaid, Medicare and Medicare Part D. Payroll tax collections have been used to pay current benefits and other unrelated expenses. Nothing (but IOUs) is saved for future retirees; $107 trillion is the value of today's promises to present and future retirees, which is unfunded. The government has promised more than it can deliver.
Second, drastically reduce voluminous, costly government regulations that are paralyzing business. Uncertainty stifles growth. Repeal the new economically disastrous health care law, and revise the Dodd-Frank financial regulations and Environmental Protection Agency and National Labor Relations Board rules.
Third, eliminate deduction and credit preferences in our income tax system. Also, create a national lottery or a concurrent national sales tax or both for the strictly limited purpose of retiring our national debt. A drastic approach? Yes, but we have no choice. We have run out of time and money.
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Lastly, our country will collapse unless our Constitution is amended to include balanced-budget and congressional term limit provisions.
If you agree, contact your representative in Congress.