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Thread: $9 Trillion Deficit Reduction Plan - Back in Black

  1. #21
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    Re: $9 Trillion Deficit Reduction Plan - Back in Black

    Swap the 3T savings in social programs with the 1T savings in military expenditures and I'll sign off on it. The DoD still burns through money like **** through a tin horn.
    Quote Originally Posted by Northern Light View Post
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    Re: $9 Trillion Deficit Reduction Plan - Back in Black

    Considering that entitlement spending is almost double the spending of DOD and are is likely to raise at an exponentially higher number over the next few years I'd say a 3:1 break down is correct if we want to be serious and is relatively even in regards to percentage. Entitlement Spending (SS, Medicare/caid, Unemployment/Welfare, SCHIP) made up 55.85% of all federal spending in 2010. The DOD made up 19.63% of all federal spending. Together, those two grouping...Defense and Entitlements...accounted for literally 75% of our spending.

    By cutting both by 25% we'd actually reduce our spending, as a whole, by 20%. If we cut them by 33%, a 1/3rd slash, we would actually save more money than if we eliminated every other piece of government spending including our debt payments. Even then, they'd still make up 67%, more than 2/3rds, of our federal spending.

    If we don't deal with Entitlements which makes up a little over half our spending, and defense that makes up almost a quarter of our spending, then we're ignoring the elephants of the room.

    IFrom the little I've looked at his plans, I like it. Getting us to deficit neutral and a balanced budget in 10 years would be good, as it would then allow us to FINALLY start honestly attempting to deal with the debt.

    To be quite honest, I'd be up for a 1% sales tax on everything over that 10 year period. That tax would be colected and would go ONLY to the debt payments we make. Our debt interest payment alone in 2010 was 164 billion dollars. A 1% tax on spending would've generated about $141 billion in revenue. This would allow us to essentially double down on our debt payments every year while we work towards balancing the budget. Meaning that in 10 years not only should we be at a balanced budget and no longer running up debt but that our debt should be significantly lowered because we'd have been actually paying money towards the principle of our debt rather than just continually covering the interest.

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    Re: $9 Trillion Deficit Reduction Plan - Back in Black

    Just as a further interesting note...

    If we cut the entire DOD budget, dropped it to 0, spent nothing on the military...we'd still be running a 756.3 billion dollar deficit.

    If we cut EVERYTHING except for leaving entitlements and payment on our debt interest....we'd still be running a 43 billion dollar deficit.

    And just for fun, if we were somehow to cut all our entitlements completely...we'd be running a 589 billion dollar surplus.

    If we raised our revenues by 25%, we'd still be running a 890 billion dollar deficit. If we raised our revenues by 50%, we'd still be running a 355 billion dollar deficit. We would need to up it by about 67%, to bring enough revenue in to be deficit neutral. Even if we were to completely cut the DOD's budget all the way to $0 dollars you'd still need to raise revenues by about 35.5% to not run a deficit.

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    Re: $9 Trillion Deficit Reduction Plan - Back in Black

    Quote Originally Posted by PzKfW IVe View Post
    At this point in time and space, the only way to curb the deficits is to simply not allow the Federal government to borrow any more money.
    Over the long term, it is irresponsible to follow any other course of action.
    IT is not too late for the Republicans to walk away. It will hurt in the short term.
    We need a balanced budget amendment to force the Congress to balance the budget. No gimmicks. Balance.

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    Re: $9 Trillion Deficit Reduction Plan - Back in Black

    Quote Originally Posted by Mickey Shane View Post
    Swap the 3T savings in social programs with the 1T savings in military expenditures and I'll sign off on it. The DoD still burns through money like **** through a tin horn.
    By this standard, entitlement spending burns thru money like **** thru 3.5 tin horns.

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    Re: $9 Trillion Deficit Reduction Plan - Back in Black

    Quote Originally Posted by Misterveritis View Post
    IT is not too late for the Republicans to walk away. It will hurt in the short term.
    We need a balanced budget amendment to force the Congress to balance the budget. No gimmicks. Balance.
    Refusing to raise the debt ceiling balances the budget by default.

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    Re: $9 Trillion Deficit Reduction Plan - Back in Black

    Quote Originally Posted by PzKfW IVe View Post
    Refusing to raise the debt ceiling balances the budget by default.
    Yes. It does. Still, there is something defining about a balanced budget amendment. It gives us an opportunity to determine which way we intend to go as a nation.

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