December 3: Some Economic Proverbs

We have more tax revenues than ever…and ballooning deficits in Washington, D.C. Neither party has the courage to balance a budget and repay obligations. Here are some insights for changing the conversation:

  • Create a budget based on the real revenue of the previous year. If there is more money, decide ahead of time where it goes; if less, have the cuts ready.
  • Unregulated capitalism and bureaucratic socialism achieve the same end: a few are enriched at the expense of most.
  • Begin a process of removing the thousands of agricultural subsidies that benefit huge agribusinesses and are no longer needed.
  • Transform HUD and other agencies into efficient, decentralized catalysts for help and transformation instead of career paths for bureaucrats.
  • Cut defense spending and increase support for veterans. One less bomber means help for thousands of vets and less pork for Congress to give away.
  • Privatize all public pensions, with excellent regulations through the SEC and other agencies. Eliminate the special retirement benefits for elected federal officials and have them held to the same economic standards as all citizens.
  • Public employee unions should be able to bargain, but not hold taxpayers hostage to benefits they cannot afford. Bring all teachers and workers into Social Security and offer excellent private plans – just like the rest of the country.
  • Hold all government agencies accountable for best practices and have private-sector leaders offer insights on efficient methods and ethics.
  • Transform the IRS with simplification of the tax code and consider alternative ways of raising revenue.
  • Invigorate private/public partnerships for all kinds of infrastructure, with high standards, but honest bidding processes and a cap on “change orders” and lawsuits.
  • Stop sending tax dollars to colleges and universities for frivolous programs and lower the cost of education by demanding that teachers teach, and students work.

With courage, love and wisdom, we can change a 50-year trajectory.

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