Saturday, May 22, 2010
Balancing the Federal budget
The Committee For A Responsible Federal Budget has released a new Web-based tool that lets you have a go at balancing the Federal budget by 2018, assuming a debt level of no greater than 60% of Gross Domestic Product. It's an interesting exercise, particularly if you (like me) consider higher taxes to be anathema, and want to get rid of as much bloated Government spending as possible.
I managed to get the budget balanced by 2020 at the desired debt level, and reduce taxes, but only by cutting entitlement spending (Social Security, Medicare, etc.) and reducing welfare as well. I have no problem with this, of course, as I don't regard those programs as sacrosanct; but others will doubtless regard me as heartless and uncaring for expecting people to make some provision for their own need, rather than permanently feed at the Federal trough. I'll cheerfully plead guilty to such charges. I want the smallest government possible, commensurate with its Constitutional responsibilities - and any 'responsibilities' it's taken on that aren't enumerated in the Constitution, I want to see disappear, yesterday if not sooner.
Have a go yourself, and see how you do.