November 8, 2011
Cap the Debt: Don't Be Afraid of Spending Cuts
By John Markley
Quote of the Day: "The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced. If the nation doesn't want to go bankrupt, people must again learn to work, instead of living on public assistance." – Attributed to Marcus Tullius Cicero, 55 BC

The deadline of Congress's "Super Committee" (what we like to refer to as the American Politburo)  is facing a November 23 deadline to come up with a paltry "deficit reduction" plan.

I believe we need a deficit ELIMINATION plan instead. That's why I sent the following letter to Congress telling them to Cap the Debt.

The hard-wired message says simply, "Do NOT raise the debt ceiling ever again."

I added the following comment...

I am disgusted that the so-called Super Committee can't even agree on TINY cuts (in the rate of growth) to the federal budget amounting to $1.5 trillion over ten years (less than the projected annual deficit).

Even if they come to an agreement, Big Government will continue to grow, and the national debt will STILL increase by several trillions of dollars. This is harmful to all of us...

* It increases the pressure to raise taxes, even though "increasing taxes by 1 percent of GDP for deficit-reduction purposes leads to a 3 percent reduction in GDP."
* Government spending stunts economic growth; for instance, studies have shown that increased defense spending actually DECREASES overall GDP

The way to restore prosperity is to sharply DECREASE government spending. Rep. Ron Paul provides a good starting point. His plan would cut $1 trillion in spending IMMEDIATELY by ...

* Eliminating five harmful Cabinet bureaucracies: Energy, Housing and Urban Development, Commerce, Interior, and Education
* Abolishing the TSA and several other programs and agencies
* Ending subsidies to corporations and foreign governments
* Ending the wars and terminating overseas militarism by 15%
* Returning most other spending to 2006 levels
* While continuing to honor commitments to seniors and veterans

In addition, he would repeal harmful laws and regulations that create uncertainty in the business community and stall economic growth.

I wish Dr. Paul went further -- that he would balance the budget in a year. But he's on the right track. Instead of miniscule cuts over ten years, we need large spending cuts TODAY.

Remember that America roared back to prosperity after World War II, even though the federal budget was slashed in half and ten million soldiers were "laid off." There is no reason to be afraid of sharp spending cuts. Both short-term and long-term, we will be better off.


You are encouraged to send your own letter.

You may borrow from or copy the points above, and please share it with your friends!

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Jim Babka
President, Inc.
Filed under Wealth & Poverty
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