How would YOU cut the deficit?

[8537]

1. Cut defense spending by about 40%, back to about 2002 levels. Remove troops from Afghanistan and Iraq, cancel programs that the defense department doesn't even want.

2. Means test at least a portion of Social Security - perhaps 50% of each payment is guaranteed, the rest means tested.

3. Cut perverse subsidies such as agriculture and fuels.

<I'm sure there are a host of other areas to cut. Those are just the most obvious to come to mind>

4. After unemployment has declined somewhat, implement an across-the-board freeze in nominal spending for all government agencies, no exceptions. This alone would reduce the deficit by a few hundred billion per year.

5. After the economy is stable, end the extensions of all of the Bush-era tax cuts.
6. Reinstate the estate tax at it's 1990's level.
7. Move towards parity between the tax on capital gains and the tax on labor.
8. Reduce the Social Security contribution tax rate by a point or two, but also remove the cap.

 

[M14 Shooter]

1. Cut defense spending by about 40%, back to about 2002 levels. Remove troops from Afghanistan and Iraq, cancel programs that the defense department doesn't even want.

2. Means test at least a portion of Social Security - perhaps 50% of each payment is guaranteed, the rest means tested.

3. Cut perverse subsidies such as agriculture and fuels.

<I'm sure there are a host of other areas to cut. Those are just the most obvious to come to mind>

4. After unemployment has declined somewhat, implement an across-the-board freeze in nominal spending for all government agencies, no exceptions. This alone would reduce the deficit by a few hundred billion per year.

5. After the economy is stable, end the extensions of all of the Bush-era tax cuts.
6. Reinstate the estate tax at it's 1990's level.
7. Move towards parity between the tax on capital gains and the tax on labor.
8. Reduce the Social Security contribution tax rate by a point or two, but also remove the cap.

How much would all this reduce the deficit?

 

[8537]

1. Cut defense spending by about 40%, back to about 2002 levels. Remove troops from Afghanistan and Iraq, cancel programs that the defense department doesn't even want.

2. Means test at least a portion of Social Security - perhaps 50% of each payment is guaranteed, the rest means tested.

3. Cut perverse subsidies such as agriculture and fuels.

<I'm sure there are a host of other areas to cut. Those are just the most obvious to come to mind>

4. After unemployment has declined somewhat, implement an across-the-board freeze in nominal spending for all government agencies, no exceptions. This alone would reduce the deficit by a few hundred billion per year.

5. After the economy is stable, end the extensions of all of the Bush-era tax cuts.
6. Reinstate the estate tax at it's 1990's level.
7. Move towards parity between the tax on capital gains and the tax on labor.
8. Reduce the Social Security contribution tax rate by a point or two, but also remove the cap.

How much would all this reduce the deficit?

well some of those numbers are variable and I don't have exact info, but off the napkin I'd say:

1: 300B per year
2. 250B per year by 2015
3: 30B
4: Increasing annually, with first year savings of about 200B and fifth year savings closer to a trillion.
5: 150B or so per year.
6. I don't really know - 10B?
7. Depends on how you move it. If you're just balancing, it would be revenue neutral
8. Depending on how much cap you remove, 25-200b per year.

Again, all very rough educated guesses. Total annual shift in budget balance by 2015: +1.2 trillion or so. Economic growth would easily close the rest of that gap.

 

[JRK]

How close did we get in 2006?
what happened in 2007?
and why did it go from a deficit of 150 billion to 2 trillion in 2 years?

You can cut this and raise that
but until you answer that there is no solution

 

[rikules]

What do you think is an 'acceptable' deficit?
The FY2009 deficit was $1413B - what will you cut to get down to that 'acceptable' deficit?

Note that to asnwer the 2nd question, you must include dollar amounts and explain where those figures came from.
That is:
Specify what programs you'd cut/taxes you'd raise, how much they would save/generate, and how you know.

reduce congressional pay to 100k

tax churches/religions

eliminate tax breaks for spouses/children.

close loopholes that allow billionaires and corporations the opportunity to pay less than their fair share of taxes

stop paying retirement pay to military lifers immediately upon retirement and make them wait (like everybody else) until they are 65

(i'm as liberal as the next guy but....)
no more funding the arts or planned parenthood

these things should be able to stand on their own or thru donations from supporters

no tax breaks for charitable donations (including religion)

end welfare for life and turn it into short term welfare that provides training and education to assist the person in future employment

end the war on drugs, legalize pot, regulate and TAX it

end the war on prostitution, legalize it, regulate and tax it

make all federal prisoners earn their own keep; farming, making things to sell (furniture, lamps...crap like that) - if done properly federal prisons could be practically self supporting

 

[rightwinger]

1. Increase taxes
2. Cut Spending

Specify what programs you'd cut/taxes you'd raise, how much they would save/generate, and how you know.

Repeal the Bush/Obama Tax cuts- $3 Trillion
End engagements in Iraq/Afghanistan/Libya- $2 Trillion

Savings over 10 years- $5 Trillion

 

[rightwinger]

1. Increase taxes
2. Cut Spending

trouble is you demonRats always increase taxes and then double down on spending the revenue and then some.. that's kinda what the fuck everyone is sick of so.. go sit in the corner.

Beats cutting taxes and doubling down on spending like the Republicans do

 

[8537]

How close did we get in 2006?
what happened in 2007?
and why did it go from a deficit of 150 billion to 2 trillion in 2 years?

The economy fell through the floor, revenues plummeted, automatic stabilizers increased expenditures and attempts to rescue the economy added to the figures as well.

 

[JRK]

1. Increase taxes
2. Cut Spending

Specify what programs you'd cut/taxes you'd raise, how much they would save/generate, and how you know.

Repeal the Bush/Obama Tax cuts- $3 Trillion
End engagements in Iraq/Afghanistan/Libya- $2 Trillion

Savings over 10 years- $5 Trillion

why do you think collecting more taxes will be a net positive?
both wars cost about 1 trillion dollars in total
we won in Iraq, we are leaving
Afghanistan has cost us about 400 billion
how do you get 5 trillion out of what I see to be at best 300 billion?

 

[JRK]

How close did we get in 2006?
what happened in 2007?
and why did it go from a deficit of 150 billion to 2 trillion in 2 years?

The economy fell through the floor, revenues plummeted, automatic stabilizers increased expenditures and attempts to rescue the economy added to the figures as well.

I agree that revenues plummeted
so why was the deficit in 08 500 billion with a 300 billion dollar rebate as well as Tarp and it was close to 2 trillion in 09?
UE has insurance that pays for it

 

[8537]

How close did we get in 2006?
what happened in 2007?
and why did it go from a deficit of 150 billion to 2 trillion in 2 years?

The economy fell through the floor, revenues plummeted, automatic stabilizers increased expenditures and attempts to rescue the economy added to the figures as well.

I agree that revenues plummeted
so why was the deficit in 08 500 billion with a 300 billion dollar rebate as well as Tarp and it was close to 2 trillion in 09?
UE has insurance that pays for it

1. The federal unemployment insurance fund was tapped, and even if it hadn't been it's still an increase in spending and a decline in revenue. Trusts are not separated.
2. Revenues plummeted even more in 09 than in 08. Compared to 08, income tax receipts fell by hundreds of billions and business/related taxes fell by a similar amount. Total revenues declined by about 500B.
3. Other stabilizers were tapped in significant amounts.

oh, and the deficit wasn't "close to 2 trillion" in Bush's final budget year, 2009. It was 1.55T. It declined to 1.37T in 2010.

 

[rightwinger]

Specify what programs you'd cut/taxes you'd raise, how much they would save/generate, and how you know.

Repeal the Bush/Obama Tax cuts- $3 Trillion
End engagements in Iraq/Afghanistan/Libya- $2 Trillion

Savings over 10 years- $5 Trillion

why do you think collecting more taxes will be a net positive?
both wars cost about 1 trillion dollars in total
we won in Iraq, we are leaving
Afghanistan has cost us about 400 billion
how do you get 5 trillion out of what I see to be at best 300 billion?

More taxes= More money in
Less taxes= Less money in

No wars= Less money out

 

[8537]

Repeal the Bush/Obama Tax cuts- $3 Trillion
End engagements in Iraq/Afghanistan/Libya- $2 Trillion

Savings over 10 years- $5 Trillion

why do you think collecting more taxes will be a net positive?
both wars cost about 1 trillion dollars in total
we won in Iraq, we are leaving
Afghanistan has cost us about 400 billion
how do you get 5 trillion out of what I see to be at best 300 billion?

More taxes= More money in
Less taxes= Less money in

No wars= Less money out

Fuzzy math!

 

[M14 Shooter]

1. Increase taxes
2. Cut Spending

Specify what programs you'd cut/taxes you'd raise, how much they would save/generate, and how you know.

Repeal the Bush/Obama Tax cuts- $3 Trillion
End engagements in Iraq/Afghanistan/Libya- $2 Trillion

Savings over 10 years- $5 Trillion

Anyone can make up numbers. Support these.

 

[rightwinger]

Specify what programs you'd cut/taxes you'd raise, how much they would save/generate, and how you know.

Repeal the Bush/Obama Tax cuts- $3 Trillion
End engagements in Iraq/Afghanistan/Libya- $2 Trillion

Savings over 10 years- $5 Trillion

Anyone can make up numbers. Support these.

Hold on...

Let me find my calculator
Umm 3 + 2 = 5

Yup...It all works out

Now...you find your calculator and show me how lower taxes = more money in

 

[boedicca]

I'd roll back spending to the 2007 level (pre the financial crisis), and hold it flat until tax receipts exceeded outlays.

 

[M14 Shooter]

Repeal the Bush/Obama Tax cuts- $3 Trillion
End engagements in Iraq/Afghanistan/Libya- $2 Trillion

Savings over 10 years- $5 Trillion

Anyone can make up numbers. Support these.

Hold on...
Let me find my calculator
Umm 3 + 2 = 5
Yup...It all works out

Even -you- are smart enough to understand that your response avoids the point and does not satisfy the request.

 

[rightwinger]

Anyone can make up numbers. Support these.

Hold on...
Let me find my calculator
Umm 3 + 2 = 5
Yup...It all works out

Even -you- are smart enough to understand that your response avoids the point and does not satisfy the request.

Want me to explain "Trickle Down Economics" to you?

 

[M14 Shooter]

I'd roll back spending to the 2007 level (pre the financial crisis), and hold it flat until tax receipts exceeded outlays.

FY2007 spending: $2728.7B
FY2009 revenue: $2104.6B
This leaves a $600B deficit.

it IS, however, a $790B cut in spending, and cuts entitlement spending by $660B.

 

[rightwinger]

I'd roll back spending to the 2007 level (pre the financial crisis), and hold it flat until tax receipts exceeded outlays.

Lets also roll taxes back to 2001 levels and the whole deficit will reduce much faster