We had prosperity in the 50's and 60's because we were not a debtor nation. We still had capital flows of money coming into the US - much like China has now.
Massive tax cuts did not get us of of the Great Depression - neither did massive government spending on the New Deal - WWII got us out of the Great Depression. (Many do not know this but there was a depression in the 20's before the Great Depression. Amazingly, the government did not intervene and the economy righted itself on it own.)
I would cut the size of the federal government. Dept of Energy would be gone. Early retirement would be offered and those positions who took it would not be re-hired.
I would cut the military budget and start closing some of our bases in foreign lands.
I would have the US leave the UN.
I would seriously look at all the foreign funding we dish out and dramatically reduce or eliminate it all and start using that in the US.
I would look to cut entitlement spending as well as increase the cap on SS above $106k.
I would look to institute a flat tax - hereby eliminating or drastically reducing the IRS and adding a VAT tax on luxury items.
There's a start for you.
Fair enough, a good start. However the proof is in the numbers.
I'd add eliminating farm subsidies and oil depletion allowances.
I'd also beef up IRS audits to catch more non-payers, and hit Medicare fraud hard.
I'd reinstitute inheritance tax on estates over $1 million, and let the Bush tax cuts expire.
I'd also have import duties on goods which we consider essential industries.
I'd convert some taxes to user fees, ie there could be minimal charges for fire department calls, police calls, library books, elder and hospice care.
Of course there are special interest groups, lobbyists, and bribe-taking congressmen who would oppose everything you and I might propose.
Got any ideas how to fix that?
