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National Debt
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Washington D.C.

Turning the Economy Around

I saw on the news that Obama wants all branches of government to cut budgets by 5%. For every dollar the government spends almost 50 cents of it is borrowed. It’s going to take more than a 5% cut in spending. The government need to reduce spending by more than 50% so it has money to through at the national debt and all the interest that is building up. A 5% cut isn’t going to do it. We need to make the cuts necessary to get federal spending down to the levels they were in the year 2000

The government needs to do 9 things to get this economy turned around.

 

1.       An across the board tax break for employers who hire new full time permanent employees. The tax break should be what the new employee pays in federal income tax in the year they were hired. And it should be a minimum of 6 months in case people are hired at the end of the year.

 

2.       Across the board tax break for companies to buy new equipment that is at least 70% American made. This increase in demand will create jobs. Also provide a tax break for companies to expand their facilities or build new ones that use 100% American made building materials. This will create construction jobs and will help to create jobs at companies that supply American made building materials.

 

3.       Repeal the Healthcare reform law because it is not financially sustainable and will cost employers even more money and replace it with my healthcare solution. Take $314 billion dollars from the Recovery & Reinvestment Act funds and use the money to build hospitals or satellite facilities in every county in the country. This will create a lot of construction jobs and then when construction is complete it will create permanent medical jobs. This will actually lower healthcare costs for companies making them more competitive.

 

4.       Take $150 billion dollars from the Recovery & Reinvestment Act funds and build a new replacement Space Shuttle Fleet and give it the mission of building an Orbiting Assembly Platform. This will give us unmatched capability in space, no other country will have the ability that this gives us. This opens the door for manned exploration which is the best way to attain new technology. We need to shift our economy to high tech manufacturing. This also opens the door for commercial ventures in space like a network of global communications platforms that can handle far more traffic than communication satellites. And it also opens the door to space tourism by increasing our building skills and the techniques we use to build orbiting tourist facilities. Both of communications platforms and tourism will provide a lot of private sector jobs. We have to break NASA away from international partners and clamp down on access to technology because technology translates into jobs and a strong economy. We have to do away with the shoestring budgets that NASA has had to deal with in the past and made them go looking for international partners to get the space station built. We don’t want other countries having as much technology or even more technology than we have. If we have international partners then we are sharing technology, it’s just that simple.

 

5.       We have to change the way elections are run in this country. We have to get away from special interest and lobbyist and the only way we will do they is changing how political campaigns are financed. We need to take all the money that is contributed to candidates and put in a pot and divide it up evenly. This way there are no “Special Favors”  that elected officials have to pay and it takes lobbyists out of the picture because they will no longer be able to buy favorable legislation. When you look at the current “Jobs Bill’ it is really a “Special Interest Bill” it’s not a jobs bill. This is why congress can’t stop spending money. They need the special interest money to finance their re-election.

 

6.       We have to place constitutional limits on debt that have automatic cuts if debt is exceeded. These cuts will reduce the size of government until the national debt is reduced to acceptable levels. These levels need to be tied to a percentage of GDP somewhere in the area of 5%. The national debt is so high that within a couple of years the interest alone will take up most of the federal budget leaving no money to operate the government or provide for an acceptable level of defense. This debt has to be reduced and it has to be done now. We have $13 trillion dollars in national debt and we are headed toward $14 trillion. This is enough money to run the federal government for approximately 3 ½ years at current spending levels $3.5 trillion dollars a year. Or approximately 7 years at fiscal year 2000 levels which was $1.9 trillion dollars. We can’t be at war and continue all of this other spending. We have to make cuts.

 

7.       And we have to get federal spending down to what it was in the year 2000. The government is simply too large and we are not living within the country’s means.

 

8.       The government will have to raise taxes across the board. They have to get that federal debt down and they won’t be able to do it fast enough with just budget cuts, there will have to be tax increases including having the people who  don’t currently pay taxes which is estimated to be half the people. Everyone has to be paying. If your poor then you don’t pay as much but you have to pay something. And for those with big tax shelters we have to remove them. This is the only way we are going to get out of this huge hole that the national debt is creating.

 

9.       We have to put the country back to work by getting off crude oil and switching to an economy based on hydrogen. Electric cars and smart power grids is not the answer we need cheap fuel that is clean, abundant, cheap, that gives us fuel independence and that isn’t tied to global markets. Some want to switch to natural gas because we have a lot of it. The problem with natural gas is the same problem with oil and that is its tied to global markets and markets can be manipulated. This is what happened which oil hit $147 a barrel. To read more about my energy solution read “Common Sense Energy” in this section of my web site.