Thursday, May 20, 2010

Try and reduce the federal debt!

The Committee for a Responsible Federal Budget has an interactive "game" if I dare call it that, which allows you to check boxes next to government policies which will either increase or decrease the Federal Debt.  The goal of the game is to get the U.S. Federal debt to 60% of GDP by 2018.  I slightly failed, after all of my choices I got to 65% of GDP by 2018.  I'll give a VERY brief summary of the choices I made to try and balance our budget.  Click here and try it out!

Liberal things:

Kept Bush tax cuts only for those making less than $250K/200K - Cost - $2,095B
I reduced our troop presence in Iraq and Afghanistan to 60,000 by 2015 - Cost Savings - $350B
I enacted weapon systems cuts and canceled our missile defense program - Cost Savings - $90B
I increased food stamps funding by $140B - Cost - $140B
Enacted Carbon Tax or Cap-and-Trade system - Cost Savings - $330B

Moderate things:

With regard to most other aid for low income familes and foreign aid,
I did not increase or decrease funding for these programs. - No additional cost or savings.

Conservative things:

Lowered the Federal corporate tax rate from 35% to 30% - Cost - $390B
Raised the retirement age to 68 - Cost Savings - $110B
Reduced Social Security benefits over time - Cost Savings - $80B
Adjusted Federal COLA to a more accurate index of inflation - Cost Savings - $100B
Enacted Tort Reform - Cost Savings - $50B

Libertarian things:

Instituted a 5% VAT (includes reductions in other types of income tax) - Cost Savings - $630B

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