I have not had time to go over this with a fine tooth comb, but on the surface this sounds like the best thing to come out of DC in a LONG time: http://johnrlott.tripod.com/TheMomentofTruth.pdf Basic points: -Across the board spending cuts (military* and non-military spending) -Elimination of all itemized tax deductions, capital gains tax, and AMT -Only three tax brackets, the highest of which would be 23%, corporate tax reduced to 26% -Payroll tax stays as is absent SS reform. *quote: "Our biggest national security threat is our debt". So very, very true. All the military might in the world is irrelevant if we can't actually afford it.
Most of that sounds pretty good. I agree that our debt is the largest threat to our national security. Also, our dollar becoming too weak is part of that as well.
Certainly. As we are unable to pay our debts, printing money to pay said debts becomes first appealing and then inevitable. Now if we could privatize social security and then get rid of the income tax entirely we'll be in really good shape.