A couple of the proposals from the commission:
- Reduce the annual cost-of-living increases in Social Security and curbing growth in Medicare
- Eliminated popular tax breaks like the Mortgage or Child Tax Credit
Before looking more into these proposals let’s go back in time and look at some things that Barack Obama has said and what he has done in the first two years of his Presidency.
From January 20, 2001 to January 20, 2009 the debt held by the public grew $3 trillion under Mr. Bush. By comparison, from the day Mr. Obama took office the debt held by the public will grow by $3.3 trillion. In 20 months, Mr. Obama will add as much debt as Mr. Bush ran up in eight years! WSJ
By eliminated popular tax breaks like the Mortgage Tax Credit would mean the single largest tax increase on every home owner across the nation that has a mortgage! This would not go over well with the American people and would break Obama's no tax increase promise, which has already been broken with ObamaCare.
I have a few proposals of myself on how to reduce the deficit, that I think are common sense and am in awe that these ideas aren't on the table that I can see.
- First and foremost, government spending has to stop or drastically reduced. To think we can spend our way out of debt or out of a recession is ludicrous and makes NO sense on so many levels that it makes you wonder about the compentency level of this administration and its advisors.
- Second, and almost just as important as the first, is that our government should be required to be on a balanced budget. They would only be allowed to spend on the estimated revenue it receives in any given year.
- Third, Timothy Geitner and Ben Bernake need to be fired and appoint Dave Ramsey to take either place and Dave's choice of team members to run the Treasury and Federal Reserve. Dave Ramsey's Total Money Makeover needs to be applied to the government - common sense principles of getting out of debt! I would be willing to bet everything I own that Dave Ramsey could do more to reduce the deficit in four years than all the administrations combined in the last 200 hundred years!
- Fourth, entitlement programs need to be drastically reformed, reduced, or eliminated.
- Last, but not least, fifth, pork spending and earmarks need to be eliminated and leave it to the states.
Our country is headed down a path that is literally unsustainable. Drastic changes need to happen and happen soon or we may be facing what Greece and Europe is facing.