Strategies for a Sustainable Fiscal Future
Introduction
The challenge of fixing the federal/state debt and maintaining a balanced congressional/legislature spending budget is a multifaceted issue that requires a combination of fiscal discipline, policy reforms, and strategic investments. This document explores the key strategies that could be employed to tackle these pressing economic concerns.
Reducing Wasteful Spending
A critical first step in addressing the federal/states debt is to identify and eliminate wasteful spending. This involves a thorough review of all government programs and expenditures to ensure that funds are being used efficiently and effectively. Programs that no longer serve their intended purpose or are fraught with inefficiencies or fraud can be restructured or phased out. President Trump is presently doing that and has found (beyond our imagination) trillions of dollars of waste (and people responsible will pay that cost in ways that they never imagined). That process is only starting and will take years to overcome.
Implementing Zero-Based Budgeting
Zero-based budgeting requires that all budgets must be justified for each new period (no more continuing resolutions), starting from a “zero base.” This approach ensures that every government expenditure is necessary and cost-effective, rather than simply carrying over previous budgets. So, congress start doing your job on the budget – INVESTIGATE supplied budget requests thoroughly! This is why the citizens elected you and the past congressional history indicates that TERM LIMITS is the answer. Term limits would not allow you “to get in bed with the lobbyists” that are so prevalent in Washington, DC. I’ve been there and I have seen it in action!
Enhancing Oversight and Accountability
Strengthening oversight mechanisms and ensuring greater accountability in government spending can help prevent misuse of funds. This includes regular audits by competent non-government sources through competition and contracts written by KNOWLEGABLE individuals, transparency initiatives, and stringent compliance measures.
Tax Reforms
Tax reforms can play a significant role in reducing the federal debt. By creating a fairer and more efficient tax system, the government can increase its revenue without placing undue burden on any single group. The student loan program intent was understood, initially, but became a politically used form of encouraging individuals to vote for the liberal lawmakers! But then cancelling those loans that we funded through our income tax! FAIR? NOT BY A LONG SHOT!
Closing Tax Loopholes
Closing tax loopholes that allow corporations, universities/colleges (eliminating Federal support using income tax funds), and individuals to evade paying their fair share can significantly boost government revenue. Simplifying the tax code and eliminating deductions that benefit only the wealthy can create a more equitable system.
Progressive Taxation
Implementing a progressive tax system where higher-income earners pay a somewhat higher percentage of their income in taxes can help reduce income inequality and increase government revenue.
Investing in Economic Growth
Investing in areas that promote long-term economic growth can help increase the government’s revenue base while also addressing social and economic inequalities. Give an incentive to former corporations and new start-ups to produce their products in the United States because history has proved the process of how a country moves from a free society to a liberal/socialistic society to a communistic dictatorship! ASK THE PEOPLE WHO HAVE EXPERIENCED THAT PROCESS!
Education and Workforce Development
Investing in education and workforce development ensures a highly skilled labor force that can drive innovation and productivity, leading to higher economic growth and increased tax revenue. Look at individual state’s commerce as to what types of education needs apply. While I am on that subject the federal government should encourage States, school districts, and school boards to institute the daily “pledging of the flag” as I did from kindergarten through high school and the meaning of the preamble to the Constitution and including the Constitution of the United states of America and what it means! After all we are a CONSTITUTIONAL REPUBLIC!
Infrastructure Improvements
Upgrading and maintaining critical infrastructure such as roads, bridges, and public transportation can stimulate economic activity, create jobs, and improve public safety and quality of life. Our national electrical grid is open to hackers from all over the world and need to be selectively isolated from each other with the ability to be ONLY manually connected due to a failure caused by nature or hacked through the internet. In addition, the use of oil pipelines should be expanded. It is ludicrous to use diesel powered trucks and trailers to move oil to refineries when it is cheaper and faster via pipelines AND provides potential jobs for already trained personnel.
Entitlement Reforms
Entitlement programs such as Social Security, Medicare, and Medicaid comprise a significant portion of federal spending. Ensuring the sustainability of these programs while protecting vulnerable populations is crucial. Entitlement programs were meant only for citizens NOT ILLEGAL IMMIGRANTS!
Raising the Retirement Age
Gradually raising the retirement age in line with already proposed competent medical research and drugs (natural and created) could increase life expectancy to match the rest of the world averages will help reduce the financial strain on Social Security and Medicare.
Means Testing
Implementing means testing for entitlement programs ensures that benefits are distributed based on need, thus targeting resources to those who require them the most.
Debt Reduction Strategies
In addition to reducing spending and increasing revenues, adopting specific debt reduction strategies can help manage and will decrease the federal debt. Each proposed budget bill must stand on its own merits, not to be amended with other unassociated problems, issues, or political biases. BE TRANSPARANT!
Debt Ceilings and Fiscal Rules
Implementing statutory debt ceilings and fiscal rules that cap the amount of debt the government can incur can enforce fiscal discipline and prevent unchecked borrowing.
Balanced Budget Amendments
A balanced budget amendment to the US and state Constitutions would require that the government not spend more than its income. This would necessitate careful planning and prioritization of expenditure by the US and states constitutions.
Non-Citizen Ownership of Real Estate and Basic Food Entities
Our federal government has over many years allowed the sale of many businesses (once owned by our citizens) that provided sustenance to our country. Now those entities are controlled, (in many cases) by countries NOT considered to be friendly nor conducive to our way of life. Thus, any sale to a foreign corporation, individual, or nation needs to be approved by the US Congress and the President!
Conclusion
Addressing the federal and states debt and congressional/legislatures spending budget requires a comprehensive and multi-pronged approach. By reducing wasteful spending, implementing tax reforms, investing in economic growth, reforming entitlement programs, and adopting strategic debt reduction measures, the government can work towards a sustainable fiscal future. These strategies not only aim to stabilize the economy but also promote equitable growth and long-term prosperity for all citizens.