Libertarian Plan Balances the Federal Budget by 2020

A budget-balancing proposal from the libertarian CATO Institute achieves fiscal equilibrium in only ten years. The plan drastically cuts federal spending, reforms entitlements and makes permanent the Bush-era tax rates.

Written by Director of Tax Policy Studies Chris Edwards, the plan spares no area of federal spending in its quest to control the federal budget.

The plan proposes to cut spending by $1 trillion annually by 2020, which would reduce spending to its late-1990s level of 18 percent of GDP. The plan also extends the Bush-era tax rates indefinitely, which Edwards estimates will bring revenues back to their traditional average of 18 percent of GDP, once the recession ends.

The plan focuses on spending cuts, arguing that the federal government has moved into areas it has no business being in and ought to be removed from.

http://visiontoamerica.org/story/libert ... taxes.html

Except there would be at least two presidential elections and three mid-terms during that ten year period. Politicians can't stick with any plan that long...especially when over half their time is spent campaigning.

outdoor338 wrote: the federal government has moved into areas it has no business being in and ought to be removed from.

Like nation building? I'd like to see it go through. I am not the 'liberal' that I am painted as by some here, but like JusSayin mentions, politics has no patience.

Looks like their plan calls for quite a large cut in military spending. How do you Republicans feel about that?

Photo-fish wrote:

outdoor338 wrote: the federal government has moved into areas it has no business being in and ought to be removed from.

Like nation building? I'd like to see it go through. I am not the 'liberal' that I am painted as by some here, but like JusSayin mentions, politics has no patience.

Looks like their plan calls for quite a large cut in military spending. How do you Republicans feel about that?

I think everyone's ox is gonna be gored. My, and most conservative friends agree. If we don't get spending under control, we are at the beginning of the end.

Photo:

You are only partially Liberal, my friend, but some might say that is kin to being only halfway pregnant! I find you Liberal on most issues but actually Conservative on some.

Meanwhile to your question, since any time you mention Conservatives, I know you are speaking directly to me.

My thoughts are that our Defense budget has to be flexible enough to address all the issues that come up. Just addressing cuts across the board with our military can leave us defenseless against the realities of day to day existence in an explosive world. Look at N. Korea and Iran, look at Russia and China, look at Venezuela, etc. Look at the fact that we are in a different world than we were in pre-9/11. Without Defense where would we be?

Nmysys wrote: Meanwhile to your question, since any time you mention Conservatives, I know you are speaking directly to me.

rofllol

I am absolutely for cutting all the budgets across the board. No nitpicking over a cut here, and an ignore there....just cut x% from every budget line item. That way everyone can be unhappy, but we may actually get somewhere.

In your opinion!!

I read the plan, and it makes sense. It scales back on the power that's been centralized at the federal level and gives it back to the states where it should be. I see this as the biggest problem facing the country right now - Federal politicians thinking they know what's best for us rather than pushing the decisions back to the state and local levels where we have more influence.

I'm all for it.

archer wrote: I am absolutely for cutting all the budgets across the board. No nitpicking over a cut here, and an ignore there....just cut x% from every budget line item. That way everyone can be unhappy, but we may actually get somewhere.

That's a good idea, but it doesn't address the fact that some budget lines should be eliminated completely because they are outside of the scope of where the federal government should operate.