You can read it here – to nutshell: roll back spending to 2008 levels, freeze it there and allow no tax increases. Given CBO numbers, this balances the budget by 2015 (though a liberal quibble about it would put off the balanced budget to 2017). Do read the whole thing – it is the sort of fiscal thinking we need to get out of this hole.
As for me, I’d roll FY 2012 spending back to FY 2004 levels and just balance the budget right away. This would be painful, but it means that by FY 2013 we’re running a surplus and starting to pay off debt – and that, in and of itself, would provide massive stimulation to economic activity. Couple this with regulatory reforms to take away all the Big Government/Big Corporation roadblocks to new, small and mid-sized business and we’d be back in an economic boom by 2014…and completely cured of the past century’s idiocy by about 2030 (ie, debt paid off, US back to a manufacturing/mining/farming powerhouse, liberalism de-funded and no longer bothering us, big banks a long dead nightmare from the past).
We can get out of this. It will be very painful at first. It will take a lot of hard work. It will take genuinely shared sacrifice (not, as our liberals would have it, sacrifice on the part of the middle class while Big Government/Big Corporation skates). But it can be done – the missing ingredient to date has been the courage to act. Unfortunately, we aren’t likely to see it in President Obama, though we might see some of it in the new House GOP. In the end, we might just have to try and find someone in 2012 who is perfectly willing to risk being a one-term President and will just do it, regardless of the 70% disapproval rating it might generate.
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