https://amgreatness.com/2022/12/18/10-steps-to-save-america/
Most Americans know something has gone terribly wrong—and very abruptly—with the United States. They are certain that our wounds are almost all self-inflicted. The current pathologies are not a result of a natural disaster, an exhaustion of natural resources, plagues, or an existential war.
Crushing national debt and annual deficits, spiraling food and fuel costs amid “normal” seven-percent-plus annual inflation, bread-and-circuses entitlements, a nonexistent border, a resurgence of racial tribalism, pandemic violent criminality, and humiliation abroad—all these pathologies are easily cited as symptoms of a sick patient. Our crises are not as the Left maintains—a nine-person Supreme Court, the Electoral College, or the filibuster—all distractions from existential problems the Left largely created.
So, what are the therapies and prognoses for America?
In the spirit of constructive rather than blanket criticism, here is a partial, 10-point plan of national recovery.
Cut the Debt
Americans’ national debt is now $31 trillion. That is about 123 percent of current GDP. The liabilities are unsustainable. We run annual deficits of $1.6 trillion. These financial obligations will eventually ensure that rising interest rates to service the debt crowd out essential spending for national defense and the general welfare.
Or in extremis, in the not too distant future, the government will be forced to default on what it owes the “rich” bondholders and foreign debt holders. Or the government will be forced to confiscate private wealth, as for example occasional crazy suggestions to nationalize and absorb 401(k)k retirement plans into the soon-to-be-insolvent Social Security system. Or the state will simply print millions of dollars to pay off obligations, Weimar-style.
In addict style, the more we come to realize that our binging habit cannot go on, the less we can practice self-restraint. And the more it is the case that those who receive government redistributions outnumber those who pay the majority of federal income taxes, the less hope there remains to avoid insolvency.
In 2010 then-President Barack Obama appointed a bipartisan “National Commission on Fiscal Responsibility and Reform.” More commonly remembered as the Simpson-Bowles commission, after chairmen Senators Alan Simpson (R-Wyo.) and Erskine Bowles (D-N.C.), it included private citizens and elected officials.
The commission recommended radical tax simplifications and some cuts—along with reductions in tax deductions and credits, an increase in the gas tax, restraints on entitlement spending, and various spending caps.
Obama and Congress ultimately rejected the recommendations and the commission’s blueprint died. But had it succeeded, the current debt would have long been frozen at the 2014 level of $17 trillion—with annual reductions ensuring that this coming year 2023 the debt would have plunged to $10 trillion and then disappeared in another decade.
Something like Simpson-Bowles could still stop the madness and avoid the natural corrective on the horizon of financial collapse. Note that federal tax revenue has increased almost every year since 2010. Sometimes it grows by nearly a half-trillion dollars per annum, even as we sink deeper in debt. Our crisis, then, is one of spending what we do not have rather than one of declining revenue.
