Today is Day 3 of the 12 Days of Solutions. We’ve talked about the Penny Plan, which aims to balance non-interest federal spending. We’ve talked about tax cuts, which would help the American economy out of its current stagnant growth.
Today we want to highlight one of the most substantive efforts at balancing the budget in Washington today. That effort, named Saving the American Dream, was put together in 2011 by The Heritage Foundation, and it includes reforms to retirement programs, subsidies, the tax code, and other critical areas of the federal government. It also balances the budget within a decade and begins the process of paying down the debt.
What are some of these reforms? Heritage’s plan would do the following:
- Means-test Social Security and raise the retirement age.
- Change the Medicare payment system and turn Medicare into a program that allows for greater patience choice and freedom. It also includes means-testing.
- Eliminate Obamacare.
- Cut non-defense discretionary spending drastically, including by reforming agriculture and other programs.
- Diminish federal transportation spending.
- Sell hundreds of billions in federal assets over a 15-year period.
- Institute a flat income tax rate with limited loopholes that includes the traditional payroll tax in it, lowering overall taxes for most taxpayers.
Heritage is one of the most respected think tanks in the country, and its plan would indeed save the American Dream. Spending cuts, social spending reforms, tax reform – while Tea Party Patriots has often called for a five-year time period to balance the budget, the Heritage plan is more thorough than most, and so Tea Party Patriots is proud to bring it to your attention. This is yet another version of a solution that exists that the establishment in Washington could adopt to lead us down a better path, but as we keep saying, we know that they will not take a serious approach to our debt and spending problem although, we dare them to prove us wrong.