How do YOU think we should reduce spending, and increase income?

Since all the so-called "experts in Washington are having such a hard time with this, maybe we should make a list and send it to them. Since I have an actual job and live in the real world, I know when I get into debt, I have to spend less AND increase income, so I'm good with letting taxes go up a bit, somewhere near Clinton era.

REDUCE military spending. WHY do we have the biggest, most expensive military in the world and GIVE ungodly amounts of money to other countries, and why will no on speak of this? (Well, I know the answer. All of the politicians are being bought by the parties that get all of this money.) Just think of what our country would be like if we put all of that money and manpower into our infrastructure, kids, elderly?

Your turn.

Totally think a tax hike on the super rich would help, even at 1 million and above.

My former CEO makes 33 mill a year base pay, plus bonuses. How the heck can someone spend that much money anyway.

The military is a very small fraction compared to Social Security and Medicare, which aren't paid for already and are using what are supposed to be for the people currently paying in to cover the people who already did. End it for everyone under 55 and use the next cut to pay out what's owed to those 55+.

End foreign AID. That we don't need. Stop sending money and supplies overseas and use the money to fund people already receiving Social Security.

EVERYONE in government from the president down to the janitors who are on the federal payroll gets a 2% pay cut. No exceptions.

Except Congress. They take a 5% pay cut and no benefits. It was never intended to be a full-time job anyway and for what they make they can afford to buy their own insurance.

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Originally Posted by luvmytbs

Totally think a tax hike on the super rich would help, even at 1 million and above.

My former CEO makes 33 mill a year base pay, plus bonuses. How the heck can someone spend that much money anyway.

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Actually not. If you raised taxes (just income-when you raise capital gains you don't see an increase in revenue because fewer people sell investments, as they're not stupid) on everyone making $400,000 and up, you'd only get $70 billion in additional revenue. They're planning to blow $60 billion on Sandy relief alone. You literally can't raise enough taxes to make a difference even if instead of just targeting the successful you taxed EVERYONE. The government spends THAT MUCH MONEY.

I think Congress should be a volunteer position.

But I don't think that would go over very well. :lol:

Social security is solvent until 2033 and it is NOT included in the national debt. And we need to go back to the Clinton era tax rates for everyone...maybe not all at once, but a strategically staged increase.

Ever read the book Drift by Rachel Maddow? We need to cut back on defense spending.

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Originally Posted by Beentheredonethat

REDUCE military spending. WHY do we have the biggest, most expensive military in the world and GIVE ungodly amounts of money to other countries, and why will no on speak of this? .

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Make Europe pay for its own defense, we are paying for about 24% of NATO
http://www.cbsnews.com/2100-202_162-20070541.html

and might pull the plug on the UN also since the U.S. is assessed 22 percent of the regular budget....two dozen countries pay roughly $1,000 or less in net contributions to the U.N. regular budget each year while enjoying the same voting privileges as the U.S., which pays nearly $567 million...then there are the missions we are paying for.

http://www.heritage.org/research/rep...ng-disparities

Rather than making Congress voluntary, give them merit pay. Right now that would be like a voluntary position, 'cuz they wouldn't be getting paid at all. :mad:

BTDT - Agree 100% that those of us on budgets have to think about not just cutting spending but also bringing in more money (eBay? part-time jobs? barn sitting?). When push comes to shove there may not be anything left to cut so we look to extra jobs, eBay, etc. Thank you for saying that!

Specific to Social Security, I think the earnings cap should be raised - that is, the amount of earnings a person actually pays Social Security on. The cap is now $106,800 annually, meaning that if you make $106,800 or LESS gross salary annually, you are paying Social Security taxes on 100% of your earnings. Anyone who earns more than $106,800 annually pays Social Security only on that amount but not on anything above that. So someone making $1,000,000 gross a year only pays Social Security on about 11% of their salary while the majority of working Americans pay on 100% of their salary.

Another example of the system being more favorable to the wealthy? Seems like it to me. I'm not saying there should be No cap, but raising it to a reasonable level could help keep the Social Security kitty from running out of funds anytime soon.

Also, re the threat of removing the mortgage interest deduction - the largest deduction available to lower and middle income earners... Why don't they think about just removing the mortgage interest deduction on 2nd and 3rd homes? Yes, people with 2 or 3 homes can deduct the interest on those, too. Having been fortunate enough to have a lake house for awhile, I always felt if I was lucky enough to have it, I was lucky enough!

Foreign aide does serve a purpose. It's much cheaper to feed them than to fight them. Also is supposed to help focus their interests more towards policy more in line with American interests. However, we need to attach more strings and oversight as to how the aide is distribited.

5% cut across the board, with NO cuts in services. There's at least that much just in fraid, waste and abuse. Less federal dispensing of entitlements. Too much beaurocracy. Block gramts to states who block grant to counties. The closer you get to the local level,the more efficient. Better yet,get the feds fingers out altogether and let the individial states tax for and administer these programs. Every time you add a level of beaurocracy you increase the cost exponentially and decrease the assets goomg where they're needed.

Eliminate elected officials' pensions. Social securitu and 401k only.

term limits!

Just a few thoughts for openers.

Make tack stores less enticing.

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Originally Posted by happymom

Rather than making Congress voluntary, give them merit pay. Right now that would be like a voluntary position, 'cuz they wouldn't be getting paid at all. :mad:

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They wouldn't be working for nothing. If it were merit based, right now they'd have to PAY to be allowed to remain!

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minnie

They wouldn't be working for nothing. If it were merit based, right now they'd have to PAY to be allowed to remain!

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:yes: :yes: :yes:

Social Security on ALL income, no cap. I realize that the cap is there because they will never benefit from paying on anything above that amount, but since the program has already been raped and pillaged we might as well consider it another benefit program (instead of the retirement savings program it was meant to be); it's already referred to that way by many politicians.

Increase taxes across the board and stop the "rich=evil" "poor=helpless" crap; we ALL benefit in one way or another, we should ALL pay a percentage of our income toward those benefits (said as someone who will NEVER qualify as more than middle middle class).

Require Congress and the President to use only the benefit systems other federal employees have access to; insurance, retirement, as well as the regulations/requirements other federal employees must follow to benefit from those systems (time in job, etc.).

Stop or severely curtail foreign aid; we have the same needs at home (starving, homeless, lack of medical care), they will have to take care of their own.

Cut military spending; close many of the foreign bases,etc., and spend part of that money to increase protection here at home. Protect our own borders and take better care of our veterans. Will still end up a net reduction in expenses, with the plus of actually being able to see where that $$ goes, instead of it being sucked into a foreign economy.

LOVE it. Hey, what happened to the whole idea of free market that they love so much, eh?

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Originally Posted by danceronice

The military is a very small fraction compared to Social Security and Medicare, which aren't paid for already and are using what are supposed to be for the people currently paying in to cover the people who already did. End it for everyone under 55 and use the next cut to pay out what's owed to those 55+.

End foreign AID. That we don't need. Stop sending money and supplies overseas and use the money to fund people already receiving Social Security.

EVERYONE in government from the president down to the janitors who are on the federal payroll gets a 2% pay cut. No exceptions.

Except Congress. They take a 5% pay cut and no benefits. It was never intended to be a full-time job anyway and for what they make they can afford to buy their own insurance.

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Love it even more!! All of them yahoos saying the super rich EARN it because they do such a great job and deserve it, but they don't want it to apply to themselves!

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Originally Posted by happymom

Rather than making Congress voluntary, give them merit pay. Right now that would be like a voluntary position, 'cuz they wouldn't be getting paid at all. :mad:

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Great ideas. I love the idea we can ALL pay a little more to get the debt down. I had a 5% pay cut last year and should be back to normal, sort of, so I can afford to pay a little more.

SO think politicians need to be on the same healthcare system as everyone else!

I think a 5% across the board cut on everything is a great idea, too!

The problem with raising taxes is two fold. The first is that the economy is still in the tank and raising taxes dampens economic growth. Second, and the british just experienced this, is that when you raise taxes, tax exempt investments become more profitable and money runs to them. Two years ago the Brits raised taxes on their top 2% and had projections of $20B per year in increased tax revenues. They actually ended up collecting less money than before the tax hike. So now the brits are rolling back the tax hike.

In a bad economy you want to cut taxes not raise them.

Put a stop to the worldwide wars. There are no positives for the US, only a sinking presence on the world stage, loads of corruption at every level, and a body count of people who didn't deserve to die this way.

Stop giving Israel $3.1 billion dollars per year in military aid. That's 21% of Israel's total defense budget, courtesy of US taxpayers. And this to a nation that doesn't have the decency to honour the international treaties it signs or the ethics to refrain from inflicting an apartheid situation on its own citizens.

I don't think we need to increase the tax percentage, but I do think we need to close all of the loop holes, then people will be paying what they are supposed to be paying. Even the ones I benefit from. Child tax credits, mortgage tax credits, the 6 million write offs businesses get. They all started with good intentions but have grown into an expensive monster.

I agree that politicians need to be on the same health plan as the rest of us, if it is wonderful as advertised then they should be excited about the prospect.

I think cleaning up on how efficently the government works would save a large sum of money. However convincing them thats a good idea, might not go so well.