This thing we are approaching is so ridiculous. Democrats and Republicans alike have to grow up and get real about this. It is throwing a cloud over everyone’s future. We are supposed to be world leaders in some aspects, although I realize that is fading. But nevertheless, can we not try and get this done? Here are a few of my ideas for what it’s worth.
- Restore the payroll tax to 6 percent. We made it on that before, we can do so again. It is no big deal - and this is coming from a guy that made 21,000 last year. If I can do it, everyone should be able to do it.
-Place a.5 percent tax on most stock purchase or sale transactions, effective as soon as possible. Little investors won’t notice, and the big institutions are wealthy enough to absorb it. Day traders will have to absorb it. It is only .5 percent, for the survival of our national economy. Also raise the capital gains tax back to what it was in the early 1980’s. Please.
- Make some modest cutbacks to Medicare. Leave Social Security alone - it is supposed to be self-funded.
- Make cutbacks to Defense, and every other program - modest ones.
- raise taxes slightly on the top 2 percent of wage-earners.
-Impose a national sales tax of 1 percent, and earmark every last penny of that to deficit reduction.
- no more stimulus funds, for now. Things are moving along better.
If these things are done, and done swiftly, the reaction on world financial markets should be positive. We are finally getting our act together and dealing with our financial problems. Then we wait a year and see how things play out.
Our housing market is in recovery, and we are discovering new supplies of energy. Our electronics and aerospace, as well as pharmaceuticals and consumer goods sectors are all doing good. If we take the modest steps outlined above, we can stop borrowing every day to make a budget, and get ourselves back on track. Worth a shot. But nothing is sacred, whether it is Defense, Entitlements or whatever. Nothing. Those are one working-class guy’s ideas. Thanks for reading.