The Republican Study Committee has its own alternative budget proposal – an alternative to the Dems’ irresponsible high-spending budget.
The RSC should be praised for the fact that it has managed to devise a budget that would reduce the deficit every year and finally generate a budget surplus by FY2019. However, the budget could be balanced as early as FY2012 (according to the RSC’s own estimates), for which the RSC proposed a $344 bn deficit, if the RSC also adopted my proposals alongside its own:
1) Cutting the budget of the DOS by $15 bn;
2) Abolition of farm subsidies (annual saving: $50 bn);
3) Abolition of the DOA;
4) Abolition of almost all agencies of the DOC;
5) Abolition of the USDOT (saving: $63 bn);
6) Abolition of the IRS (saving: $12 bn);
7) Abolition of the federal Education Department (which Reagan tried to abolish);
8) A reduction the budget of the Secret Service by $1 bn;
9) Abolition of subsidies for the USPS;
10) The sale of unused federal property (a one-time revenue of $25 bn);
11) Privatization of almost all government-owned enterprises (incl. Amtrak, the USPS, the TVA and the CPB);
12) A gradual privatization of federal lands.
Cumulatively, savings #1-10 would amount to $328 bn, and the other 2 savings would yield the other $16 bn, thus reducing the RSC’s FY2012 budget deficit to $0.
Besides, the RSC’s budget proposes a few crucial reforms and a few crucial tax reductions, which would rebuild the US economy.
But a plan to balance the budget is not enough. Such a policy could be repealed by any future Congress. The US Congress must not only balance the budget, but also significantly reduce the civilian portion of the government. It must abolish several departments and dozens of civilian agencies.
I am a proponent of the Fair Tax.