'Drastic' cuts should include defenseThere is a very simple solution to the impending debt ceiling crisis, but one that neither the Democrats nor Republicans wish to propose. This solution is to truly make significant government cuts. Currently, the Republicans are proposing $45 billion worth of cuts. That's a good start, but we're still running a $1.5 trillion deficit in this past year alone, so that won't help much. Really, these "drastic" cuts are essentially meaningless.
If, however, the Republicans were to agree to massive cuts to our $1 trillion defense budget (currently almost as large as the rest of the world's combined) we could make a dent in the debt. Former New Mexico Gov. Gary Johnson, currently seeking the Republican nomination for president, estimates that the defense budget could be cut by as much as 90 percent without having significant effects on security. This alone would be twentyfold the Republicans' cuts. Furthermore, if we were to combine this cut with reducing, eliminating or privatizing other government agencies, we could easily turn the deficit into a surplus, and over a few years, reduce the debt without even raising taxes.
In fact, with enough cuts, we could lower taxes and reduce the debt, which would have the added benefit of boosting the economy. If we truly want to reduce the debt, we need to make far more significant cuts than Congress is even considering. And if we don't, this country will soon reach the point of financial disaster.
*- I am a bit upset that they implied in the title that this letter was just about defense. I was going to say cut defense and a lot of other stuff but I went over the 250-word limit. But that's fine.