The nation is facing a fiscal emergency. Debt is exploding and federal spending exceeds revenues by more than $1 trillion a year. To fix the problem, policymakers should pursue reforms on two paths.
A wage freeze for federal workers is the vote winner in the House Republican YouCut poll this week. YouCut is designed to gather citizen input online regarding which federal programs to cut.
Yesterday, the Washington Post reviewed the life of Phyllis McClure, who was an advocate for federal education spending in low-income neighborhoods.
House Republicans proposed some small cuts to the federal budget on their new YouCut website last week. I noted that the GOP cuts amounted to just 0.017 percent of the federal budget, and suggested that the conservative party in Congress could do much better. Below I’ve listed 10 terminations that would save about $380 billion a year, which is more than 10 percent of total federal spending.
House Republicans unveiled a bold strategy to cut 0.017 percent from the $3.7 trillion federal budget this week. Republican Whip Eric Cantor unveiled the GOP’s “YouCut” website, which includes five possible spending cuts for citizens to vote on. Mr. Cantor promised to take the favored cut to the House floor next week for members to consider.
A Cato essay on special-interest spending explains how many federal programs deliver subsidies to particular groups of individuals and businesses while harming taxpayers and damaging the overall economy. A major reason why spending has spun out of control in Washington is that thousands of special interest groups have secured a slice of the spending pie, and they fight tooth and nail to make sure policymakers keep baking.