Maybe We Need to Follow Canada’s Blueprint to Fiscal Solvency: "From 1970 to 2008, median income rose, in inflation-adjusted dollars, just over 32 percent while federal government spending increased 221 percent. Since then, we’ve experienced a nearly 5 percent reduction in family income and federal spending has only accelerated.
If we want to see more money coming into Washington, the answer isn’t to raise the tax rates on people whose incomes have continued falling throughout this recovery; the answer is to implement policies that encourage private sector growth and lead to more tax dollars being paid by people with rising incomes, at lower rates, just as Canada did.
It’s time to slash corporate tax rates to at least 15 percent, extend the Bush tax cuts for at least 10 years, reform entitlement spending to limit its growth, and cut 10-12 percent of discretionary spending from the federal budget.
The longer we wait to make the necessary changes, the worse the problem will become and the more painful will be the cure when it finally is forced upon us. If we choose to elect individuals who will enable our irresponsibility, then we deserve the financial Armageddon we will get."
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