Issues
Our national debt has reached an astounding $38 trillion+, and economists warn that this growing burden inches us closer to the precipice of another financial crisis. By the year 2029, every Baby Boomer will have reached 65 and will thus be eligible to receive Social Security and Medicare benefits. With fewer working people to support such a large retired population, we face a dire problem of basic accounting. Failing to address this problem will spell the mathematical certainty of bankrupting these programs, and potentially the nation as a whole.
Simultaneously, interest payments on the debt are ballooning, stretching scarce tax dollars thin and drying up funds that could otherwise go toward productive uses. These two spending categories threaten to bankrupt the United States unless they can be brought under control with political will.
Congressional Budget Accountability
Congress must enact a binding mandate that requires a qualified annual budget to be passed on time every fiscal year. This ‘qualified’ budget must be limited to a deficit of 2-3% of the GDP, a percentage that mirrors our average GDP growth. The last two years have been unsustainable, with deficits of over 6%. If a qualified budget is not passed on time, Congress’s compensation should be temporarily suspended. If you don’t do your job, you don’t get paid—welcome to the real world!
Policy Solutions
2. Entitlement Spending Sustainability
The country requires a thorough analysis of the sustainability, costs, and benefits of our extensive entitlement programs, which consistently account for over 50% of our annual budget. We must ensure that our ‘safety net’ is fiscally efficient and works as intended, rather than as a ‘hammock.’
Increasing Social Security taxable minimum earnings threshold from $176,100 (2025) to 2x or even 3x this amount.
Halving or eliminating cost-of-living adjustments (COLAs) for individuals with assets in excess of $5 million.
Capping Medicare payouts in certain situations.
Incentivizing preventative medical care by transitioning to value-based care models.
A patient who attends regular checkups, manages chronic conditions, or consistently fills prescriptions for maintenance medications could qualify for lower drug costs or waived copays for specialist visits.
3. Tax Changes
We must fortify progressive taxation systems, corporate taxes, vice taxes, and federal inheritance taxes with enforcement clauses to close existing loopholes that have made America a “playground for the wealthy.” We must spur economic growth by incentivizing people to work and stimulate the economy while recouping tax revenues elsewhere, particularly in areas where wealth is hoarded from the economy.
Removing the “step-up” basis for inherited real estate and capital assets.
Instituting a hefty tax on trusts or other ‘stagnant’ accounts over $10 million.
Increasing taxes on vices such as alcohol, tobacco, and sports gambling, a $13.7 billion industry.
Marginally raising the federal income tax rates for the two highest-earning brackets.
Taxing corporations in accordance with their reported earnings.