President Obama still does not get right budget in this financial year (2011) too. I have said so earlier; more taxes and regulations make the situation worse than better. If you want to trim the deficit, you should pursue the process of net expenditure cutting and wealth creation. The three big federal spending areas are defense, SS pensions (increase the retirement age and reduce the pensions paid out to retired officers) and healthcare. Federal has to cut spending across these areas to trim the deficit. Real cost saving reforms of healthcare from tort-reform to fewer incentives for the health professional industry to overspend at taxpayer’s expense. Reduce the US involvement in foreign affairs. I strongly advocate in Swiss Style budget balance amendment which eliminates deficit in the good times but allow deficit spending in bad times.
A reduction in regulatory costs stimulates business growth especially small business growth. A simplified tax code preferably no deductions with a single flat rate for everyone and tax free allowance for the first $25,000 dollars earned and ensure lower income groups don’t pay taxes.
I wish you a very happy President Day! The best leader is the one who has good sense pick good men to do what he wants done. I would like to quote President John F Kennedy “Mankind must put an end to war or war will put an end to mankind”
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