The average member of the House and Senate makes $174,000. About 4 times the median income in the country. There are 535 of them. The house and senate are struggling to find ways to cut the budget. If you cut their salaries in half it saves $40,000,000. Sure, that’s chump change in regards to the billions we need to cut, but we should start somewhere, and I can’t think of a better place than from people who aren’t doing their jobs.
Other places that I’d cut, or raise funds if I had my druthers:
1) The military: 5% a year, each year for 5 years. That would save 200 billion 5 years down the line. Can’t do it all at once because of long term obligations and the chaos it would cause to the economy, but we need to start scaling military spending down. There’s no reason to have bases throughout Europe anymore – the cold war is over.
2) Farm subsidies. It’s been discussed before on leftfielder, they’re just dumb.
3) Medicare co-pays. If everybody on medicare spent $5 more per visit to the doctor, it would hardly bankrupt them, but it would bring in about a billion dollars. (You can’t do this with medicaid because it actually would bankrupt those people). Ok, a billion is about 1% of the problem, but there are a lot of government services that could start charging minimal fees, and if we can find 20 of them that raise a billion, we’re now talking a legitimate dent in the deficit
4) Raise the social security age – this is a long term solution but we might as well throw it in there. People who have been paying into the system for years are owed what they were promised. But 10 years from now, the age should go up by 1 year, and an additional 1 year, every 5 years until social security comes at 70. 65 today isn’t the same as it was back then – people are healthier and living longer, and we need the policy to reflect that.
5) Federal estate tax. I’ve said it before and I’ll say it again. An estate tax is the best type of tax – you can’t spend the money once you’re already dead, so its the best time to take it. And I’d rather that people be taxed on inherited money (which they did nothing to earn) than on money they worked for. We’ll have to increase taxes to deal with the budget – this is the way to do it.

Recent Comments