Guest post by Bobby Carroll:
I propose we double taxes for one year. In effect, we all suck it up and pitch in. Yes, I know this would be difficult, but we would somehow all manage. The excess taxes would be placed into the coffers, with the idea being that this money would be the budget for the following year, and so it would work for every other year. We put the government on the money-in-the-jar plan. If it ain’t in the jar, you can’t spend it. We restrict the government from borrowing and demand they live within the constraints of this budget. This will force needed spending cuts and greater awareness of where our money is going.
Once we have a working budget system, we can focus on methods to pay off the deficit. The economics of any government follows an ebb and tide. As such, we will no doubt fall into another period where the economy booms. Money gained during these favorable economic times, in conjunction with small fixed period SPLOST type taxes, should be pushed exclusively towards deficit reduction. In other words, we develop a plan. Maggie the Cat (Cat on a Hot Tin Roof) said it best “They got a plan baby.” We need a plan, and one we’re going to stick with. A similar focused approach to revenue generation could be used to shore up programs like Social Security. I suspect that most people would be ok with a fixed-period one cent sales tax, provided that tax went exclusively to paying off the deficit. Our distrust comes when government officials try to slide things under the table or redirect funds.
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Bobby Carroll is not an economist or politician, just a man who knows how to live within his means.
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This guest post was submitted in response to my query about how the best way to deal with the current economic situation. This post does not necessarily reflect my thoughts and feelings.
Your comments and reactions are, of course, appreciated. Just play nice. I have standards. And I don’t want to have to delete you.
