Advertisement

Deficit pp 85-98 | Cite as

Get a Handle on the National Debt

  • Marie Bussing-Burks

Abstract

If you believe that exploding deficits are a problem and the national debt is out of control, then the solution is to become informed and take control of the problem. How do we, as a society, go about that process? While virtually everyone has an opinion on the debt and its level of gravity, most would concur that there are some very basic steps the United States can take to address the rising deficits and debt. How these strategies are developed and employed can be varied, blended, and adjusted, but each will help give the United States a more sound financial footing. This chapter addresses the following topics:
  • The basic formula to curb deficits

  • Balancing the budget

  • Eliminating pork projects

  • Using the debt ceiling as a tool

  • Reforming entitlement programs

Keywords

Social Security Government Spending Social Security Benefit National Debt Fiscal Reform 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. 1.
    Congressional Budget Office, Reducing the Deficit: Spending and Revenue Options, March 2011, available at www.cbo.gov/doc.cfm?index=12085 (accessed May 27, 2011).
  2. 2.
    Economic Policy Institute, “Over 1000 Economists Oppose Balanced Budget Amendment, Warning it is ‘Unsound and Unnecessary,’” www.ombwatch.org/files/bba/econ.html (accessed June 21, 2011).
  3. 3.
    Citizens Against Government Waste, 2010 Congressional Pig Book Summary, www.cagw.org/reports/pig-book/2010/ (accessed May 28, 2011).
  4. 4.
    Senator Tom Coburn, Wastebook 2010, November 2010, available at Coburn.senate.gov/public/index.cfm/oversightaction (accessed May 27, 2011).
  5. 5.
    D. Andrew Austin and Mindy R Levit, “The Debt Limit: History and Recent Increases,” January 28, 2010, Congressional Research Service, Report for Congress RL31967, assets.opencrs.com/rpts/RL31967_20100128.pdf (accessed May 28, 2011).
  6. 6.
    Congressional Budget Office, “Reducing the Deficit: Spending and Revenue Options,” March 2011, www.cbo.gov/doc.cfm?index=12085 (accessed May 27, 2011).
  7. 7.
  8. 8.
    The Path to Prosperity: Restoring America’s Promise, Fiscal Year 2012 Budget Resolution, House Committee on the Budget, Chairman Paul Ryan of Wisconsin. Available at budget.house.gov (accessed June 24, 2011).
  9. 9.
    U.S. Census Bureau, Statistical Abstract of the United States: 2011, Table 102, “Expectation of Life at Birth, 1970 to 2007, and Projections, 2010 to 2020,” www.census.gov/compendia/statab/2011/tables/11s0103.pdf (accessed June 16, 2011).
  10. 10.
    Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, The 2011 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, May 13, 2011, available at www.ssa.gov/oact/TR/2011/ (accessed June 16, 2011).

Copyright information

© Marie Bussing-Burks 2011

Authors and Affiliations

  • Marie Bussing-Burks

There are no affiliations available

Personalised recommendations