I see a lot of press about whether we need to raise taxes or decrease spending or . . . . whatever.
As usual in US politics, people on one side see little to like about anything said by the other side. If you advocate raising taxes, you seem to think that everyone can afford to give 80% of their income to the government without any damage to the economy while money grows on trees. If you advocate for cutting spending, generally you seem to think that there is nothing the government currently does that is a legitimate function of government, and the US government should be able to pay all of it’s bills for under $100 million. Both of those are absurd exaggerations, and neither is true.
What I don’t usually see happening is anyone looking for a middle ground where both sides get a bit of what they want. Is there a way to cut costs while maintaining needed programs? I think so.
I have a hard, real-world reality to share with you. It does not matter how great your idea is, if we can’t implement it without taking on extra debt, we literally can not afford it. We have more than $17 Trillion in debt right now, and our unfunded commitments between now and 2040 will push that up over $26 Trillion. There is no more money to spend.
Here in the US we currently have up to 20% of the population either unemployed or working outside of their field. That is “up to about” 62 million people. Some estimates put the number of illegal aliens in this country at similar proportions. So, if we were to mandate the use of e-Verify for all jobs and all employers in the nation, we’d be giving 20 million jobs currently held by illegal aliens back to unemployed workers who want to go back to work.
Guess what. That’s 20 million taxable paychecks. If you allow an average income of $30,000/yr. each, that is another $20,000,000,000/yr. in taxes. The US Government’s revenue stream goes up automatically without having to raise taxes on ANYONE. If we locked spending at current levels and took that extra income and used it for paying DOWN the debt we already have, then eventually we’d be debt-free. All of the money we currently spend on paying the interest on our national debt could go to new programs (infrastructure?) or, we could actually cut the tax rate. Wow, what a concept.
Oh, and an added bonus. Without those illegal jobs, some of those illegal aliens would have to go back to their home countries, thus reducing the load on our entitlement programs. More savings, faster route to debt-freedom.