In my view, it's not just bad economics; it is immoral for us to pass these burdens on to coming generations. So what do I do? First, you have got to end the deficit and then start accumulating reserves and growing. That is what we did.
Most states figure out how to do this. They balance their budget. And in my state, I came in, we had about a $3 billion budget gap. We balanced the budget and then we began building a rainy day fund. It was over $2 billion when I left. That is how you do it. So what do we do here? I have three things I'd do.
To one, get rid of the deficit, and then, let me tell you how we're also going to go on to start pulling down the debt.
Three approaches: Number one, we are going to get rid of programs we do not need. My test is this: I'll look at every program and say is this so critical it's worth borrowing money from China to pay for it? And on that basis we will get rid of some programs like Obamacare and some others.
Number two, we're going to take a lot of programs and send them back to states where they can be run more efficiently and with less fraud and abuse.
And number three, we're going to skinny down the size of the federal workforce that remains, with attrition, to make sure it's more productive.