Government spending is out of control. It is estimated that $400 Billion (the average person's Heart will beat 2.1 billion times in their life) is squandered each year in the U.S. in waste and fraud as result of an unmanageable federal bureaucracy and an unaccountable congress. The growing public debt is approaching$16 Trillion (it would take over 14 years for a jet traveling at the speed of sound to roll out 1 Trillion $1 Dollar Bills) and threatens to reduce our standard of living and stagnate our economy for decades to come. Public spending and debt squeezes out private credit and investments. Our growing debt will raise interest rates, taxes, and inflation, which will increase economic stagnation further. On top of this debt are our unfunded entitlements that represent an additional $30 Trillion of debt assigned to our children and grandchildren by immoral congressman like my opponent Eliot Engel.
LONG TERN PLAN:
ReduceSpending by 1% per year at a minimum until the Federal Budget is equal to or less than 12% of the Annual GDP
1) We take at least $0.01 reduction from every dollar allotted from the Budget passed in 2007 when Democrats held both Houses of Congress; we had a Republican Presidentand our Current President voted for as a Senator.
2) We need to reduce the size and expense of our government at all levels from the size of the presidential motorcade and the $20K weekly helicopter rides to the golf course by the vice president to the 47 overlapping job training programs.
3) We need to repeal omnibus foreign aid packages and have a true accounting of this spending by having everyone re-apply individually.
4) Aid to states reduced to emergency needs, to fulfill federal mandates and not to cover their overspending.
5) We need to reform Social Security and Medicare so that they provide for our current retirees and future generations alike.
6) We need to re-establish accountability in congress with a Balanced Budget Amendment and having bills written in common English instead of legalese.
Reduce, Reform or Repeal Job Killing Regulation
The Small Business Administration (SBA) in a 2008 report estimated that cost of regulation reduces the U.S. GDP by $1.75 trillion. This report doesn't even include regulations associated with Obamacare; Dodd Frank and 11,000 other new regulations since 2008. These regulations handcuff the 27 million small businesses which produce half of the GDP. If we can rid firms with less than 20 employees of there over $10,000 in compliance costs per employee, they can hire one more employee at a $40,000 salary for every four current employees.
We need a repeal session of Congress that systematically goes through the list of federal agencies and reduce their numbers, repeal their independence from congressional oversight, reform the regulators relationship with the regulated and re-establish accountability and trust. As mentioned previously the REINS Act will help going forward, but we still need to deal with the garbage alreadyclogging the job pipeline.
Example; The Dodd-Frank financial reform law has significantly increased the costs and reduced the viabilityof small,community with some 259 rules along with its 188 other rule suggestions -- all of which will be decided by unelected bureaucrats. Financial regulation should focus on disclosure and transparency. This Reform Law needs to be reformed, as certain parts of the law are praiseworthy, it does not address too big to fail banks or the Fannie Mae and Freddie Mac overleveraging thatthe Sponsors of this Bill, Rep.Barney Frank and Christopher Dodd, are 100% responsible for.Small banks and consumers are forced to pay again for the outright obstruction of regulation, by Rep. Frank and Sen. Dodd and their Democratic Cronies like Eliot Engel, asked for by President Clinton and President Bush. We must amend the regulation to open up credit to individuals and small businesses while sequestering Fannie and Freddie from the rest of the economy as we unwind their toxic assets.