With the August 2 deadline quickly approaching, there’s been a lot of talk about the debt plans bouncing around Congress – Paul Ryan’s plan; Cut, Cap, and Balance; McConnell’s divisive plan; Obama’s largely nonexistent $4 trillion idea, etc. But there’s another solution out there: the One Cent Solution.
Started as a grassroots initiative in February, now with bills in both the House and Senate cosponsored by Tea Party favorites such as Sen. Rand Paul and Reps. Allen West and Kristi Noem, the One Cent Solution is refreshingly simple.
If the government cuts one cent out of every dollar of its total spending each year for six years, we can:
- Balance the budget by 2019.
- Reduce federal spending by $7.5 trillion over 10 years.
- Reduce the debt $3.4 trillion over 10 years.
The One Cent Solution envisions that while all areas of federal spending should be considered, some programs may be too critical to cut deeply. In that case, other programs must be reduced more so that the total amount cut is equal to one cent for every dollar each year for six years.
While this doesn’t address the debt ceiling issue entitlement reform, it does balance the budget faster and more efficiently than any other plan and allows some measure of flexibility in spending cuts… Oh yeah, and it holds our elected officials accountable to do what we’ve elected them to do. Some say it’s too simple, but I like it. It’s clean, effective, and – I think – the most promising spending reduction plan out there. (So much so that I’ve signed up to help spread the word and recruit petition signers. If you do sign, make sure to put my name in the Community Captain field!)