David Walker on Budget & Economy
A: Place an annual limit on all major categories of spending other than interest (because we can't) and Social Security (because we can reform the program and make it solvent, secure, affordable and sustainable). Limit how much federal revenues as a percentage of the economy the federal government can take absent a formal declaration of war by the Congress.
A: While we need to have more revenue, we can solve the problems at a lower level of revenue as a percentage of the economy from where we are headed under current law. We should cap the total revenues that the federal government can take, and place a limit on all major categories of federal spending other than Social Security and interest (because we can't).
Q: At what percentage of the economy should revenue be capped?
A: It could be 20.5% of GDP.
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