We’ve found the solution to decreasing the country’s deficit spending—more revenue!
According to a report yesterday from the U.S. Treasury Department, the federal government decreased deficit spending by 6% ($70 billion) in 2011 to date compared to the same period in 2010. If we continue to do that for the rest of the year that will mean we reduced the anticipated deficit by $120 billion in 2011–all due to more revenue coming in and not from cutting any spending that will hurt Main Street’s economy.
Extend this trend line out for the next decade and we will have cut the projected federal deficit by $1.2 trillion. All the Congressional deficit-reduction supercommittee, scheduled to find $1.5 trillion in reduced spending over the next 10 years, needs to do is find some additional revenue.
No problem. Make the multinational corporations pay their taxes by ending offshore tax have abuse or let the Bush tax cuts on the wealthy expire and “poof” the job is done.
But there is another way we can do even more deficit reduction as the Treasury news indicates—create more revenue by creating jobs. More people working means more workers paying taxes.
That’s exactly why U.S. Representative John Larson of Connecticut wants to create another “supercommittee” for job creation. He plans to do this next month by introducing an amendment to the legislation creating that other supercommittee.
More jobs also mean more consumers for our small businesses. That’s what we really need to grow our economy back to a balanced budget.