Mar 052011
The Federal Government spends $1.7 Trillion more than it collects in Taxes and Fees. Roughly 30 – 40% of spending must be cut. Here are the details. What would you cut?
The Federal Government spends $1.7 Trillion more than it collects in Taxes and Fees. Roughly 30 – 40% of spending must be cut. Here are the details. What would you cut?
Mr. Collins, my recommendation is that if you plan to open a business in another country is that you lose your US citizenship as fast as possible. The IRS has made it hell to be a US citizen abroad, particularly since Obama became president. I’ve taken Canadian citizenship and on April 7 will enter a consulate to have them process my Certificate of Loss of Citizenship. I’m just up here in Canada minding my own business hurting no one.
Sirs: You show 2010 federal spending of $3.62 trillion, & borrowing of $1.7 trillion. I.E. borrowing is 46.98% of expenditures. Hence the only possible solution is to cut the “big 5″: 1) social security, 2) defense, 3) unemployment / welfare, 4) medicare, & 5) medicaid / children’s medical insurance – by 46.98%, i.e. in half approximately. That’s the math. I am on social security & pensions, but would be willing to take a 50% hit in social security, even though at 74, I could never retire.
p.s.: Our solution, for my wife & I, at 68 & 74 respectively, is that we will emigrate to a lower cost of living country, and start a technology business there. I do not see the good old U.S.A. acting intelligently or responsibly for the next 10 – 20 years, after which I will no longer be on this earthly plain.
Regards, Art Collins