Glenn Harlan Reynolds knocks it out of the park this morning with his article in USA Today.
With these lessons learned, here's my budget proposal: An across-the-board cut of 5% in every government department's budget line. (You can't convince me -- and you'll certainly have a hard time convincing voters -- that there's not 5% waste to be found in any government program.) Then a five-year freeze at that level. Likewise, a one-year moratorium on new regulations, followed by strict limits on new regulatory action: Perhaps a rule that all new business regulations won't have the force of law until approved by Congress.I agree with Insty, and think that every good manager should be able to find 5% in his budget to draw down the deficit, and the debt. But, Congress won't do it, because they're.... Congress.
This approach would drastically cut the deficit, and as the economy grew, our debt-to-GDP ratio would improve over time instead of steadily worsening. (And, with a guarantee of reduced spending and regulation, economic growth would probably also take off.)