National Debt & Budget Proposal Reform
Both the Democratic and Republican Parties have proven to be fiscally irresponsible when they have power. Both have helped to increase our national debt past historic levels. In the last 40 years, our debt has increased by 3,000% yet our yearly revenue has only increased 675%. In that same time span, our debt-to-GDP ratio has skyrocketed going from a modest 32% in 1982 to a record 136% in 2020. While some debt is needed for economic growth, it is neither sustainable nor responsible to continuously increase our debt with no plan of ever paying it down.
To stop these never-ending debt increases, I support limiting any federal budget to being no greater than 95% of the prior year’s revenue. I would support maintaining this limit until our debt-to-GDP ratio goes back under 40%. With this proposal, Congress could lower taxes to pass a fiscally conservative budget, or they could increase taxes to pass a more fiscally liberal budget. Either is acceptable just as long as we end this era of fiscal irresponsibility and get our country back to passing balanced budgets.