August 2, 2011
Newsflash: Today the United States Government announced the adoption of a bill that seriously addresses the National Debt. They have voted to cap the Debt Limit at 1990 levels for the next 20 years and passed a Balanced Budget Amendment to the Constitution that will be sent to the States for ratification. In order to maintain a positive credit rating, the have announced the ending of non-essential government programs and subsidies as well as the elimination of ALL tax loopholes by eliminating the progressive income taxc and switching to a consumption tax (Sales Tax). Federal services like National Parks will be turned over to private companies to manage and those employees will be given first consideration in the hiring process. Also announced was a freeze on all Federal Pension contributions and this was followed by the elimination of pensions for Congress and other perks often referred to as their "Golden Parachutes". They will no longer be covered by Health Insurance paid for by Taxpayers. All travel will be by road when possible or coach-seating on Commercial airlines with the exception of the Speaker, Vice-president, and President who will travel in First Class reserved soley for them and their security detail.
Also announced was the temporary halt of foreign aid until such time as the United States is back on sound financial footing. . U.S. Military bases around the world will be closed within one years time and the U.S. forces in the Middle East will also be drawn down as quickly as is safely possible. Value Added Taxes will be applied to all imports to make them competitivelypriced with domestic goods. The oil fields currently being protected due to enviornmental concerns will be opened up to leasing with the understanding that any environmental damages will be swiftly dealt with including criminal prosecutions for negligence when applicable. Preferred status for Federal Contracts will be given to companies who are based soley in the U.S.
Another change is in processing of information requirements will now be to have all Social Security cards replaced with Bio-metric cards imbeded with retinal scan information. All Federal offices will now have retinal scan machines networked to one secure source of information eliminating the need for duplication of efforts and wasted paper as well as filing space. All Federal Offices currently in rented space will be moved into buildings all ready owned by the government wherever possible.
Another provision of the bill was an elimination of "pork" amendments and the granting of Presidential line-item veto powers over the Federal Budget. From now on, any Federal Funding requests must be voted upon and passed by a 2/3 margin by a specially created committee of 100 Citizens (one from each State selected from college economics professors by their peers) and the 50 members of Congress sitting on the committee before being added to the Federal Budget. The 50 Congessional's appointed to the Committee will be done by the Governors of each State for a term of 1 year with no re-appointment possible.
As a final act, this Bill also eliminated private contributions to Federal elections from all sources. Instead, the elections will be financed through a .01% sales tax on all advertising mediums. These funds will be divide evenly according to how many candidates there are for the election with half of the funds dedicated to the sponsoring of public debates starting three months before the elections. All campaigning will also be limited to the same time period with the exception of personal appearances paid for solely by the candidates themselves.