Congress and the Federal Government are bankrupting the American economy. The Federal Government owes more money than all the goods and services produced in the entire country in a year. Individuals pay 86% of all taxes collected, while corporations pay 7%. The remaining 7% comes from other sources. To bring Government spending under control, my core strategy includes:
- Debt Ceiling:
- Jim Lamon will never sign up for an increase in the Federal Budget.
- Federal Government must live within its means.
- $4Trillion in current tax receipts is sufficient.
- National Debt Paydown:
- Bring Manufacturing Back to America. The increase in wages and products result in more tax income for debt pay down.
- Energy Dominance. Utilize our bountiful supply of oil and gas. Lower gas prices domestically and add excise tax for exports. Use for debt reduction.
- Mining & Processing. Mine and process our huge mineral reserves. After satisfying our domestic needs, add excise tax for exports. Use for debt reduction.
Despite the tax burden placed on ordinary Americans, the Federal Government still overspends its income by a large margin. In the past three years, it overspent its income by 41%, which amounts to $2.3 trillion. To put that in perspective, we can build 7.6 million new homes every year with that amount of money. The huge gap between the blue and grey lines below shows growing deficit between income and expenses.
We compared the deficit during Ronald Reagan’s years with the current position under Biden, and it is not good:
- Reagan: Today, 37 cents out of every dollar earned in this country is the tax collector’s share, and yet our government continues to spend $17 million a day more than the government takes in. We haven’t balanced our budget in 28 out of the last 34 years. We’ve raised our debt limit three times in the last twelve months, and now our national debt is one and a half times bigger than all the combined debts of all the nations of the world.
- Lamon: Today, 25 cents out of every dollar earned in this country is the tax collector’s share, and yet our government continues to spend $8 billion a day more than the government takes in. We haven’t balanced our budget in 20 years. In that time, we’ve raised the debt limit 18 times and our national debt is more than three times bigger than the debt of our closest competitor, China. That’s accounts for nearly $250,000 of debt per American taxpayer.
- Reagan: We’re spending $45 billion on welfare. If we divided the $45 billion up equally among those nine million poor families, we’d be able to give each family $4,600 a year. And this added to their present income should eliminate poverty. Direct aid to the poor, however, is only running only about $600 per family. It would seem that someplace there must be some overhead.
- Lamon: We’re spending $1 trillion on welfare through 80-plus federal programs. If we divided up the $1 trillion among the estimated 37 million Americans living in poverty, we’d be able to give each individual nearly $27,000 a year. And this added to their present income should eliminate poverty. Direct aid to the poor, however, is only running only about $6,000 dollars per person annually.
- Reagan: Social Security as of this moment is 298 billion dollars in the hole.
- Lamon: Social Security is expected to run out of money by 2033.
The relentless increase in overspending cannot continue. There is an even bigger disastrous outcome you must be made aware; China is working to replace the dollar with the yuan as the world’s reserve currency. The US dollar loses its position as the secure store of value when the Federal Government defaults on its debt service payments.
Congress and the Senate need strong leadership to systematically deploy a debt reduction plan. Just as we do in our homes and our businesses, we must live within our means.
Being a very successful businessman, I know how operate within one’s means. In fact, I built very successful businesses without incurring a single dollar of corporate debt. We can balance the federal budget and pay down the debt through similar discipline, commitment and imagination.
I believe that the federal government has massively outgrown its intended purpose under our Constitution and must be significantly curtailed in order for our Republic to survive. Additionally, taxpayers and private businesses are far better at managing money than government.
I plan is to provide funding for the absolute minimum level of government required to perform the minimum level of federal functions in order to accomplish only what we need it to do. My priorities are:
(1) Provide for the safety of our citizens: Fund our military, border control and law enforcement.
(2) Provide a minimal level of support to those who absolutely cannot work: Everyone who can work, must work.
(3) Provide Social Security and Medicare to those who’ve paid into the system: The Federal Government is not responsible for creating a welfare state.
After meeting these priorities, I will work to:
- Close bloated and redundant federal departments
- Significantly reduce federal functions and transfer authority to the states
- Retain only where absolutely necessary in the federal government. I believe very few functions are truly necessary.
The spending reductions noted below will balance the budget without raising taxes, but will require discipline, focus and relentless commitment to stop the looming Federal financial disaster.
Additionally, to begin to pay down our irresponsible federal debt, we must grow our economy so as to increase the amount of tax flowing to the Treasury. I propose three methods for achieving this:
(1) Become the energy dominant country: We can be that with increased natural gas, oil and coal extraction. The increased natural gas, oil and coal supply would be exported around the world. A nominal excise tax on these exports would go directly to nation debt payoff. Our own national electricity needs can be fulfilled with a combination of low-cost utility size solar and clean natural gas-fired generation.
(2) Become the mining & processing dominant country: We can be that with increased copper, manganese and other mining and processing. After supplying America’s needs, the increased production would be exported around the world. A nominal excise tax on these exports would go directly to debt reduction.
(3) Tariff the goods coming from China, India and other countries: This will apply to those who do not comply with the pollution control, workplace safety rules and reasonable wages that American businesses support. The tariff payments will go directly to an Investment Tax Fund to be used to bring manufacturing back to America. The resulting increase in good-paying jobs will produce bountiful additional tax revenues. In turn, less social needs spending will further reduce excess government spending.
By focusing on these well-structured, accelerated economic growth measures, the increased inflow to the Treasury will enable accelerated debt repayment.
There is NO net American tax increases in any of my plans.
If you cast your vote for me, I will drive robust, resilient economic growth to benefit you, your children and grandchildren.