It's been a long time but here's my new and exciting balanced budget proposal.
Option 1: Grow government spending at the average cost of living adjustment for SS over the last decade - 2.5% per year.
Option 2: Grow government spending at the rate that government spending grew during the two terms of the Clinton administration (FY 1993 to FY2001) - 2.6% per year.
In both options, leave tax policy unchanged. In other words, leave the Bush/Obama tax cuts in place, keep patching the AMT, don't add any new taxes beyond those currently in place.
Deficit in 2022?
Under Option 1, it would be -$2 billion (aka a surplus)
Under Option 2, it would be $45 billion (aka pretty much a wash).
Under the President's budget, it would be $704 billion (aka not a surplus).
Funny isn't it.
