Stossel’s balanced budget plan: better than Congress

All of this brinkmanship over the debt ceiling has me a bit depressed. After all, Boehner’s plan is hardly a serious attempt to put America on a path to budgetary sustainability.

That’s why I loved John Stossel’s recent proposal to take a chainsaw to the federal budget. Stossel’s proposal, without even accounting for the rapid economic growth that would be unleashed by the reduction in the federal bureaucracy would result in a surplus in one year. Rather than punting our budgetary problems to future generations, we need our leaders to come up with real, specific cuts, RIGHT NOW.

Oh, and in a small glimmer of optimism, Democratic Rep. Jared Polis of Colorado has a proposal that would increase federal revenues by doing things like having a tax amnesty and legalizing internet gambling — without raising taxes.