{"id":4599,"date":"2023-08-07T10:14:52","date_gmt":"2023-08-07T15:14:52","guid":{"rendered":"https:\/\/binkley2024.com\/?p=4599"},"modified":"2023-08-07T11:46:44","modified_gmt":"2023-08-07T16:46:44","slug":"7-year-economic-rescue-plan","status":"publish","type":"post","link":"https:\/\/binkley2024.com\/7-year-economic-rescue-plan\/","title":{"rendered":"7-Year Economic RESCUE Plan"},"content":{"rendered":"

A Comprehensive Strategy to Balance the Federal Budget, Regain American Competitive Advantage, and Boost Economic Growth for the Sake of America\u2019s Next Generation<\/span><\/h4>\n

Strategy to Balance the Federal Budget in 7 years<\/h2>\n

The recent downgrade of the U.S. government by Fitch Ratings is a wake-up call that our current runaway spending and broken budget process cannot continue.\u00a0 Our fiscal system is headed toward a crisis; we need a President who has the courage to set a new path.\u00a0\u00a0<\/span><\/p>\n

I\u2019ve put together a plan to <\/span>attack the deficit and bring the budget back into balance in 7 years. <\/i><\/b>Moreover,\u00a0 <\/span>transparency and accountability must be restored<\/i><\/b> to the way that Washington spends taxpayers\u2019 money.\u00a0\u00a0<\/span><\/p>\n

First, I\u2019ll warn you right now, many critics \u2013 including many Republicans and likely some of my opponents in this primary \u2013 are going to say that trying to balance the federal budget in 7 years is, \u201ctoo much, too fast.\u201d<\/span><\/p>\n

Let me remind you that those are the same people who watched the deficit more than double over the past 7 years<\/span> from $620 billion to $1.375 trillion.\u00a0<\/span><\/p>\n

According to the U.S. Treasury, spending in FY 2023, through June, was 10 percent higher than in 2022.\u00a0 That\u2019s another $455<\/span> billion, and the fiscal year isn\u2019t over yet.\u00a0\u00a0<\/span><\/p>\n

When is Washington\u2019s out of control spending going to stop?\u00a0 When will our federal government\u2019s excessive borrowing get under control?<\/span><\/p>\n

The Nobel Prize winning economist Milton Friedman wrote a book almost 40 years ago entitled <\/span>Tyranny of the Status Quo<\/span><\/i>.\u00a0 Indeed, keeping Washington\u2019s fiscal status quo in place has already saddled us with mountains of debt and mortgaged our children\u2019s and grandchildren\u2019s future.\u00a0 <\/span>It is time to look at what we\u2019re doing to the next generation.\u00a0\u00a0<\/i><\/b><\/p>\n

Consider our country\u2019s debt.\u00a0 The best way to look at federal debt and how Washington is living beyond its means \u2013 or <\/span>our<\/span><\/i> means as taxpayers \u2013 is to consider debt as a percent of the nation\u2019s GDP.\u00a0 The federal debt-to-GDP was 118 percent at the end of Q1 2023<\/span>\u00a0<\/span><\/p>\n

In simpler terms, the federal government owes more than the U.S. economy is worth!\u00a0\u00a0<\/span><\/p>\n

Back when Dr. Friedman wrote his book, the debt was 4.7 percent of GDP.\u00a0 Moreover, America sacrificed and acted to save the world during World War II, yet the federal debt at its high point in 1943 was 29.6 percent of GDP \u2013 less than one-third of what it is now<\/span>.\u00a0\u00a0<\/span><\/p>\n

That\u2019s a sobering thought given the state of the world today.<\/span><\/p>\n

Reigning in spending and putting an end to our government\u2019s excessive borrowing is fundamental to grow the U.S. economy, shore up our regional banks, and save the U.S. dollar\u2019s role as the world’s reserve currency.<\/span><\/p>\n

My 7-Year Economic RESCUE Plan is <\/span>based on four pillars of action<\/i><\/b> that I will take as President. It won\u2019t be easy, but it has to be done.<\/span><\/p>\n

Truth in Budgeting<\/span><\/h3>\n

First, we need to change the way the federal budget is written.\u00a0 Unlike household or small businesses, the federal budget is structured to automatically increase every year.\u00a0 The accounting system the government uses is called \u201cbaseline budgeting.\u201d\u00a0 Under that system, the previous year\u2019s level of federal spending is adjusted for inflation and the population growth rate each year.<\/span><\/p>\n

According to the latest projection by the Congressional Budget Office (CBO) that baseline budgeting will add about $2.48 trillion in spending from FY2024 to FY2031<\/span> \u2013 that increase is already cooked into the books even if Congress never approves another penny increases for any federal program.\u00a0\u00a0\u00a0<\/span><\/p>\n

Obviously, it goes without saying, two things that would help slow this unchecked growth:\u00a0<\/span><\/p>\n