Question

If, for example, you were hired, or you volunteered, to trim down the bureaucracy to save the country from financial bankruptcy, which agencies/programs in the federal government would you cut?

Answer 1

To save the country from financial bankruptcy, the rapid growth of its budget deficit and national debt in the federal government should be cut.

Which programs in the federal government should be cut?

• The government must increase taxes or cut future spending in order to prevent economic misery.
• The best strategy is to restrain the increase of government spending because increasing taxes lower incentives and further slows economic growth.
• It is impossible to lower defense spending and non-defense discretionary spending below the historically low and extremely risky percentages of GDP projected by the CBO.
• Therefore, the only choice is to limit entitlements. The government must, in particular, restrain the expansion of Social Security, Medicare, and Medicaid.
• In addition to Feldstein's recommendation that Congress increase the retirement age, Congress should also change the indexation of starting benefits from wages to prices in order to halt growth and alter disability insurance in order to promote employment.

Hence, in order to save the country from financial bankruptcy, the rapid growth of its budget deficit and national debt in the federal government should be cut.

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