Toastie Eliminates the Deficit

The New York Times has a must-see-and-play-with interactive tool for showing how the current deficit and future projected deficits can be managed.

It’s an neat tool to check out because it shows very clearly how some popular targets are really just drops in the bucket, like foreign aid and medical malpractice reform.

Closing the projected 2030 budget shortfall is very difficult unless you start messing with social security. There needs to be someway of raising the retirement age without adversely impacting those who careers rely on their bodies to function adequately. You simply can’t expect sanitation workers and UPS drivers to work until they are 70.

Anyway, I played the game and managed to at least close the 2015 projected shortfall of $418 billion, 3/4 from tax increases and 1/4 from spending cuts:

  • Eliminate farm subsidies – $14B
  • Reduce troops in Iraq and Afghanistan by 30K by 2013 – $86B
  • Obama’s estate tax plan (lower than Clinton’s; higher than nothing) – $24B
  • Obama’s investment tax plan (lower than Clinton’s; higher than nothing) – $10B
  • Expire Bush tax cuts for income above $250K/yr – $54B
  • Expand ceiling for payroll tax – $50B
  • Millionaire’s tax (new top bracket, instead of top bracket starting at $375K) – $50B
  • Convert mortgage-interest deduction to credit (less benefit for high-income hh’s) – $25B
  • Carbon tax – $40B
  • Bank tax – $73B
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2 thoughts on “Toastie Eliminates the Deficit

  1. I did 47% taxes and 53% cuts:

    (savings2015/2030)

    cut foreign aid 17B/17B
    eliminate earmarks 14B/14B
    cut fed workforce 12B/15B
    cut govt contractors 17B/17B
    reduce nukes 19B/38B
    reduce navy/AF 19B/24B
    delay weapons 19B/18B
    cut IQ/AF troops to 60K 51B/149B
    Medmal reform 8B/13B
    inc Medicare to 68yo 8B/56B
    cut emp ins tax break 41B/157B
    inc retirement age 68yo 13B/71B
    reduced soc sec for high income 6B/54B
    change disability 9B/17B
    change inflation def 21B/82B
    Lincoln Kyl estate tax 12B/20B
    investment tax 10B/24B
    expire cuts >$250K 54B/115B
    millionaire tax 50B/95B
    loopholes 2nd option 136B/315B
    mortgage interest 25B/54B

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