Gary Johnson On The Issues - Spending and the Deficit

Spending and the Deficit

Government spends too much because it does too much. Unchecked deficits are the single greatest threat to our national security. Unless we take significant steps soon, our federal debt will equal the entire economic production of the United States.

We should start by reassessing the role of the federal government, and always asking the question: Should the government be doing this in the first place?
We must act now to:

Balance the Budget
THE U.S. IS BORROWING OR PRINTING MORE than 40 cents of every dollar the government spends today. The math is simple: Federal spending must be cut not by millions or billions, but by trillions. And it must be done today.

It's time to:

* End excessive spending, bloated stimulus programs, unnecessary farm subsidies, and earmarks.
* Reassess the role of the federal government and identify responsibilities that can be met more efficiently by the private sector.
* Recognize that you can't have limited government at home, but big government abroad.


Enact Responsible Entitlement Reform
MOST PEOPLE IN WASHINGTON SEEM TO THINK that we can control spending and balance the budget without reforming Medicare, Medicaid and Social Security. This is lunacy.

* Identify and implement common-sense cost savings to place Medicare on a path toward long-term solvency.
* Block grant Medicare and Medicaid funds to the states, allowing them to innovate, find efficiencies and provide better service at lower cost.
* Repeal ObamaCare, as well as the failed Medicare prescription drug benefit.
* Fix Social Security by changing the escalator from being based on wage growth to inflation. It's time for Social Security to reflect today's realities without breaking trust with retirees.


Audit the Federal Reserve
THE FEDERAL RESERVE SHOULD BE TRANSPARENT and its actions held to the same level of scrutiny as any other federal department.

* The American people deserve to know the extent to which the Fed has purchased private assets at home and abroad.
* Many Americans have become interested in the Federal Reserve in recent years. America's representatives in Washington, D.C. need to also become a lot more interested in how this government institution affects the American economy.
* The role and the activities of the Federal Reserve are long overdue for examination, reassessment, and ultimately, thoughtful reform. Can the Federal Reserve pursue both stable prices and full employment, or does its currency manipulation cause malinvestment, inflation, and prolonged unemployment?
* Conduct an audit to provide true transparency of the Federal Reserve's lending practices.
* Establish clear Congressional oversight.
* Get the Federal Reserve out of the business of printing money and buying debt through quantitative easing.