The People’s Budget

01 Aug

This budget has gotten no attention by the American news media. Why? Because this plan will actually do something to tackle our deficit. This proposal will not harm senior or the vulnerable, but it reduces the deficit by higher taxing on the rich and the banksters and goons that helped to create the recession and destroyAmerica.

Why should the middle class suffer more, by cutting government spending, when many people are just barely making ends’ meet from pay check to pay check? Why should we decrease government loans to students, and not ask the rich to pay their fair share in taxes? The rich can afford to pay more, and many of the rich never even asked for these tax cuts.

This is how Progressives fix our debt without harming the American economy:

The People’s Budget eliminates the deficit in 10 years, puts Americans back to work and restores our economic competitiveness. The People’s Budget recognizes that in order to compete, our nation needs every American to be productive, and in order to be productive we need to raise our skills to meet modern needs.

Our Budget Eliminates the Deficit and Raises a $31 Billion Surplus In Ten Years
Our budget protects Social Security, Medicare and Medicaid and responsibly eliminates the deficit by targeting its main drivers: the Bush Tax Cuts, the wars overseas, and the causes and effects of the recent recession.

Our Budget Puts America Back to Work & Restores America’s Competitiveness
• Trains teachers and restores schools; rebuilds roads and bridges and ensures that users help pay for them
• Invests in job creation, clean energy and broadband infrastructure, housing and R&D programs

Our Budget Creates a Fairer Tax System
Ends the recently passed upper-income tax cuts and lets Bush-era tax cuts expire at the end of 2012
Extends tax credits for the middle class, families, and students
Creates new tax brackets that range from 45% starting at $1 million to 49% for $1 billion or more
• Implements a progressive estate tax
• Eliminates corporate welfare for oil, gas, and coal companies; closes loopholes for multinational corporations
• Enacts a financial crisis responsibility fee and a financial speculation tax on derivatives and foreign exchange

Our Budget Protects Health
• Enacts a health care public option and negotiates prescription payments with pharmaceutical companies
• Prevents any cuts to Medicare physician payments for a decade

Our Budget Safeguards Social Security for the Next 75 Years
• Eliminates the individual Social Security payroll cap to make sure upper income earners pay their fair share
• Increases benefits based on higher contributions on the employee side

Our Budget Brings Our Troops Home
• Responsibly ends our wars in Iraq and Afghanistan to leave America more secure both home and abroad
• Cuts defense spending by reducing conventional forces, procurement, and costly R&D programs

Our Budget’s Bottom Line
• Deficit reduction of $5.6 trillion
• Spending cuts of $1.7 trillion
• Revenue increase of $3.9 trillion
• Public investment $1.7 trillion

This plan is good for America. It doesn’t deeply cut into government spending, and it reduces the deficit by making the wealthiest millionaires and billionaires pay just a little more in taxes. The Progressives aren’t punishing the rich for their success they’re asking them to be patriotic and help the country get out of the mountain of debt that the U.S.has incurred.

This is what the American people want. They want to balance the budget with fairness asking those who make millions of dollars a year to pay a little more, but at the same time asking government to make modest cuts and making government more efficient and lean.

Placing a surtax on federal income taxes for people earning over $1 million a year: 81% acceptable
— Eliminating spending on so-called earmarks for special projects and specific areas of the country: 78% acceptable
— Eliminating funding for weapons systems the Defense Department says are not necessary: 76% acceptable
— Eliminating tax credits for the oil and gas industries: 74% acceptable
— Phasing out the Bush tax cuts for families earning $250,000 or more per year: 68% acceptable
— Freezing annual domestic spending at its current level for the next five years: 67% acceptable
— Reducing Medicare and Social Security benefits for wealthier retirees: 62% acceptable
— Gradually raising the Social Security retirement age to 69 by 2075: 56% acceptable
— Cutting funding for the new health-care law so that parts of it will not be put into effect or enforced: 51% acceptable
— Reducing agriculture subsidies or support to farmers and ranchers: 45% acceptable
— Eliminating funding to Planned Parenthood for family planning and preventive health services: 45% acceptable
— Gradually turning Medicare from a system in which the government pays for most beneficiaries’ medical bills into a program in which seniors would receive government-assisted vouchers to purchase private insurance: 44% acceptable

Among the budget cuts:

Subsidies to build new nuclear power plants: 57% acceptable
Federal assistance to state governments: 52% acceptable
The Environmental Protection Agency: 51%
Transportation and infrastructure projects: 51%
Scientific and medical research: 48%
National defense: 46%
Unemployment insurance: 43%
Head Start: 41%
College student loans: 39%

Heating assistance to low-income families: 34%
Medicaid: 32%
Medicare: 23%
K-12 education: 22%
Social Security: 22% – Progressive Caucus People’s Budget

1 Comment

Posted by on August 1, 2011 in Budgets


One response to “The People’s Budget

  1. Tom Murphy

    August 29, 2011 at 11:55 pm

    By singer/songwriter Ray Stevens!

    I usually write songs and this is my first attempt at writing an op-ed piece. It always amazes me how most political commentators beat around the bush. Well, that’s not how you write a song so let’s just cut to the chase and get to the chorus:

    My song, “Obama Budget Plan” can be seen on YouTube. It indicates that President Obama’s budget plan appears to be to spend as much of our money as he wants, on anything he wants and to pay for it by just printing more money.

    The fact is, President Obama doesn’t really seem to have a plan at all. His administration has been working without a budget for almost three years now. He views having to consult Congress as an inconvenience and tries to go around them at every turn.

    His latest plan is to blame the Tea Party movement for this country’s first-ever credit downgrade because they forced him to face the debt drisis that he created by his out of control spending.

    Then he and his aides want to blame S&P for bad judgment in addition to continuing to blame George Bush. President Obama is the “Blamer-in-Chief.”

    I try to find the humor in everything but there is nothing funny about what the president, his policies and his associates are doing to this country with the help of a political party that obviously cares more about elections than the great nation they have sworn to protect and defend.

    I’m tired of it. I’ve heard it all before and don’t want to hear it anymore.

    I’m tired of hearing how we have lost a war and how our troops terrorize and kill innocent people in the dead of night.

    I’m tired of hearing good, honest, caring people like the Tea Party folks being referred to as ‘terrorists” by people who won’t even call a real terrorist a terrorist.

    Nothing is going to change in America until those people are defeated at the ballot box and politicians, regardless of their Party, decide to put America first and return her to her roots of free enterprise, fiscal responsibility and fairness.


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