By Patrick F. Cannon

I know I’ve harped on this theme many times over the years, but now that I’m running for president, I want to yell it loud and clear: we owe too much money! we need to balance the budget!

            I am reminded of Wilkins Micawber’s famous statement in Charles Dickens’ David Copperfield: “Annual income, twenty pounds, annual expenditure nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.” So why aren’t we and our politicians more miserable?

            Because we’re all numb, that’s why. How many times have we heard these lame excuses?

            “We need to stimulate the economy! We’ll cut back when things get better.”

            “Lower taxes mean more money to invest and thus more jobs.”

            “The American people won’t stand for any tax increases!”

            “Most of the budget is set in stone. We can’t cut Social Security, Medicare, and Medicaid, can we? After all, they represent two-thirds of the budget!”

            Blah. Blah. Blah. Conceding that one can bend statistics to one’s will, the top income tax rate in the period 1945-1963 was 91 percent. In 1956 the GDP growth rate was 7.1 percent. In the period 2018-2022, the top rate was  37 percent. In 2019, GDP growth was 2.5 percent. The last years we had budget surpluses were 1998-2001. The most precipitate deficit increases came after the 2017 tax decreases. If this trend continues, it won’t be long until the annual cost of paying the interest on our debt will reach one trillion dollars! I remember when billions seemed scary.

            During my first one hundred days in the office, I would try to accomplish just a few things. I would increase the top income limit for the payroll tax from $168,600 to at least $500,000. As a reminder the payroll tax is supposed to fund Social Security and Medicare. For Social Security, it’s currently 6.2 percent each for employee and employer. The Medicare tax is 1.45 percent, but there is no income limit for it. In addition, I would do everything I could not to extend the 2017 tax decrease beyond its 2025 expiration date.

            Next, I would try to get my pet project of consolidating all anti-poverty programs adopted. As faithful readers may recall, this would provide a single payment to replace the earned income tax credit, food stamps, housing assistance (and any other programs that have slipped my mind). It would also get rid of busy-body bureaucrats who decide eligibility and what recipients can spend the money on.

            I would initiate a new energy program called “We’re stuck with fossil fuels for a long, long time, so  get used to it.” Electric cars need – wait for it – electricity! So do electric houses, electric lawnmowers, and all those phones and other gizmos we can’t seem to live without. If all  that stuff were to be powered by wind or sun, the wind turbines and solar panels would need so much space there would be no room left for the buffalo to roam. That doesn’t mean that we couldn’t do away with fossil fuels eventually, but saying we could do it by 2050 is a pipe dream.

            Finally, I would promote a balanced budget amendment to the Constitution. Some states have one, and some amazingly make it work. And once I get all this done, I’ll start teaching pigs how to fly.

            Oh, and one more thought. Last night I saw one of those commercials for a debt relief company – you know, the kind of outfit that tries to negotiate with your creditors to reduce your debt. If they can do it for John Doe, how about Uncle Sam?

Copyright 2024, Patrick F. Cannon