How would you balance the budget - Show your work!

[red-beard]

How would you balance the budget? Use the numbers from the 2010 budget as mapped out here. And please show your work. If you raise taxes, show what taxes you will raise and give the plausibility of it working.

From the original discussion

Budget - Where is the problem?

Let's talk disconnects

We have taxes coming in and spending going out. Some programs are supposed to be funded by specific taxes. Others come from General spending.

Here is the source for the data for 2010:

Revenue:

Government Taxes and Revenue in United States in 2010 - Federal State Local Charts

Spending:

US Federal Budget Pie Chart for FY11 - Charts

Social Security (including disability):

Revenue = $635.2B
Spending = $787.6B

Medicare

Revenue = $180.5
Spending = $497.3

Unemployment

Revenue = $51.5B
Spending = $106.6B

Transportation

Revenue = $48B
Spending = $104.2B

Total specific spending $1495.7B
Total specific revenue $915.2B
Delta: -$580.5B

Other Income: $1253.3
Other Spending: $2338.2B
Delta: -$1084.9

Other income detailed
-Income Taxes: $1,092.5B
-Excise Taxes: $25.2B
-Customs Duties: $23.8B
-Estate Taxes: $17.0B
-Other Revenue: $17.8B
-Federal Reserve Income: $77B

Other Detailed Spending:

-Interest: $250.7B
-Defense: $928.5B
-Health R&D: $38.5B
-Medicare/SCHIP: $357.7B
-Education: $140.9B
-Welfare: $358B
-Police: $30B
-Court: $18.9B
-Prisons: $8.3B
-General Government: $29B
-Research: $17.1B
-Fuel & Energy: $17.6B
-General Economic: $19.6B
-Ag, Forest, etc: $32.4B
-Pollution control: $11.4B
-EPA, etc: $11.7B
-Community Dev: $32B
-Water: $8.5B
-Rec & Sports: $4.1B
-Other Revenue(in spending): $-3.1B

I proposed - The balanced approach

To Balance:

I am proposing a balance of spending cuts and tax increases. I am suggesting about $500B in tax increases, just to cover Social Security and Medicare, plus Transportation. But we are still $1T in the hole with a budget of only $2T from which to cut.

-Defense: $928.5B - 35% = 324.975B
-Health R&D: $38.5B - 90% = 34.65B
-Medicare/SCHIP: $357.7B - 60% = 214.62B
-Education: $140.9B - 80% = 112B
-Welfare: $358B - 80% = 286.4B
-Police: $30B - 80% = $24B
-Court: $18.9B - 50% = $9.45B
-Prisons: $8.3B - 25% = $2.1B
-General Government: $29B - 0% = $0B
-Research: $17.1B - 80% = $13.68B
-Fuel & Energy: $17.6B - 80% = $14.08B
-General Economic: $19.6B - 75% = $14.7B
-Ag, Forest, etc: $32.4B - 80% = $25.92B
-Pollution control: $11.4B - 30% = $3.42
-EPA, etc: $11.7B - 50% - $5.85B
-Community Dev: $32B - 90% = $28.8B
-Water: $8.5B - 0% = $0
-Rec & Sports: $4.1B - 90% = $3.69B
-Other Revenue(in spending): $-3.1B - 0% = $0

Reductions: $1091.826B

[pksystems]

Print money as fast as possible and try to pay off the debt before anyone notices? Then startup a new currency.

It may have already begun if you believe this conspiracy....

CNBC Exec

Either that.... or the rich realize that $69billion won't get you #1 pretty soon.