20110728-Stossel-[Debt Solution]-Fox Business.CF.avi

STOSSEL - [Stossel's Debt SOLUTION] - Fox Business Network
2011, July 28, Thursday

Xvid/MP3 AVI - encoded from medium quality ReplayTV stream

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[excerpted from John Stossel's blog:]


http://fxn.ws/qZnqsi

On my show tonight at 10pm, I lay out a way to completely get rid of the deficit.

I don't claim to be a budget expert. But others, such as Chris Edwards at Cato and Stuart Butler at Heritage, are. They found lots of serious cuts. My staff found a few more, and put together a list that would completely balance the budget:

Defense cut by 2/3: $475 billion (Federal Budget, pg. 58)
Medicare/Medicaid*: $441 billion (Cato Institute)
Social Security Means Testing: $170 billion (Heritage Foundation)
Eliminate Dept. of Education (includes Pell Grants): $106.9 billion (Cato Institute)
Social Security*: $85.7 billion (Cato Institute)
Eliminate Dept. of Transportation: $84.8 billion (Cato Institute)
Tax Amnesty: $80 billion (Rep. Jared Polis D-Co.)
Eliminate Dept. of Labor*: $78.6 billion (Department of Labor and White House)
Eliminate HUD: $60.8 billion (Cato Institute)
Eliminate Dept. of Agriculture*: $33 billion (Cato Institute)
Cut civilian employee compensation: $30 billion (Cato Institute)
Stop maintaining vacant federal property: $25 billion (Heritage Foundation)
Eliminate Foreign Aid: $21.2 billion (Cato Institute)
Eliminate Dept. of Energy*: $20.8 billion (Cato Institute)
Eliminate NASA: $19.6 billion (Cato Institute)
Federal Drug War: $15 billion (White House)
Earmark moratorium: $16 billion (Heritage Foundation)
Eliminate Fannie/Freddie Subsidies: $14 billion (Federal Housing Finance Agency (p. 10))
Eliminate Dept. of Commerce: $13.9 billion (Department of Commerce)
Eliminate Dept. of Interior: $12 billion (White House)
Legalize Pot, Online gambling, Immigrants: $12 billion (Rep. Jared Polis D-Co.)
Privatize Army Corps of Engineers: $10.6 billion (Cato Institute)
Cut federal employee travel budget: $10 billion (Heritage Foundation)
Eliminate National Science Foundation: $7.4 billion (National Science Foundation)
End EPAΓΓé¼Γäós State and Local grants: $6.5 billion (Cato Institute)
Repeal Davis-Bacon: $6 billion (Republican Study Committee)
Privatize TSA: $5.7 billion (Federal Budget)
Cut Dept. of JusticeΓΓé¼Γäós State and Local grants: $5 billion (Heritage Foundation)
Privatize Post Office: $4 billion (White House)
Eliminate Small Business Administration: $1.8 billion (Small Business Administration)
Lease coastal plain of ANWR: $1.5 billion (Heritage Foundation)
Eliminate Federal Flood Insurance: $1.3 billion (CBO, pg. 3)
Abolish SEC: $1.3 billion (SEC)
Eliminate Corporation for National Community Service: $1 billion (Cato Institute)
Suspend acquisition of federal office space: $1 billion (Heritage Foundation)
End subsidies for public broadcasting: $500 million (Cato Institute)
Eliminate the Neighborhood Reinvestment Corp: $480 million (Heritage Foundation)
Eliminate the FCC: $439 million (FCC)
Eliminate the Endowments for Arts/Humanities: $332 million (NEA/NEH)

Total Cut: $1,882,619,000,000
Current deficit: $1,645,000,000,000
Surplus Achieved: $237,619,000,000

(Research by Maxim Lott and Charles Couger.)

They don't need to drive us deeper in debt. They choose to. Tune in tonight at 10pm to see how they could choose differently.