Media Advisory
IPI Policy Report - # 174 Author: Sonia Hoffman on 01/13/2004
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New 10-Step Weight Loss Plan For the Federal Budget
Plan would save $75,000 per household and pave the way to new tax code and personal Social Security Accounts
For Immediate Release: Tuesday, January 13, 2004
Contact: Sonia Hoffman, (703) 912-5742 or shoffman@ipi.org.
(Washington, DC): The federal budget could shave off excess weight with a workout at the gym of spending cuts and continued economic growth, according to a newly released 10-step weight loss plan published by the Institute for Policy Innovation (IPI).
“In just the past three years the federal budget has exploded in size by more than one half trillion dollars,” says report author Stephen Moore. “My study offers a 10-step budgetary weight loss plan that protects the financial future of tomorrow’s taxpayers.”
Moore spells out specific steps to cut federal spending and put the federal budget on a glidepath toward an unprecedented era of prosperity for American taxpayers:
- Eliminating unnecessary and wasteful programs,
- Privatizing federal assets and using the proceeds for debt retirement,
- Devolving federal programs like education, transportation and welfare to the states,
- Replacing all federal anti-poverty programs with a more generous Earned Income Tax Credit (EITC) that requires work as a condition of federal assistance,
- Using market-based incentives to fix federal entitlement programs,
- Abolishing all corporate welfare,
- Enacting legislation to make any American with a net income of more than $1 million a year ineligible for any form of federal aid,
- Fixing the federal budget rules to end the inherent bias in favor of spending, rather than saving money and cutting taxes, and
- Attaching a tax cut dividend for all taxpayer to all spending reduction proposals as a way to build a taxpayer constituency for spending cuts.
