U.S. Debt Crisis and Leadership

July 26, 2011

Leadership is when you plant a tree but do not live long enough to sit under its shadows. President Obama is young enough to plant the tree of economic growth and live under its shadows if he shows leadership on the national debt crisis. President Obama can show statesmanship, courage, and vision by immediately announcing that he will not spend time campaigning for re-election and will instead spend his remaining time in office to put America back onto the path of solvency and economic growth.

Then President Obama can announce a plan to rebuild America into a nation of makers not takers — a nation of meritocracy not mediocrity.  How? First, a gradual phase out entitlement programs except food stamps (over a five year period). Second, phase in a sales tax for three years at 15%, 10% and 5%. Third, simplify the U.S. Tax Code by instituting a flat tax on all Americans with incomes over $50,000 and reducing the corporate tax rate to 15%. Fourth, phase in a 20% spending cut across the board from all departments including the Defense Department. Fifth, reform America’s broken immigration system.