Education Subsidies
Education is a state, local and private matter-and that's where the constitution left it. Federal K-12 education programs have cost American taxpayers $1.8 trillion since 1965 without noticeably improving outcomes.Eliminating them would save $40 billion dollars.
Farm Subsidies
Far from "saving the family farm," federal agricultural subsidies are environmentally destructive corporate welfare,
with more than 70% of aid going to the largest 10% of agribusinesses.Zeroing out farm welfare will save,
$25 billion annually.
Military Overreach
The Constitution envisions a U.S. Military that "provides for the common defense" of the United States, not one that serve's as the worlds policeman and nation builder. By withdrawing our troops from Iraq and Afghanistan, we could save at least $125 billion next year.
Transportation Programs
The Federal Government has no business funding the state and local projects that make up the bulk of federal transportation spending. Federal involvement results in pork-barrel spending, excess bureaucracy, and costly one-size fits all regulations. Moving funding for activities such as highways to the states and air traffic control to the private sector would spur innovation while also saving $85 billion a year.
Housing Subsidies
Federal interference in housing markets has done enormous damage to our cities and the economy at large. H.U.D. subsidies have concentrated poverty and fed urban blight, while Fannie Mae and Freddie mac stoked the financial crisis by putting millions of people into homes they couldn't afford. Getting Government out of the housing business will save $45 billion annually.
Federal Worker Pay
Federal workers enjoy far greater job security than their private sector counterparts- and far better total compensation: an average of $120,000 in wages and benefits. Cut federal compensation by 10% and save
$20 billion annually.
Energy Subsidies
The 30 year legacy of federal energy subsidies is replete with corporate cronyism and failed "investments"
entrepreneurs with their own capitol have incentives to develop viable alternative energy sources. Ending federal energy subsidies would save more than a $ 1 trillion dollars in the next decade.
Government Run Health Care
Medicare and Medicaid are driving the explosion in federal debt. The 2010 health care law should be repealed, but the same level of Medicaid cost savings can be realized by moving to a consumer driven health plan through vouchers, which would protect the elderly from government rationing. Medicaid should be converted to a fixed block grant to save money and encourage state innovation. Total savings would be:
a $ 1 trillion dollars over the next decade.
Drug War
Since the start of the federal War on Drugs in the 1970's We've spent hundreds of billions on a futile crusade that's done little to curb drug use and much to impair our civil liberties. In fact, A Cato study showed that Portugal's decriminalization of drugs actually lowered drug-related problems. Returning drug policy to the states would save at least: $15 billion annually.
Social Security
As the baby boom generation retires, our largest entitlement program lurches toward crisis. Social Security should be phased out as a mandatory program and an alternative voluntary system of private accounts, providing for ownership and inheritability, should be offered. Current obligations can be reduced by tying annual benefit growth to price inflation rather than wage growth, saving: $50 billion annually.
The Cato Institute has a new book entitled " The Struggle to Limit Government". Everyone who pays taxes and every elected official should read this book. Our future depends on " Limiting Government Spending!"
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