UPDATE: Within minutes of this post going up, our readers were offering suggestions on how to improve this plan. I already realized some things I had left out, including repealing Obamacare and Dodd-Frank, not to mention Sarbanes-Oxley. So, please feel free to chime in and I’ll offer an updated post later this week with a more comprehensive plan.
And I’ll daresay we unpaid bloggers will put forward a GayPatriot plan before the president puts forward his.
Glenn has a good roundup of conservative and libertarian critiques of the president’s remarks earlier today on the downgrade, including this devastating analysis from Jennifer Rubin:
All he can do is promise to raise taxes.
Now that’s not exactly right. He did trot our proposals for a one-year extension of the payroll tax cut and extension of unemployment benefits. And he promised to make his own proposal to the debt committee. That’s it. It is what he has been saying for what seems like forever. He has nothing new.
While the president dithers, let me offer a 5-point plan to address the problem:
- Using the FY 2007 budget as a baseline, with adjustments for inflation and population increase, redraft the FY 2012 budget. Task House Budget Committee Chairman Paul Ryan to set up a committee to find more cuts.
- Set up a commission composed of businessman and scholars from the Cato Institute to identify those federal regulations which stifle innovation, exploration and growth. As soon as their report is complete, task the various agency heads to rescind those regulations. Reduce the staffs of the agencies responsible for enforcing said regulations.
- Immediate across the board salary cuts for all federal employees (save active duty military).
- Repeal Congressional Budget Act of 1974.
- Simplify the tax code along the lines of the 1986 Tax Reform Act.
Of course, this basic framework may require some tweaking. There are, for example, some good things in the 1974 Budget Act. And we may be able to identify a smart CEO to helm the regulatory relief committee. (And we may want scholars from think tanks other than Cato.) But, this is a start. And it represents not just a break from the last two-and-one-half years, but from the last ten years as the immediate past president was not much of a fan of deregulation.