Mark Neumann: “I put another chart up here because I think it is important that we recognize the differences between the past and the…”

“I put another chart up here because I think it is important that we recognize the differences between the past and the present, but we also realize that once we get to a balanced budget we still have this $5.3 trillion debt. That debt is going to be passed on to our children if we do not do something about. That brings us to the future. That brings us to, after we balance the budget, then what? The answer to that question is the National Debt Repayment Act. The National Debt Repayment Act does this. After we reach a balanced budget, it caps the growth of government spending at a rate 1 percent below the rate of revenue growth. It caps, after we reach a balanced budget, it caps the growth of government spending 1 percent below the rate of revenue growth. So if spending goes up by 4 percent, revenue goes up by 5, that creates a small surplus. That surplus is then used one-third to further reduce taxes and two-thirds to pay down the national debt. So we create the surplus by capping the growth of government spending. We take one-third of the surplus, let the people keep more of their own money, additional tax cuts, two-thirds goes to repay the national debt. If we do that, by the year 2026 the entire Federal debt will be repaid in its entirety and we can pass this Nation on to our children debt free. In doing so, when we repay the national debt, we are also putting the money back into the Social Security trust fund that has been taken out.”