There is an absence of candor in the political discourse on federal budgetary matters. It is anticipated that federal revenues will increase beyond the prior fiscal year. A rational policy would be to restrict future expenditures to the prior fiscal year and apply any revenue surplus toward existing debt obligations.
Given this, three remaining budgetary areas require economic rationalization.
First, defense spending must be reduced by at least 15 percent. Second, Social Security and related programs must be fiscally self-sufficient. Third, Medicare and associated public-health matters either require a dedicated tax increase or the socialization of the industry.
These observations are not political commentary. It is plain-speaking on public matters.
Michael R. Drennan,