How about a 'no new tax cut' pledge?

The first thing we must do is demand steps be taken to reduce the deficit. For starters, every Congressman should take a No New Tax Cut pledge.

That’s right, no new tax cuts. When America’s fiscal solvency is at risk, reducing income by cutting taxes is just as irresponsible as approving new spending. It’s infinitely more popular, however, because telling people they don’t have to pay the full cost of the government they demand makes them think they’re getting a bargain.

I won’t argue that federal spending is the problem, but neither Democrats nor Republicans have the stomach for doing anything about it, aside from criticizing spending initiatives of the other party. Since neither has the political will to reign in spending, they’re going to have to forgo all future tax cuts — and perhaps (gasp!) increase taxes — unless they’re willing to see an American financial collapse that will make the Great Recession seem like a hiccup.

So, sign here, Congress. “I, ____________, swear to vote against all new tax cuts until the federal budget is balanced and the federal debt is paid down by 40 percent.”

(Typesetter’s note: The editor was neither drinking nor doing drugs during the writing of this opinion piece. Perhaps later.)

OK, short of a reprise of “Fantasy Island,” no Republican is going to sign that pledge any more than a Democrat will promise not to start a new government program.

Here’s something else they won’t do — pass a Constitutional amendment requiring a balanced budget. We’ve all heard commentators and politicians suggest that we could solve our financial problems with such an amendment. Sorry, but that would require Americans to pay the total cost of their government, and no one has the stomach for that. Imagine your federal tax liability if we paid it all ...

If the federal stimulus program really makes Americans worry about the nation’s fiscal health, that may be the most important thing it’s done. But my suspicion is that Americans aren’t ready to do anything serious about it. They may change members of Congress and elect a new president, but voters will burn any politician at the stake who proposes a serious pay-as-you-go approach to government. We’d rather default to the Chinese than pay what we owe.

Now there’s a plan.

Mark Beardsley is editor of The Commerce News. He lives in Commerce.