Since the US dollar is the reserve currency of the world economy we have to manage our financial affairs in a thoughtful way that builds confidence worldwide.
Accordingly, we propose replacing the current system with a systematic approach based on two principles. First, all government employees are essential and the government will never close. Second, current levels of government debt are excessive and unsustainable.
We propose that the national budget is reviewed annually and if the percentage of spending funded by debt exceeds a (to be determined) limit then both across the board spending cuts (5%) and tax increases (1%) will automatically be enacted. This systematic approach will demonstrate that we can manage our levels of debt in an intelligent way.