Economic Club of Indiana

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Presentation transcript:

Economic Club of Indiana U.S. Senator Dan Coats Economic Club of Indiana September 30, 2011

The company is bringing in $2. 2 trillion in revenue, yet spending $3 The company is bringing in $2.2 trillion in revenue, yet spending $3.7 trillion. The company has accumulated $4 trillion of debt since the new CEO took over two and a half years ago and it is borrowing $40,000 per second to meet its spending obligations. The company hasn’t operated on a budget in more than 1,000 days.

(Debt Held by Public as Percentage of GDP) Tidal Wave of Debt (Debt Held by Public as Percentage of GDP) Current Policy World War II 2011 HISTORIC TREND

Does Washington have the will and the political courage to do it?

Go BIG. Go BOLD.

Cut at least $4 trillion in government spending over 10 years. Objective 1: Cut at least $4 trillion in government spending over 10 years.

Objective 2: Restructure entitlement programs to preserve them for current and future retirees.

Reform the tax code to make it simpler, fairer and more competitive. Objective 3: Reform the tax code to make it simpler, fairer and more competitive.

Revenue Neutrality

Simplification

U.S taxpayers and businesses spend $160 billion and 6 billion hours a year just to comply with the complicated tax code.

Fairness

Protection for Families

Economic Growth

Reform federal regulations that are stifling growth. Objective 4: Reform federal regulations that are stifling growth.

Get government out of the business of choosing winners and losers. Objective 5: Get government out of the business of choosing winners and losers.

“Solyndra is exactly what the Recovery Act is all about.” -Vice President Biden, 9/4/09

America’s two paths…