There seems to be widespread recognition now that there is a problem, but few want to deal with it beyond tinkering around the edges with tiny cuts. My suggestion is that, over a period of five years, federal spending be brought back in line with what it was during the Bush administration on a per capita basis and as a percent of GDP.
Here's my proposal which amounts to a cut of 9% over the next five years. It assumes 3% growth in GDP per year, 1% growth in population per year, and is based on hope that interest rates stay low so that growing interest on the national debt doesn't offset the other cuts. I believe such an approach combined with lower and flatter marginal tax rates without all the exclusions, exemptions, deductions, and credits would start paying off our debt by 2015.
Blue diamonds are history; Red squares are my proposal. I'll be interested to see what the future looks like vs. these projections.