One Cent Solution Presentation
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The document outlines the 'One Cent Solution' aimed at addressing the U.S. public debt, which is projected to double in the next decade. It proposes a plan to achieve a balanced budget by reducing government spending by one cent out of each dollar over six years, with public and legislative support emphasized. The campaign has garnered support from various economists and aims to mobilize citizens to advocate for fiscal responsibility and less federal spending.
One Cent Solution Presentation
- 1. Restoring America’s Financial Future
- 2. The One Cent Solution - Restoring America’s Financial FutureU.S. Public Debt to Double Over Next 10 YearsSource: Congressional Budget Office
- 3. The One Cent Solution - Restoring America’s Financial FutureInterest Payments Quadruple by 2020Source: Congressional Budget Office
- 4. Compare to Typical American FamilyIf a typical family actedlike the federal government, what did 2010 look like?We earned about $50,000We spent more than $80,000!We added $30,000 to our credit card debtTotal credit card debt: Over $200,000!The One Cent Solution - Restoring America’s Financial Future
- 5. How Do We SolveThe Debt Problem?Economic Growth?
- 6. Raise Marginal Tax Rates?
- 8. Congress Cuts Spending?The One Cent Solution - Restoring America’s Financial FutureThe One Cent Solution1. Provides a path to a balanced budget by reducing total government spending one cent out of each dollar for six years. 2. Supports legislation to accomplish OCS goals. 3. Engages public support for Congressional action.
- 9. 1. Path to Balanced BudgetAssumptions:Revenues return to historic rates of 18-19% GDP—with or without changes in tax rates.
- 10. Total government spending reduced 1 percent per year for six years. Everything is on the table.Results:Budget balanced by 2019
- 11. Spending reduced $7.5 trillion The One Cent Solution - Restoring America’s Financial Future
- 12. The One Cent Solution - Restoring America’s Financial FutureThe One Cent Solution Path to Balanced Budget
- 13. Economists Support the One Cent SolutionThe 1% Solution - Restoring America’s Financial FutureGeorge Mason University—Mercatus Center publishes The 1 Percent Solution Paper
- 14. Doug Holtz-Eakin, Former CBO Director; Chief Economist to Senator McCain’s presidential campaign hosts American Action Forum; Russell Senate Buildingwith:
- 16. Robert Packwood, Former U.S. Senator
- 17. Chris Edwards, Cato Institute
- 18. Stephen Bell, Bipartisan Policy Center
- 19. Bruce Cook, One Cent Solution
- 20. 74 Economists Endorse OCS: Duke University, U of California Irvine, Texas A&M, Wake Forest University, U. of Michigan, JP Morgan Chase, Fordham University, Broward Collage, Cal Poly University, University of Akron, University of Maryland, Washington State University, East Carolina UniversityBen WilterdinkCenter for Fiscal AccountabilityMarch 7, 2011This week, the American Action Forum held an interesting panel discussion…A great standout in the presentations was that of Bruce Cook, founder of One Cent Solution…
- 21. Congressman Connie Mack (R-FL) introduces H.R.1848—”Penny Plan”-- 67 co-sponsors Senator Enzi (R-WY) introduces S.1316-- 8 co-sponsors
- 22. “One Percent Spending Reduction Act of 2011”:
- 23. Congress imposes strict spending caps to ensure spending is reduced 1% per year for six years.
- 24. Congress reforms spending programs to bring spending under the caps
- 25. If Congress fails to act the “across the board” cuts occur to bring spending in line.
- 26. Spending is capped at 18% GDP after 2019.LegislationThe One Cent Solution - Restoring America’s Financial Future
- 27. How Plans CompareThe 1% Solution - Restoring America’s Financial Future
- 28. National Campaign to Recruit Voters to Sign the PetitionZogby survey shows widespread support of the One Cent Solution:75% of voters would support the One Cent Solution90% would accept less federal spending to reach balance National Media Campaign involves:Digital Advocacy
- 29. Social Media
- 30. AdvertisingThe One Cent Solution - Restoring America’s Financial Future
- 31. Community Captain CampaignGoal: 100 Community Captains per city who sign up 50 petition signers=5,000 per city The 1% Solution - Restoring America’s Financial Future
- 32. The One Cent Solution - Restoring America’s Financial FutureOur Challenge and Opportunity“We should avoid ungenerously throwing upon posterity the burden we ourselves ought to bear.” - George Washington“We must not let our rulers load us with perpetual debt.” -Thomas Jefferson“I am only one, but I am one. I cannot do everything, but I can do something. And I willnot let what I cannot do interfere with what Ican do.”-Edward Everett HaleBecome part of the solution—Sign the petition. Become a Community Captain. Visit: www.onecentsolution.org