Our national debt is out of control and growing every day. It is of paramount importance that we arrest this growing problem and begin paying the debt down. Eugene believes in a Balanced Budget Amendment to the Constitution. Under his plan, the government should be revenue neutral while beginning to pay down the debt at 1% of our yearly GDP until the debt is paid off. Once we are out of debt as a country, that 1% will go towards the “rainy day fund,” which will be collected until there is a year’s worth of spending saved. This is strictly reserve money, to be used in case of war or natural disaster.
In order to balance the budget, government spending will have to be reduced.
With his plan for smaller government and fewer regulations, the country should see small business growth take off. There will be no need to raise taxes to pay off our debt, as businesses will be doing well and employees will be making better wages; that means that the total taxes taken in by the Government will grow - without having to raise taxes at all.