In the editorials above, we’ve discussed some national financial problems and some reasonable financial proposals. Another potential remedy that has gained attention is the “One Cent Solution.”
Chattanooga’s Chuck Zeiser, chairman of the local Southern Champion Tray company, is an advocate of the One Cent Solution. This week he gathered about 70 Chattanooga business people to hear Bruce Cook, of Atlanta, chief executive officer of Citizens for Restoring America’s Financial Future. Cook advocates a nonpartisan effort to balance the federal budget and reduce the national debt by the One Cent Solution.
He suggests that if the federal government would cut just 1 cent out of every dollar of total federal spending each year for six years, that would balance the federal budget by late this decade, reduce federal spending $7.5 trillion over 10 years, and reduce the national debt $3.4 trillion over 10 years.
Here’s the explanation:
The One Cent Solution says that while all federal spending should be considered, some programs are too critical to cut heavily. In those instances, other programs would be reduced more so the total amount cut is equal to 1 cent for every dollar every year for six years.