Develop a Credible Deficit Reduction Plan:  If we continue with trillion dollar deficits, we will leave our children a bleak financial future. This is shameful. I propose we reduce our deficits by $250 billion per year until the annual growth of our debt falls below the annual growth of the economy. Unfortunately, this will inflict pain on every level of society but this is the cost we must bear for decades of wasteful spending. Every area of the budget must be a part of the solution. Nothing is off limits.
 

Enact a Balanced Budget Amendment:  For decades, Congress has demonstrated it has no ability to control spending. We need the force of a constitutional amendment to limit their freedom to spend and include line-item veto authority so the President can eliminate wasteful items in the budget.
 

Simplify the Tax Code:  Our tax code is a maze of thousands of exemptions, deductions, credits, and other preferences that often favor one individual over another or one industry over another to the detriment of the overall US economy. We can improve efficiency by implementing such things as: reduce the number of individual tax brackets; limit the highest marginal rate to 35%; reduce the corporate tax rate to 24%, making it one of the lowest corporate rates in the industrialized world; provide small business an immediate right off for their capital investments; and repeal the tax rule that allows US companies to defer taxes on foreign income, which creates an incentive to move jobs overseas.
 

Reduce Government Size by Cutting Inefficiency:  Unlike the private sector, the Federal government has not adjusted to the new economic reality of 2010. It's time to make hard decisions about the size of government so we fund only those programs that are deemed to be truly essential.
 

Improve Education:  We cannot remain a world economic power with 30% of students dropping out of high school, and with a large percentage of the remainder receiving an inferior education. We must make it a national priority to improve educational opportunities in every community throughout the country.
 

Alternative Energy:  Recognizing we must move away from a fossil fuel based economy, we should offer incentives to create new technologies that will generate good paying US jobs in the future.
 

Reduce Employment Costs: We cannot continue to increase employment costs and expect businesses to choose to add workers in the US. We need to look at creative ways to reduce unemployment insurance, workers compensation costs, the overhead burden created by excessive regulation and reporting requirements, as well as health insurance costs if we expect to compete effectively in the world economy.