Reasonable Americans understand that reducing the federal deficit will require a combination of spending cuts and increases in revenues.
Moreover, the process will require compromise and patience. Somehow, many members of Congress have not yet proven themselves to be "reasonable."
Democrats must accept some reductions in entitlements, and Republicans must accept some tax increases.
Here are some actions I believe represent a reasonable start toward deficit reduction:
Reduce Social Security and Medicare benefits for the top 5 percent of retirees. These individuals do not require full benefits. In addition, increase the age for full Social Security retirement benefits from 67 to 70.
Increase taxes on the top 1 percent of Americans. According to the Economic Policy Institute, over the past five decades the net worth of the top 1 percent compared to the median household has increased by a factor of about three. The top 1 percent should be paying more in taxes.
Cut defense spending. Even with the sequestration cuts, U.S. defense expenditures will be more than that of China, Russia, the United Kingdom, France and Germany combined, based on Stockholm International Peace Research Institute data.
End oil subsidies. Taxpayers for Common Sense, a nonpartisan government watchdog, estimates oil companies will receive $78 billion in industry-specific and broader business subsidies through 2017. Eliminating most of these subsidies will save taxpayers $4.6 billion a year over the next decade.
The above actions do not appear to be radical.
It is time for Congress to do its job.
Don Steiner
Schenectady