Implement Automatic Austerity Measures when national debt exceeds 30% of the National GDP.
Level 1 measures:
- Immediate end to all foreign aid spending
- Immediate freeze on all congressman, department heads, presidential salary raises.
- Immediate 10 to 20% cut to all federal spending across the board. With a requirement that it must be at minimum enough to close the deficit creating a surplus without including the savings from ending foreign aid spending. If the full 20% is not enough to end the deficit Level 2 measures are applied.
Level 2: in order until deficit is eliminated.
- Raise the limit for cutting federal spending to 25%
- If Level 2, step 1 is not enough, end the cap on social security taxes allowing all wages even for income above $168,000 to be taxed.
- Raise federal income taxes on all individuals above 500% federal poverty level by 2 to 5%
More can be added as the idea expands.
Additionally, the only way any austerity measures can be reversed or changed is through a 2/3rds majority general population vote.