Sen. Paul’s Penny Plan

By Richard Nelson

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May 30, 2018

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The National Science Foundation spent $500,000 on a study to see if taking a selfie with your smart phone makes you happier. The U.S. State Department spent $250,000 to send Pakistani kids to Dollywood and Space Camp. Both are examples of wasteful spending. This is why our nation is $21 trillion in debt. It's also why we have to borrow so much just to fund the interest on that debt. In fact, we borrow $1 million every minute.  It's unsustainable and someday the bills will come due. Sen Rand Paul has introduced what he calls the Penny Plan. It cuts one penny from every budgeted dollar per year until the deficit is erased. It's a good proposal but we'll soon find out how serious Congress is about paying down the national debt, based on their vote on Paul's Penny Plan.

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Director, Commonwealth Policy Center