First on his list would be to cut federal spending - dramatically. He has mapped out the following:
- Revise the terms of entitlement programs such as Medicare, Medicaid, and Social Security, which threaten to bankrupt the nation's future.
- Eliminate the costly and ineffective military interventions in Iraq and Afghanistan; limit defense spending to actions that truly protect the United States.
- Stop spending on the fiscal stimulus, transportation, energy, housing, and all other special interests. The U.S. must restrain spending across the board.
Second he would cut taxes and work to get the Fair Tax implemented.
- Eliminate punitive taxation of savings and investment.
- Simplify the tax code; stop using it to reward special interests and control behavior.
- Eliminate the corporate income tax so that America will once again be a great place to start a business.
Third, he would reduce federal involvement in the economy to end the counterproductive meddling that stifles competition, innovation and growth.
- Reject auto and banking bailouts, state bailouts, corporate welfare, cap-and-trade, card check, and the mountain of regulation that protects special interests rather than benefiting consumers or the economy.
- Restrict Federal Reserve policy to maintaining price stability, not bailing out financial firms or propping up the housing sector.
- Eliminate government support of Fannie and Freddie.
- Reduce or eliminate federal involvement in education; let states expand successful reforms such as vouchers and charter schools.
- Legalize, tax, and regulate marijuana, rather than wasting money on an expensive and futile prohibition.
- Eliminate needless barriers to free trade and make it easier for would-be legal immigrants to apply for work visas.