Economic Reform
- A new law will be brought in that forbids government from borrowing to pay for services (except in exceptional circumstances such as war).
- All annual spending will have to be met through equivalent revenue raised through excise and taxation.
- A commitment to pay off the total national debt in 25 years, thus creating a better and more prosperous society for the next generation.
- To meet this commitment, a surplus of revenue over spending will, therefore, have to occur every year.
- Government to average a 2% budget surplus on any 7 year period of expenditure.
- Deliberate deficit spending to be outlawed: protect the next generation.
- Government debt to be reduced to zero over 25 year period.
- Freed from having to pay debt interest, a bigger proportion of tax receipts can be used for paying for services (health, education etc).
- Interventionist policies such as Keynesian economic Pump-priming, Monetarist money supply targets, and Quantitative Easing (ie. printing money) will be abolished.
