Guest Blogger: Part VI: The Debt Ceiling: The Antoine Marshall Proposal

Guest Blogger Antoine Marshall breaks down the Debt Ceiling and puts forward his original proposal (in a 7 part blog series)-- let's hope Congress takes notice.  Antoine Marshall is a rising 3rd year law student at Wake Forest University. http://www.linkedin.com/pub/antoine-marshall/1a/267/148


The Marshall Plan:
(Disclaimer: This plan is constructed under the premise that I had full authority. I understand that it would be politically unfeasible to pass in our current legislature)

 New Spending:

-          Increase Social Security Benefits for Low Earners
This option would increase the standard benefit for workers who had more than 20 years of work to their credit but whose average indexed monthly earnings were below those of workers who earned twice the minimum wage for 35 years of full-time work.

The effect would be greater for beneficiaries who had more years of work and for those who had lower average indexed monthly earnings. For example, the benefit would be increased by 40 percent for workers who worked full time for 30 years but never earned more than the minimum wage.

Cost by 2020: $221 Billion

-          Enact New Jobs Bill
In an effort to reduce the 10% unemployment rate, this option will provide another stimulus package next year to aid in employment and building infrastructure. 

 Cost by 2020: $330 Billion

-          Increase funding for Adoption and Foster Care by 25%
The federal government currently funds states to help them place children with families, with additional money going to states placing special needs children. The funds are split evenly between the foster and adoption programs.

 Cost by 2020: $34 Billion

-          Increase Federal Funding of K-12 Education by 25%
Federal spending on K-12 education will be about $38 billion in 2010 (mainly thanks to Race to the Top). This option would expand Race to the Top and increase the federal share by 25% by 2015. 

 Cost by 2020: $78 Billion

-         Increase funding for the Education of Disadvantage and Disabled Children
In 2009 the federal government provided about $1,370 per child to educate students with disabilities. I would increase that average to $4,200. Included in this proposal would be increasing grants to help disadvantaged children who are underachieving academically (from $14.3 billion to $25 billion).

 Cost by 2020: $290 Billion

 Stay Tuned for Part VII