Part 3/8:
The 3% solution advocates for drastic cuts to reduce the national deficit, precisely when the economy is relatively healthy. Historically, timing has proven critical: delaying such actions in a declining economic environment could result in heightened difficulties and necessitate more drastic measures later on. The recommendation is to implement changes swiftly and decisively.
Political leaders should take ownership of this initiative. They must commit to achieving the 3% target and establish accountability—if they fail to deliver, they should be held responsible. A realistic approach also involves prioritizing what can be cut, as around 70% of government expenditures are often untouchable. However, identifying and executing cuts on the remaining expenditures is crucial.