(UNEDITED) In the 90's, the Contract With America was drafted in order to downsize regulation and end "A New Deal for the American People", originally brought forth by Franklin D. Roosevelt in the 30's. Argumentation was presented on both sides.
Along with much smaller government and an end to federal empowerment of collective bargaining, an effort would be made to reduce or repeal federal minumum wage and privatize social security, two programs the New Deal ushered in.
Those in opposition claimed that many in this country, maybe even the majority, might fall through the cracks in society.
An argument was presented that if the lower half, along with civil servants, were allowed to live on less, this country could accommodate the newly proposed contract.
If more affordable housing were permitted, for instance, an individual's cost of living could be reduced significantly.
Another idea would be the upgrade of existing transit corridors, allowing a family to function with one vehicle instead of two.
Health care could be reduced to a network of triage facilities and hospice units, again reducing cost of living expenses.
The Contract with America was never fully implemented and yearly deificit spending has increased bringing about a record $14 trillion national debt. Perhaps the idea of limited federal spending along with limited personal spending will return, this time with bi-partisan support.