Dear John: I wish ex-Federal Reserve chief Janet Yellen had said she would lower spending rather than raise taxes.

We have never been able to raise through taxes more than 18 percent of the Gross Domestic Product regardless of the tax rate. What cut similarly sized deficits after World War II was reduced spending. That is the only answer. J.A.C.

Dear J.A.C. I completely agree with you.

In fact, I recently wrote about Walter Raquet’s plan to reduce government spending by creating a “board of advisers” for every government agency. The board would consist of volunteers: businessmen, like Raquet himself, who’d look for waste to cut.

Raquet co-founded Knight Capital Group in 1995, among other things. He recently wrote a book called “Government Is Killing the Economy.”

Raquet wants his idea to be accepted by both the Democrats and the Republicans. And, toward that end, I introduced him to a prominent Democrat who is setting up meetings. And Raquet is also going to meet with representatives of the Peter G. Peterson Foundation, whose mission is to cut federal deficits.

And Raquet has already met with the White House.

Today’s cuts will have to be more surgical. That’s why I like Raquet’s plan. Businessmen are used to cutbacks.