Fixing the Economy

I'm barely know anything about the topic, so i'll just give my own ideas formed from a couple of quick observations.
1. We are funding is it two wars now? A long time ago i read on some fancy schmancy pie chart that a quarter to a third of the entire budget of the federal government goes towards "defense." And i also remember that long ago the department of war was renamed to the department of defense. So, it appears that we are spending way too much money on wars that possibly should even be occurring. This seems like a natural place to save money.
2. The Republican party is generally composed of very wealthy individuals that seem to want to keep taxes lower to save their money. It is probably bad to negatively group all of these people together, but this is just want I hear out and about. So i guess raising taxes maybe not on just the 1% but everybody would help.