Thursday, March 22, 2012

Rand Paul's Budget Plan to Balance Budget in FIVE Years!

Forget Paul Ryan's Budget! Rand Paul has introduced a very detailed plan to balance the budget and fix the economy within FIVE years, all without raising taxes! In fact...he proposes a 17% flat tax! Now THAT is fairness!  EVERYONE pays the SAME percentage of every dollar they make regardless of age, race, sex, religion, income, etc.  And perhaps the best part, despite Paul's reputation...he has not cut the national defense budget!  And for Medicaid for gives all seniors the same health care plan as Members of Congress.

By Julie Borowski on March 21, 2012

Rep. Paul Ryan, the Republican Chairman of the House Budget Committee, has released his new budget plan called The Path to Prosperity: A Blueprint for American Renewal. His plan does contain some praiseworthy proposals such as cutting the corporate tax rate, repealing ObamaCare and ending forms of corporate welfare. However, it does not cut a single federal department and doesn’t balance the budget until 2040. Paul Ryan’s plan has received tons of media attention but it’s difficult for me to get very enthusiastic about a plan that would take nearly three decades to balance the federal budget.

While the Ryan plan is certainly preferable to President Obama’s budget, it is not as bold as the budget plan introduced by Rand Paul, Mike Lee and Jim DeMint in the Senate. Rand Paul’s plan known as a Platform to Revitalize America would slash four federal departments and balance the budget within five years without raising taxes. Now, we’re talking. The Department of Education, Energy, Commerce and Housing and Urban Development would be axed under the plan. Unfortunately, the media has largely ignored this true fiscally conservative budget.

According to the CATO Institute...Paul’s plan would achieve balance by halting and reversing the historic rise in federal spending. Taxes would not be increased, but revenues would steadily increase as the economy recovers.

The following charts compare Paul’s plan versus President Obama’s recent budget submission for fiscal 2012:

While Obama intends to continue spending at a historically high level, Paul would reduce spending as a share of the economy. Paul takes the scalpel to all areas of federal spending, including discretionary, defense, and mandatory. However, it is not a radical plan. In fact, it’s a practical, common sense budget that recognizes that the federal government’s growth has become unsustainable, and thus a threat to our economic well-being and future living standards.

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