Mitt Romney's VP pick has brought The Path to Prosperity (i.e. the Ryan budget plan) back into the forefront in the United States. Thought it might be helpful to share the bullet items from it that were detailed in the Business Insider.
- Major cuts in government spending and reduced tax revenue.
- The plan does not balance the budget for at least 20 years.
- Redraw personal income taxes into two brackets--25 percent and 10 percent. The plan doesn't exactly specify yet what income would qualify you for the higher bracket.
- There would also be a massive drop in corporate taxes from 35 percent to 25 percent. And there would be hardly any tax deductions either.
- Big cuts to Medicare, Medicaid, and (implied) Social Security, along with the elimination of Obamacare.
- Existing Medicare users would keep their current plan.
- In the future, the plan offers a govt subsidy that Americans could use to buy private insurance. The idea is that competition among insurers would keep costs down.
Several things come to mind. First, I hope it does focus the campaign on issues and ideas. I'm not very optimistic in this, but I can hope. Second, there is no painless way out of the financial mess we are in. Everybody knows that somebody is going to have to face cuts, but nobody wants it to be them. Last, while this is might not be a perfect plan at least it's a starting point for discussion and progress. Ryan is one who stepped forward with a substantive, detailed plan when few (or none) would.
ReplyDeleteI personally hope his addition to the race will be profitable, regardless of the ultimate outcome.
I agree with your speculation about the choice too. I would rather win or lose based on ideas rather than adds tying a candidate to cancer and felonies.
ReplyDeleteI have to say I agree with both of your commentators.
ReplyDeleteIts a start and no one wants the things that affect them cut.
Let's get back to issues and not personalities...this could be a start in that direction.
I am all for cuttings entitlements that directly and indirectly benefit me 'if' it moves us towards a balanced budget. That seems to be a really big 'if' when I think of who really controls congressional spending.
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