America faces a debt crisis. And I don't use the word "crisis" lightly.
Make no mistake, both parties are responsible for where we are now. But the increase in spending since President Obama took office has made things much much worse.
Today, Congressman Paul Ryan releases the House budget proposal for FY 2012. (Note, this is for the budget starting in October of this year. The other budget battle is over the remaining FY 2011 budget, since Democrats never even passed one last year.)
What I love about Paul Ryan is that he is not afraid to engage in the adult conversation that we need have to about entitlements. Americans need to learn and understand, that if we don't reform Social Security, Medicare and Medicaid, we will never, ever balance the budget.
The GOP is calling the new proposal the "Path to Prosperity". Watch this terrific video.
A summary of the new budget:
- Cuts $6.2 trillion in spending from the president's budget over the next 10 years
- Brings federal spending to below 20% of gross domestic product (GDP)
- Puts us on a path to actually begin paying down the national debt
From Ryan's editorial in the WSJ.
A study just released by the Heritage Center for Data Analysis projects that The Path to Prosperity will help create nearly one million new private-sector jobs next year, bring the unemployment rate down to 4% by 2015, and result in 2.5 million additional private-sector jobs in the last year of the decade. It spurs economic growth, with $1.5 trillion in additional real GDP over the decade. According to Heritage's analysis, it would result in $1.1 trillion in higher wages and an average of $1,000 in additional family income each year.
Spend some time getting to know this issue here. It is the major issue of our time.
Let's seriously pray the House GOP is committed to this. President Obama could guarantee his reelection next year by signing on, as well. Something tells me that won't happen, though.
Bytor on Twitter
Clinton put the nation on a path to spend down the debt, but then Bush and GOP Congress took over and decided to blow the surplus on tax cuts instead.
ReplyDeleteRyan's budget is DOA.
"Blow the surplus on tax cuts"
ReplyDeleteThanks for, once again, demonstrating so much of what's wrong with Progressive thinking, Modern. Not all money belongs to the government!
Heaven forbid the government TAKE LESS from the people. An unspeakable evil, that.
Let's not even get into the amounts spent by Republicans versus Democrats. I know you wouldn't even pretend to care about "facts" when there's leftist whining to be done.
Clinton had a GOP Congress, remember.
ReplyDeleteAnd yes, spending was increased too much under Bush. You must have missed the part where I actually wrote that both parties are to blame.
However, its cute how you ignore that Obama's deficits are FOUR times larger than the worst one under Bush.
I have read some of the comments and feel this, the GOP and big business interests want us all to pay the taxes, fight the wars, work for nothing and leave them alone so that can run the country into the ground and live the American Dream. Congressman with signs" pays my way and I will screw the people in every way possible"
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteAtlanta Roofing wrote:I have read some of the comments and feel this, the GOP and big business interests want us all to pay the taxes, fight the wars, work for nothing and leave them alone so that can run the country into the ground and live the American Dream. Congressman with signs" pays my way and I will screw the people in every way possible"
ReplyDeletefyi, businesses do not pay taxes, people do. Businesses pass their tax costs through to consumers as part of their product pricing, the same as any other costs they incur. So, if you are a proponent of raising business taxes, be prepared to pay more for the products you purchase.
Also, a short economic lesson for you. The market determines what you and others are paid, unless it is a contrived market, such as those involving public sector union workers.
Profanity is not tolerated at 3BP and will be deleted. Keep it clean, people. This isn't Plunderbund.
ReplyDeleteI have read some of the comments and feel this, the GOP and big business interests want us all to pay the taxes, fight the wars, work for nothing and leave them alone so that can run the country into the ground and live the American Dream. Congressman with signs" pays my way and I will screw the people in every way possible"
ReplyDeleteWow. What a coherent and well thought out response. Complete and coherent sentences are a foreign concept to you, aren't they?
j.hart-
ReplyDeleteHow about the federal government 1) balancing its budget before it gives away more tax cuts, let alone 2) paid down the debt before saying we can afford more tax cuts?
Yeah, you have to evaluate tax cuts as critically as spending to call yourself a fiscal conservative.
Bytor, you fail history. The deficit was already falling during the all Democratic years in Clinton's first term. Then during the first all Republican years during Bush's term the deficit exploded during better economic times.
Obama's budget deficits have more to do with the biggest economic meltdown since the Depression and Obama stopped the dishonest practice of keeping our military actions in Iraq and Afghanistan off budget.
Regardless, even the Heritage Foundation is backing off THEIR OWN projections on Ryan's budget. And it's DOA.
Oakie Dokie-- not all taxes are passed onto consumers. Look up the economic term absorption rate sometime before you lecture others.
Modern Says:
ReplyDeleteOakie Dokie-- not all taxes are passed onto consumers. Look up the economic term absorption rate sometime before you lecture others.
The Democrat Creed: If it's moving, tax it.
And yes, taxes are the same as any other cost that a company incurs that must be passed on to consumers as a part of its product pricing. If it is unable to do so, it will likely move to a more tax conducive location out of state or out of country. Nothing complicated here.