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.
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