On the front page of the Wall Street Journal this morning, I read an incredibly comforting headline:
GOP Aim: Cut $4 Trillion
According to this article, Republicans are presenting a 2012 budget proposal that will “cut more than $4 trillion from federal spending over the next decade and transform the Medicare health program for the elderly, a move that will dramatically reshape the budget debate in Washington.” Essentially, the plan ends Medicare for people under the age of 55, instead converting it into a “premium support system” that contributes to the payment of private insurance plans. Also, conservatives familiar with Ryan’s plan say they expect it to “call for a fundamental overhaul of the tax system”, with a 25% top rate for individuals and corporations instead of the current 35% top rate. This lower tax is expected to bring in roughly the same revenue as the current system.
This plan is groundbreaking. Paul Ryan and the Republicans have drawn a line in the sand, and if the Democrats try to fight this plan, it will come back to haunt them in the 2012 elections. Americans want to see the economy come back, and unless the Democrats stop digging in their heels on every measurable GOP budget cut, our growing debt will continue to strangle our economy, and the Democrats will suffer another huge loss in next year’s elections. On the other hand, if this plan passes, it will be a remarkable strike to the heart of entitlements, the main cause of our debt, and will encourage further policy reforms relating to entitlements. Not only that, but it will be a remarkable win for the American people.
For the original article, click the link below.
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