CaptainAmerica
02-23-2012, 02:53 PM
http://www.csmonitor.com/USA/Elections/President/2012/0223/Keen-on-slashing-the-national-debt-Ron-Paul-is-your-man
http://www.csmonitor.com/extension/csm_base/design/csm_design/images/csmlogo_179x46.gif
Ron Paul ranks as the one candidate among four whose announced policies would leave America with a lower national debt than it would have under a status quo course, according to a new analysis.
Ron Paul has touted himself as the strongest fiscal conservative running for the Republican presidential nomination, and according to one new analysis, he may be right.The Texas congressman ranks as the one candidate among four whose announced policies would leave America with a lower national debt than it would have under a status quo course.
That's the tentative conclusion of the Committee for a Responsible Federal Budget (CRFB), a nonpartisan fiscal watchdog group, in a report evaluating the tax and spending policies of Representative Paul, Newt Gingrich, Mitt Romney, and Rick Santorum.
RECOMMENDED: The roar of Ron Paul – five of his unorthodox views on the economy
What sets the Paul plan apart?
It's some basic math that any cash-strapped household would understand: His cuts to federal spending would outweigh his proposed tax cuts. The other candidates so far haven't fleshed out spending-cut plans that equal or exceed their tax cuts, which reduce expected federal revenues.
In all, Paul's proposals would leave the United States with a national debt equaling 76 percent of one year's gross domestic product in 2021. That would be slightly higher than the debt is today, but lower than it would be in a base-line scenario that represents current policies pursued by Congress.
Former Massachusetts Governor Romney would leave public debt at 86 percent of GDP in 2021. Former US Senator Santorum would leave debt at 104 percent of GDP. Former House Speaker Gingrich would leave it at 114 percent of GDP.
In the base-line case, debt reaches 85 percent of GDP. This assumes a continuation of Bush-era tax cuts, an ongoing "patch" to keep more Americans from being hit by the alternative minimum tax, and an annual "doc fix" for physician payments under Medicare. In this status quo scenario, the deficit would amount to more than $1 trillion in 2021.
In public opinion polls, Americans see reducing annual deficits and the nation's overall debt as a top priority (behind economic growth and job creation) for government. Many economists say the debt is already rising into a zone that could threaten the economy's stability.
Paul's prescription is to tackle the problem in libertarian fashion, with a major downsizing of the federal government. His proposals, as gauged by CRFB, would reduce federal spending by some $7.5 trillion over a nine-year period. (For comparison, federal spending will total $3.6 trillion in the 2012 fiscal year, the Congressional Budget Office estimates.)
Paul's cuts would span from the military to Medicaid and beyond.
In one TV ad, Paul's campaign has shown pictures depicting the Departments of Education, Interior, Energy, Commerce, and Housing and Urban Development blowing up as federal spending is reined in. "Later, bureaucrats," the narrator says.
His plan also calls for significant reductions in taxes on personal income, estates, and corporate income – totaling $5.2 trillion over the nine-year period that CRFB analyzed. read the rest at the link above
http://www.csmonitor.com/extension/csm_base/design/csm_design/images/csmlogo_179x46.gif
Ron Paul ranks as the one candidate among four whose announced policies would leave America with a lower national debt than it would have under a status quo course, according to a new analysis.
Ron Paul has touted himself as the strongest fiscal conservative running for the Republican presidential nomination, and according to one new analysis, he may be right.The Texas congressman ranks as the one candidate among four whose announced policies would leave America with a lower national debt than it would have under a status quo course.
That's the tentative conclusion of the Committee for a Responsible Federal Budget (CRFB), a nonpartisan fiscal watchdog group, in a report evaluating the tax and spending policies of Representative Paul, Newt Gingrich, Mitt Romney, and Rick Santorum.
RECOMMENDED: The roar of Ron Paul – five of his unorthodox views on the economy
What sets the Paul plan apart?
It's some basic math that any cash-strapped household would understand: His cuts to federal spending would outweigh his proposed tax cuts. The other candidates so far haven't fleshed out spending-cut plans that equal or exceed their tax cuts, which reduce expected federal revenues.
In all, Paul's proposals would leave the United States with a national debt equaling 76 percent of one year's gross domestic product in 2021. That would be slightly higher than the debt is today, but lower than it would be in a base-line scenario that represents current policies pursued by Congress.
Former Massachusetts Governor Romney would leave public debt at 86 percent of GDP in 2021. Former US Senator Santorum would leave debt at 104 percent of GDP. Former House Speaker Gingrich would leave it at 114 percent of GDP.
In the base-line case, debt reaches 85 percent of GDP. This assumes a continuation of Bush-era tax cuts, an ongoing "patch" to keep more Americans from being hit by the alternative minimum tax, and an annual "doc fix" for physician payments under Medicare. In this status quo scenario, the deficit would amount to more than $1 trillion in 2021.
In public opinion polls, Americans see reducing annual deficits and the nation's overall debt as a top priority (behind economic growth and job creation) for government. Many economists say the debt is already rising into a zone that could threaten the economy's stability.
Paul's prescription is to tackle the problem in libertarian fashion, with a major downsizing of the federal government. His proposals, as gauged by CRFB, would reduce federal spending by some $7.5 trillion over a nine-year period. (For comparison, federal spending will total $3.6 trillion in the 2012 fiscal year, the Congressional Budget Office estimates.)
Paul's cuts would span from the military to Medicaid and beyond.
In one TV ad, Paul's campaign has shown pictures depicting the Departments of Education, Interior, Energy, Commerce, and Housing and Urban Development blowing up as federal spending is reined in. "Later, bureaucrats," the narrator says.
His plan also calls for significant reductions in taxes on personal income, estates, and corporate income – totaling $5.2 trillion over the nine-year period that CRFB analyzed. read the rest at the link above