Thursday
Apr072011
CHART: U.S. National Debt With GOP Cuts & Without
The headline number on the cuts: $6.2 trillion over the next 10 years.
Ryan's plan, "Brings government spending to below 20 percent of the economy, a sharp contrast to the President’s budget, in which spending never falls below 23 percent of GDP over the next decade."
Apr 7, 2011 at 12:10 PM
Reader Comments (11)
http://www.businessinsider.com/why-the-us-is-screwed-2011-2#ixzz1InmrJlq1
http://www.marketwatch.com/story/april-5-1933-a-day-that-will-live-in-infamy-2011-04-05?link=kiosk
http://www.marketwatch.com/story/jp-morgans-dimon-lashes-out-at-dodd-frank-2011-04-05
http://www.activistpost.com/2011/04/crack-in-great-wall-mart-watch-out-for.html
"THE federal government has been described as a gigantic insurance company with a side business in security. Its largest fiscal obligations, outside of defence, involve protecting Americans from various risks: unemployment, destitution, illness and lack of education. Paul Ryan’s budget is, ultimately, an alternative to that vision—one in which the federal government would shift many of those risks to the states or to Americans themselves."
Sounds good. I like it.
But wait,
"However, a huge asterisk must be appended to these figures: much of the CBO’s estimates of revenue and spending are not the result of evaluating particular policies.
Mr Ryan’s staff simply instructed the CBO to assume revenues remain at 19% of GDP. “There were no specifications of particular revenue provisions that would generate that path”, it says. This can be risky. When the CBO analysed Mr Ryan’s Roadmap for America’s Future, it accepted Mr Ryan’s instructions that revenues would rise to 19% of GDP. When the Tax Policy Center analysed the specifics of the Roadmap, it concluded that tax revenue would fall below 17% of GDP. It also concluded that its benefits would accrue overwhelmingly to the most affluent 20% of American families, mostly because Mr Ryan exempted capital gains and dividends from taxation. By contrast, the Bowles-Simpson plan does not, and thus its tax proposal is mildly progressive.
The CBO also notes that Mr Ryan’s staff specified that all spending other than health care, Social Security, interest, defence and security decline from 12% of GDP in 2010 to 6% in 2021, then grow with inflation thereafter. That would cover, among other things, federal civilian and military retirement, food stamps, Supplemental Security Income, parts of the earned-income and child-tax credits, and most veterans’ programmes. At a press conference today, Republicans did say that food stamps, housing and some other programmes would, like Medicaid, be moved to block grants."
"The larger picture, however, is quite clear. The federal government's health care bill would become much more predictable and manageable under Mr Ryan’s budget. For individuals and states, the opposite would be true."
http://www.economist.com/blogs/freeexchange/2011/04/americas_budget
Newsflash kids, if we're intellectually honest everyone is going to need to feel the pain. However, only under Bowles-Simpson do US corporates and HNW individuals share in the discomfort.
- Mrs. Fletcher has fallen and can't get up
end the wars...everywhere...
cut defense 50% over the next 10 years...
negotiate drug prices as part of medicare part d...$100 billion per year in savings
means test SS and medicare...if you're wealthy, you will get less, sorry...
cut the corporate tax rate to 25% BUT eliminate ALL loopholes...a HARD 25%...
simplify the personal tax code...make it flatter and eliminate most deductions...
and lastly, this is personal and will have no effect on the budget...end the student loan industry...college costs have quintupled in the past 25 years...and we all know the reason...federally-subsidized student loans...it's a huge rip-off...
college was once affordable...sadly no longer...not without debt...ay, the fucking bankers...
http://www.independent.org/blog/index.php?p=5827
so they say "they "(clinton) left a surplus (lockbox your ass) now all the workers who PAYED in withholding f/yrs are going
to have to pay/punished more because congress did not "lock" the lockbox this is STEALING why is someone not in jail,
why is lame stream media not talking about this stealing of TRILLIONS of taxpayer $$$ not reported!