It’s official folks! US Rep. Paul Ryan (R-WI) released his budget plan that cuts $6.2 trillion in spending over the next ten years. Also, he released an awesome Path to Prosperity video to go along with it.
His plan eliminates hundreds of duplicative programs, reﬂects the ban on earmarks, curbs corporate welfare, brings government spending to below 20 percent of the economy, and much more!
US Rep. Ryan (R-WI) and the House Committee on the Budget reports:
The current path – which the President’s irresponsible budget commits us to – will result in a debt-fueled economic crisis, the shredding of the safety net, and a diminished future. Americans deserve better than empty promises from a government going broke. The budget advanced by the House Budget Committee ensures real security through real reform. The House Budget Committee’s FY2012 Budget Resolution helps spur job creation today, stops spending money the government doesn’t have, and lifts the crushing burden of debt. This plan puts the budget on the path to balance and the economy on the path to prosperity.
When it comes to addressing the crushing burden of debt, Rep. Ryan’s budget plan tackles it:
By continuing Washington’s spending spree, the President’s budget adds $13 trillion dollars to the debt over the next decade. Under his budget, debt held by the public would double by 2016 compared with the President’s ﬁrst year in ofﬁce, and triple by the end of the budget window.
By failing to address the unsustainable growth of autopilot spending programs, the President’s budget commits this nation to a crushing burden of debt. The CBO estimates that under the President’s budget, debt held by the public will near 90 percent of the entire economy by the end of the decade. The explosive growth of debt will continue in the years ahead. The CBO projects debt as a share of the economy to grow to 146 percent in 2030, 233 percent in 2040, and an unfathomable 344 percent in 2050.
If policymakers continue down the present course, the consequences will be dire. American families are still reeling from the hardships of the recent economic downturn, and millions of individuals remain out of work. Yet Washington continues to erect to new barriers to growth, to raise the hurdles to sustained private-sector job creation, and – most distressingly – to accelerate the nation ever-faster toward a debt-fueled economic crisis.
The Path to Prosperity lifts the crushing burden of debt, making it possible for the economy to grow and for Americans to prosper. This budget would cut trillions of dollars from the debt relative to the President’s budget in every year of their long-term analysis. In 2022, the debt would be over 25 percent lower than would be the case under the status quo; 56 percent less in 2030; 79 percent in 2040. By 2050, this budget would cut the debt in half relative to where it stands today, lifting nearly $120 trillion of debt relative to the President’s path.
Although I have only scratched the surface here, I am extremely excited about Rep. Ryan’s Path to Prosperity. There are some mighty big numbers in there and naturally it has quickly come under attack from the Democrats. Former House Speaker Nancy Pelosi (D-CA) has already decided to share her baffling two-cents.
WARNING: Statements about grandma being forced to eat dog food because of heartless Republicans and their insane crusade for solvency will be a staple of Democratic talking points, especially with the White House desperate to win back seniors alienated by ObamaCare.
Oops… It has already started. Go figure.
*UPDATE* – May 25, 2011 – 9:55 pm
Reminder: Americans 55 years old or older will not be affected by Rep. Ryan’s plan, but does that fact stop the opposing political party from creating misleading ads like this?:
Read Full Post »