Paul Ryan took to the pages of The Wall Street Journal to lay out the case for the Republican’s budget in the House. According to Ryan, it will balance the budget in ten years without raising taxes. I’d like to see a balanced budget now, but this is certainly better than anything the Democrats are proposing.
So our budget matches spending with income. Under our proposal, the government spends no more than it collects in revenue—or 19.1% of gross domestic product each year. As a result, we’ll spend $4.6 trillion less over the next decade.
Our opponents will shout austerity, but let’s put this in perspective. On the current path, we’ll spend $46 trillion over the next 10 years. Under our proposal, we’ll spend $41 trillion. On the current path, spending will increase by 5% each year. Under our proposal, it will increase by 3.4%. Because the U.S. economy will grow faster than spending, the budget will balance by 2023, and debt held by the public will drop to just over half the size of the economy. (Read More)
The article goes on to break down what’s in the budget – repeal of Obamacare, tax reform, Medicare reform, welfare reform and energy expansion. All are good ideas, and again, better than anything the Democrats are putting out. Speaking of which, did you hear about the latest poll showing Obama’s job approval numbers tumbling, while voters prefer the Republican plans for the budget? What a shame that people didn’t realize these things before the last election. Then again, they did keep the Speaker’s gavel out of Nancy Pelosi’s hands. So there’s that.