7:19 am in Uncategorized by brasch
In 2011, before he was the Republican nominee for vice-president, Rep. Paul Ryan (R-Wisc.) proposed a federal budget. He called it, “The Path to Prosperity: Restoring America’s Promise.”
Two years later, now in his second year as chair of the House budget committee, he dusted off and polished his old proposal. He calls this one: “The Path to Prosperity: A Responsible Balanced Budget.” His plan is to cut the federal deficit by $4.6 trillion in four years, reducing the deficit to about $12.1 trillion.
While the Republicans blame President Obama and the Democrats for wild tax-and-spend policies that led to the huge deficit, they conveniently overlook the reality that Bill Clinton left George W. Bush a budget surplus of about $230 billion. By the time President Bush completed his eight years, there was no longer a balanced budget, and the deficit soared another $5 trillion.
Much of the additional deficit created under President Obama was a result of being forced to continue many of the Bush policies that included massive tax cuts and the cost of the wars in Iraq and Afghanistan that cost more than $1.4 trillion and are expected to cost Americans $600 billion–$1 trillion over the next three decades to provide health care and disability benefits for combat soldiers.
President Obama’s stimulus plan was a largely successful program to bring the nation out of a corporate-created, government-neglected Recession that was greater than anything since the 1929 stock market crash that led to the great Depression. This year, because of Obama policies, the stock market is at a record high, and the unemployment rate is now below 8 percent and dropping, with almost all states having lower unemployment rates than a year ago.
It’s been four years since President Bush left office, and the Congressional Republicans who fully embraced the Bush–Cheney policies still haven’t learned anything.
If you’re living comfortably in your upper class lifestyle, you’re going to love Ryan’s proposed budget.
The budget eliminates the graduated income tax—that’s the one with several brackets, increasing the tax upon those with more money. Under this budget proposal, there will be only two brackets—10 percent and 25 percent. The top rate of 39.6 percent, which multi-millionaires pay, is cut to the 25 percent level.
But if you’re among the rest of us,
Under the cover of saying he’s going to balance the budget, Ryan cuts retirement and health benefits for veterans and federal employees. He cuts disaster relief, and the federal role in education and scientific research. He cuts funding for the nation’s infrastructure, leaving our already-neglected highways and bridges to undergo even more deterioration.
He cuts Medicare costs by issuing vouchers—individuals would receive a set amount to buy retirement benefits. This, of course, is on every insurance goliath’s wish list.