Last week, the House passed Congressman Paul Ryan's comprehensive deficit reduction plan, calling for $6.2-trillion in federal spending cuts over ten-years. They include meaningful annual deficit and debt reduction; eliminating $800-billion in tax increases imposed by the healthcare take-over; preventing an additional $1.5-trillion tax increase imbedded in the President's 2012 budget; and transitioning from government-controlled Medicare, into a voucher system that empowers individual choice and responsibility via free-market solutions, among his other reduction steps.
The President's re-election-esque response, countered with a promise of lesser spending cuts over a longer-period than Ryan's, along with continued massive deficits, adding to, not lessening, our long-term debt, with current interest payments, alone, already swamping America's fiscal boat. His plan for deficit and debt reduction, relies, not, as it should, on deeper spending cuts, but on a heavier tax-burden for the nation's most productive, those who, through job creation, are the only source of economic growth, and among them, the most vulnerable to higher taxes, our nation's small business owners. In this faux-austerity speech, while discrediting Ryan's plan, the President said that we needed to (quote): "start by being honest about what's causing our deficit." Ah, spending well beyond our means is the answer, one even economics-for-dummies graduates know. Including the sacred entitlements of Social Security, Medicare and Medicaid, which combined devour 40% of Fed revenues. The Wall Street Journal labeled his speech (quote): "among the most dishonest in decades, even by modern political standards." More later on our ruinous-addiction to spending-and-waste.
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