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By Catholic Online (NEWS CONSORTIUM)

3/12/2013 (1 year ago)

Catholic Online (www.catholic.org)

Ryan budget would balance within 10 years and restore prosperity.

Paul Ryan (R-WI) has proposed a budget that would balance the U.S. budget within the next decade, and set the stage for a budget showdown between Republicans and Democrats. The budget intends to balance by 2023 and should help grow the economy.

Paul Ryan has a plan to balance the budget within 10 years, but Democrats are unlikely to accept it.

Paul Ryan has a plan to balance the budget within 10 years, but Democrats are unlikely to accept it.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/12/2013 (1 year ago)

Published in Politics & Policy

Keywords: Paul Ryan, budget, balance, deficit, Republicans, Democrats


LOS ANGELES, CA (Catholic Online) - Rep. Paul Ryan has presented his new budget to the people and it bears hope that Americans could see a balanced budget within 10 years. However, it makes a few assumptions that are unlikely to happen thanks to staunch opposition from Democrats.

Among the assumptions, it assumes that Obamacare will be repealed and that no new taxes will be raised. Both are no-go issues for Democrats.

Still, the budget appears otherwise sensible and many may like its ideas, such as reducing the number of tax brackets to just two, 10 and 25 percent.

Budgets are typically political theater, however the principles are sound and may make their way into a compromise budget. Among the planks of his plan are:

-    Achieve a total of $4.6 trillion in savings over the next decade
-    Enact tax reform that closes loopholes and deductions, while reducing the number of income brackets to two - one at 10 percent, the other at 25 percent
-    Change Medicare to a model in which future retirees would receive "premium supports" (Democrats call them vouchers) to subsidize the purchase of insurance from a menu of options, including traditional Medicare
-    Repeal the president's health care reform law
-    Approve the proposed Keystone XL transnational oil pipeline
-    Enact welfare reforms to give states more flexibility in enforcing the program

The Ryan budget proposal is a first draft in what will likely be a long and wearisome process, however it provides a starting point for discussion that is consistent with what most Americans would like to see. Most importantly, he has provided a realistic path to a balanced budget.

A balanced budget, or even just a meaningful plan, would go a long way to improving the nation's financial future and would have immediate positive effect on the economy.

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