The Republican budget proposal for fiscal year 2014 purports to balance the budget in 10 years. With a stronger economy and new revenues from the fiscal cliff deal, the task of balancing the budget is somewhat easier. This budget is eerily similar to other budgets proposed by Paul Ryan. It of course attacks the poor and seniors, while giving more to the wealthy and corporations.
In February the CBO released a baseline projection for the next decade. The fiscal cliff agreement allowed tax rates on the highest incomes to revert to Clinton era levels. In the process this helped reduced future deficits. Paul Ryan voted against that deal.
The new budget proposal hits all GOP talking points, less spending, lower taxes and a rejection if most of President Obamas health reforms (ACA). Balancing the budget, Ryans proposal doesnt detail all of the assumptions about economic growth or when some of his proposals go into effect. Ryans plan leaves the countrys accrued debt at just under 55% of GDP by the end of the decade. The CBO estimates it as 77%. The CBO wont analyze Ryans or Patty Murrays budget proposals since each simply propose actions and does not detail legislative changed for hitting those targets. Ryan estimates his proposal will grow spending at 3.4% per year, not the projected 5% His plan would put spending at $985 billion below CBO estimates by 2023.
He wants to reform Medicare. Starting after 2024 it would become a,premium support system. Future seniors could choose between traditional fee-for-service Medicare and the premium support system. This would offer seniors a fixed amount of money to buy private insurance. Ryan proposes converting federal Medicaid funding for states into block grants and repeals health reform laws expansion of the program to low income , non elderly adults. Block grants could increase the burden on states, but gives the states more autonomy about how to set up Medicaid programs. Ryan would also convert food stamps to block grants to states and change eligibilty by imposing time limits on participation and work requirements.
Ryan would raise the sane amount of tax revenue as the CBO, it would total $40.241 trillion. Ryan would simplify the tax code , reducing the individual income tax brackets to 2 ( 10% & 25%), repeal the Alternate minimum tax, lower the top corporate tax rate to 25% and change roles for international taxation. The 25% upoer tax bracket is about 13% less than they are paying now. This equals to another tax cut for the wealthy.
Like Ryans other budget it relies on spurrious budget trickery. His past budgets have also included lofty rhetoric on spending cuts, but little details. He assumes the repeal of Obamacare, but uses the savings from it to balance the budget. This typical Republucan tomfoolery, there us nothing serious about this proposal, they know it cant pass. They set tge numbers so far right that even meeting them in the middle gives the party that lost the ekection the power. The Democrats, mainstream media and the Democrat party have to stop this crazy train in its tracks.
Posted from WordPress for Android