As many of you are probably aware, Representative Paul Ryan (R-WI) unveiled his "Roadmap For America's Future" around a month ago. I printed, and read the 87 page document as well as accompanying CBO report.
Rep. Ryan's plan is shockingly effective, reducing the national debt, deficit, social security/medicare/medicaid expenditures, government spending, while at the same eliminating the AMT as well as taxes on interest, estate (death), capital, and dividends. He further closes numerous loopholes in our 10,000 page labyrinthine tax code, and creates two base tax rates of 10% and 25%. Oh yeah, one more thing, he replaces our corporate tax rate with a 8.5% business consumption tax rate.
What utterly shocks me is that the liberal leadership in Washington have effectively refused to even consider it. To be fair, Obama did call it an intriguing idea, but I doubt he will go further than that.
How can the majority ignore this? It solves our long-term fiscal problem and does so without raising taxes and creating a plethora of new government programs. I guess that is why liberals are opposed to such a brilliant plan.
They claim that the Roadmap privatizes social security. Fact check. Actually, Ryan's plan slowly increases age of eligibility (pegging it to increasing lifespans), and gives people the option of either choosing the current plan or choosing the plan that Members of Congress have, which is not managed by a private investment firm, but by the government.
They also claim that Ryan's plan eliminates medicare as we know it. Roadmap guarantees those 55 and older medicare but slowly gives those below the age vouchers for health insurance, which still gives people the ability to purchase health care even if they can't afford it. Also the plan is adjustable for low-income people and those with acute medical needs. Not so bad.
Considering that this plan guarantees social security and medicare and makes them solvent than what is the true issue behind all of this? Maybe the fact that Rep. Ryan is Republican and his plan will achieve what Democrats can only dream of? Yeah that sounds more like it.
Of course this plan isn't perfect, I would like to see some more cost cutting reforms which will enhance the bill. Also some reform of trade policy would be good too, expanding exports and encouraging free trade. Nonetheless this plan is a good start to REAL reform. Pass this along, and tell your Congressman to cosponsor and support this fiscally responsible plan!
PS Here are the links for the Roadmap and the CBO report.