Maker or Taker? This twitter message pretty much sums up how people feel about the plan.
@cspanwj Your opinion of the Paul Ryan budget plan depends largely upon whether you are a “maker” or a “taker”.Vodpod videos no longer available.
Here are some of the key components, facts and figures contained in “The Path to Prosperity” 2012 budget resolution:
Where the President has failed, House Republicans will lead. This budget helps spur job creation today, stops spending money the government doesn’t have, and lifts the crushing burden of debt. This plan puts the budget on the path to balance and the economy on the path to prosperity.
- Cuts $6.2 trillion in government spending over the next decade compared to the President’s budget, and $5.8 trillion relative to the current-policy baseline.
- Eliminates hundreds of duplicative programs, reflects the ban on earmarks, and curbs corporate welfare bringing non-security discretionary spending to below 2008 levels.
- Brings government spending to below 20 percent of the economy, a sharp contrast to the President’s budget, in which spending never falls below 23 percent of GDP over the next decade.
DEBT AND DEFICITS
- Reduces deficits by $4.4 trillion compared to the President’s budget over the next decade.
- Surpasses the President’s low benchmark of sustainability – which his own budget fails to meet – by reaching primary balance in 2015.
- Puts the budget on the path to balance and pays off the debt.
- Keeps taxes low so the economy can grow. Eliminates roughly $800 billion in tax increases imposed by the President’s health care law.
- Prevents the $1.5 trillion tax increase called for in the President’s budget.
- Calls for a simpler, less burdensome tax code for households and small businesses.
- Lowers tax rates for individuals, businesses and families.
- Sets top rates for individuals and businesses at 25 percent.
- Improves incentives for growth, savings, and investment.
GROWTH AND JOBS
- Creates nearly 1 million new private-sector jobs next year, brings the unemployment rate down to 4 percent by 2015, and results in 2.5 million additional private-sector jobs in the last year of the decade.
- Spurs economic growth, increasing real GDP by $1.5 trillion over the decade.
- Unleashes prosperity and economic security, yielding $1.1 trillion in higher wages and an average $1,000 per year in higher income for each family.
Read the plan here