As the debt crisis continues, Pajamas Media's Andrew Klavan weighs in the two competing budget plans.
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06/18/2011
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In my book they should limit the share of the federal government as a share of GDP,pass a Balanced Budget Amendment and a Line Item Veto whereby a President can out of a Bill passed by congress strike out pork barrel spending.The aim should be to reform social security & healthcare to avoid a demographic time-bomb.In the meantime the aim should be to slash the federal payroll along with perks every year until the budget is in balance.I like what many GOP candidates for President are saying on cutting spending & the deficit are saying.Many of them talk sense on taxes as if rates fall,investment will rise leading to extra productivity growth.Also lower rates imply less avoidance as well as there is less incentive to duck tax if it is say 20% rather than 40%.If profits,capital gains,dividends from productive investment are taxed at a lower rate then there is a chance that business will investment more leading to faster growth and more revenue.
Certainty in relation to taxes,spending & borrowing will ensure that the $2 trillion of cash being hoarded by US business can be ploughed into getting the American recovery going.If they can get economic confidence going then recovery will follow- certainty about protection from unjust legal action & a light regulatory burden might help too.
If business knew that the federal corporate income tax would be phased out in three years and stay dead forever then ten's of millions of new private sector jobs would follow.
The GOP can offer more jobs and an end to the excess debt & deficit.That is what the American people.Obama is beatable owing to economic policy failings and the fact that the GOP are where the voters are.
Posted by: Matthew Reynolds | 06/19/2011 at 11:42 AM