Romney Budget Cuts 'Substantially' Deeper than Ryan's
Guest Columnist | , George E. Curry | 8/23/2012, 4:27 p.m.
During the campaign, Romney has listed four key proposals that would affect federal spending, taxes and the deficit: Reduce federal spending to 20 percent of GDP by the end of first term and cap it at that level; Increase "core defense spending" - roughly 93 percent of defense spending - at 4 percent of GDP; Extend the 2001 and 2003 Bush tax cuts and other tax cuts set to expire, reduce income tax rates by another 20 percent, making the top tax rate 28 percent; eliminate the estate tax; reduce the corporate income tax; and Balance the budget.
"Although Governor Romney has not proposed specific Medicare policies, it would be virtually impossible to achieve his budgetary objectives while sparing Medicare from substantial cuts. If Medicare as well as Social Security were protected, all other programs - including Medicaid, veterans' benefits, education, environmental protection, transportation, and SSI - would have to be cut by an average of 40 percent in 2016 and 57 percent in 2022, just to limit federal spending to 20 percent of GDP," the Center on Budget and Policy Priorities stated. "If the budget also had to be balanced, all government programs other than defense, Social Security, and Medicare would have to be nearly eliminated: six out of every seven dollars going for them would disappear."
And you thought the Ryan budget plan was bad.
George E. Curry, former editor-in-chief of Emerge magazine, is editor-in-chief of the National Newspaper Publishers Association News Service (NNPA) and editorial director of Heart & Soul magazine. He is a keynote speaker, moderator, and media coach. Curry can be reached through his Web site, www.georgecurry.com. You can also follow him at www.twitter.com/currygeorge.