Lucky for both us and them, Rep. Paul Ryan and other Republicans has shown a willingness to stand up and address the entitlement crisis with concrete plans. Rep. Ryan's budget, previewed by Guy earlier, will be released today. Rep. Ryan has fleshed out a few more details in a Wall Street Journal editorial released a few hours ago.
The president's recent budget proposal would accelerate America's descent into a debt crisis. It doubles debt held by the public by the end of his first term and triples it by 2021. It imposes $1.5 trillion in new taxes, with spending that never falls below 23% of the economy. His budget permanently enlarges the size of government. It offers no reforms to save government health and retirement programs, and no leadership.
Our budget, which we call The Path to Prosperity, is very different. For starters, it cuts $6.2 trillion in spending from the president's budget over the next 10 years, reduces the debt as a percentage of the economy, and puts the nation on a path to actually pay off our national debt. Our proposal brings federal spending to below 20% of gross domestic product (GDP), consistent with the postwar average, and reduces deficits by $4.4 trillion.
His budget will be officially released at 10:30 am, followed by a speech at noon at the American Enterprise Institute.