Thursday, February 23, 2012
Study: Ron Paul's Plan is Only That Cuts Debt
Should America undergo any of the tax plans favored by the other three GOP frontrunners, the US Budget Watch predicts that America’s massive national debt will only increase. An administration governed by Mitt Romney, Rick Santorum or Newt Gingrich, says the group, would fail to reverse the increasing debt and instead only add to America’s financial woes.
The US Budget Watch, an offshoot of the DC-based bipartisan Committee for a Responsible Federal Budget, finalized their report early Thursday. “Each of these candidates has a detailed, albeit still incomplete, set of proposals to reduce both taxes and spending,” the group explains in their summation of their findings. “This report reviews those policy proposals and evaluates their impact on the federal debt.”
On Wednesday night, the group suggested that even under the latest tax plans put forth this week by Romney, a White House run under his watch would see around $2.6 trillion tacked onto its debt toll by 2021. By that same year, estimates that group, a Santorum presidency could cause the debt to go up by around $4.5 trillion and a Gingrich-run America could see upwards of $7 trillion in increased debt.
Under President Ron Paul, the US could see around $2 trillion taken off of future borrowing, explains the group.
Taking into account several scenarios of varying risk, Paul repeatedly comes out as the true fiscal conservative in the group’s report. Estimating the debt impact of each candidate in an “intermediate-debt scenario,” the group says Congressman Paul would be the only candidate to decrease that statistic. Under a Paul plan, America could expect to see the debt impact in relation to the country’s gross domestic product decrease by 9 percent, while on the other side of the spectrum, a Gingrich White House would increase that impact by 30 percent.
Posted by Michael