Paul Ryan unveiled a new plan to balance the budget today. He says he can balance the budget within 10 years.
The basic gist:
- A mandatory cap to total spending (relative to GDP).
- Cuts to discretionary spending.
- Tax reform that drastically reduces rates (while also simplifying the code a lot, raising revenue by eliminating loopholes)
- Repealing Obamacare.
- A voucher-based alternative to Medicare, which would cut spending.
- Giving cash to the states (Cutting Medicaid).
- Eliminating “waste.”
At his press conference announcing his budget plan, Paul Ryan says that this is the image that should “scare” everyone.
Basically it’s his famous scare chart from the last few years showing debt exploding if nothing is done.
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