Paul Ryan Introduces Plan To Balance Budget In Ten Years

It’s the story of the day: Paul Ryan is formally announcing his budget today. It’s a plan that will balance the federal budget in 10 years and reduce the deficit.

Ryan took to the pages of The Wall Street Journal to explain his proposal to get our country back to a sound fiscal footing.

His overarching philosophy: Americans pay 1/5 of their income to government in taxes each year, yet the government consistently spends more.

“So our budget matches spending with income. Under our proposal, the government spends no more than it collects in revenue—or 19.1% of gross domestic product each year. As a result, we’ll spend $4.6 trillion less over the next decade.”

 

And we already know that Democrats are truly threatened by this plan. They rely on our tax dollars to fund their expansive view of government. Ryan, however, puts their complaints in perspective.

“On the current path, we’ll spend $46 trillion over the next 10 years. Under our proposal, we’ll spend $41 trillion. On the current path, spending will increase by 5% each year. Under our proposal, it will increase by 3.4%. Because the U.S. economy will grow faster than spending, the budget will balance by 2023, and debt held by the public will drop to just over half the size of the economy.”

 

Democrats will try and find things that this budget doesn’t do, yet Ryan specifically takes time to point out the things that it will do, such as strengthening Medicare and encouraging social mobility.

The most distinctive part of this proposal though is his plan to balance the budget within ten years. As Ryan says, “a budget is a means to an end, and the end isn’t a neat and tidy spreadsheet.”

“It’s the well-being of all Americans. By giving families stability and protecting them from tax hikes, our budget will promote a healthier economy and help create jobs. Most important, our budget will reignite the American Dream, the idea that anyone can make it in this country.

 

The truth is, the nation’s debt is a sign of overreach. Government is trying to do too much, and when government does too much, it doesn’t do anything well. So a balanced budget is a reasonable goal, because it returns government to its proper limits and focus. By curbing government’s overreach, our budget will give families the space they need to thrive.”

 

Today is an important day for America. It’s our first step on the path toward a balanced budget and healthier economy.

Join us. Stand up and say that you won’t let this great country slip further down the path of economic decline.