Right Thinking From The Left Coast
No legacy is so rich as honesty - William Shakespeare

Tuesday, March 22, 2011

Rand’s Budget

Rand Paul has his own budget proposal out (PDF).  It’s quite radical by Washington standards.  It would slash spending gigantically, sparing neither defense nor entitlements.  It would bring our budget into balance by 2016, assuming no tanking of the economy.  And it doesn’t have any tax hikes.

I don’t think Paul’s plan is viable myself.  Cutting spending so drastically is not politically tenable and I’m worried about the effect such sudden cuts would have on an economy that has gotten so addicted to government spending.  A slow reduction might be better than a big shock.  And like it or not, taxes—currently at 15% of GDP—are going to have to go up (although a recovering economy would restore much of the lost revenue).  However, as a potential plan for how to balance the budget, it’s a starting point for debate.

Still, it tells you how far we’ve come through the looking glass that Rand Paul’s plan to balance the budget is considered loopy and insane while Barack Obama’s plan to run up $10 trillion in new debt over the next decade is considered reasonable and normal.

Posted by Hal_10000 on 03/22/11 at 07:34 AM in Politics   Law, & Economics  • (0) TrackbacksPermalink
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