Can You Please Tell Me What Is Wrong With This Federal Budget Plan?
Question by Tommy: Can you please tell me what is wrong with this federal budget plan?
This is Ron Paul’s Plan to Restore America Budget that will cut one trillion in one year and balancing the budget in 3 years with more proposals that have been unannounced. I think it is a good plan for I support Ron Paul AND it actually cuts spending and downsizes government. Now I am no expert on budgets and things like that, but for people who are, tell me what is wrong with this plan, why this would negatively affect the economy? After WW2, we had a budget that cut 50% percent of things after 10 million soldiers came home from the war, and it boosted the economy. So why is Ron Paul’s Plan bad or is it good because it actually cuts spending and downsizes the federal government?
Spending cuts:
eliminate five cabinet-level agencies (Education, Interior, Commerce, Energy, and Housing and Urban Development)
privatize the FAA and the TSA
cut the federal workforce by 10%
cut funding (down from 2006 levels) for the
Food and Drug Administration by 40%Centers for Disease Control by 20%Department of Homeland Security by 20%National Institutes of Health by 20%Environmental Protection Agency by 30%Substance Abuse and Mental Health Services Administration by 20%cut the Department of Defense budget by total 15%; eliminate all foreign war funding
freeze funding for most other federal agencies at 2006 levels
eliminate all foreign aid
eliminate international drug programs
substantially reduce federal travel
eliminate international organizations and commissions
administer Medicaid and other joint federal-state social welfare programs (SCHIP, food stamps, etc.) through block-grant funding mechanisms to the states
Revenue changes:
cut the top corporate tax rate to 15% (down from 35%)
allow companies to repatriate capital without additional taxation
permanently extend the Bush administration tax cuts
eliminate capital gains and dividends taxes
eliminate estate and gift taxes
end taxes on personal savings
sell federal lands and other federal assets
Other economic and regulatory measures:
repeal the new healthcare law (“Obamacare”) as well as the Dodd-Frank and Sarbanes-Oxley financial services and banking regulations
cancel certain “onerous” regulations instituted under executive order by previous presidents
conduct a full audit of the Federal Reserve
seek competing currency legislation “to strengthen the dollar and stabilize inflation”
Social Security and Medicare commitments to older workers and retirees would be honored, while workers younger than 25 would be given the option to opt out of participating in these programs. The Veterans Administration would be the only agency whose funds would be maintained at current levels of growth. Federal-state social welfare programs like Medicaid would be shifted from the mandatory section of the budget to the discretionary section, so that Congress would need to approve funding allocations each year.[39]
The president’s salary would be cut from $ 400,000 to approximately $ 39,000 per year (the median personal income of the American worker), and congressional pay and perks would be slashed.
Paul has stressed that certain essential responsibilities currently performed by agencies that he proposes to eliminate would be assumed by remaining agencies, or in the case of aviation management (FAA and TSA), would be transferred to the private sector.[40]
Best answer:
Answer by abriel
Well it seems very informational and it seems perfect to me just trying to be nice so your budget will be good I guess by opinion good luck
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