
The President’s Deficit Commission presented a bad plan. It raises taxes, for which there is NO need, except on those who pay nothing now. With more money, they will spend more – they ALWAYS do.
Paul Ryan, Republican from Wisconsin, has a better plan.
It has its faults too… it isn’t specific enough about discretionary spending cuts. It talks about “process” intead of actually getting rid of Departments. And it maintains a big Federal role in everybody’s healthcare. And it exempts too many from sharing the burden – a recipe for spending growth.
Ryan’s plan’s good parts are that it solidly reforms entitlements, dismantles the IRS/complex tax scheme we have now, and has a very business growth friendly business tax scheme.
So it has problems, but it is way better than what we have by a country mile, if just because it won’t collapse.