GOP Releases Path to Prosperity Budget to Help Create Jobs & Free America from Shackles of Debt & Big Govt
In today’s Wall Street Journal, Rep. Paul Ryan (R-WI), the Chairman of the House Budget Committee, outlined the GOP’s Path to Prosperity – the new Majority’s budget that cuts $6.2 trillion in spending from the president's budget over the next 10 years, puts the nation on a path to actually pay off our national debt, and will help create 2.5 million private-sector jobs. The Washington Post reported that “Because the economy would keep growing, the debt would diminish as a percentage of gross domestic product, an important measure of financial stability that could help the nation avert a debt crisis.”
The Post also noted:
“Republican congressional leaders praised Ryan’s proposal Tuesday. ‘The American people understand we can’t continue spending money we don’t have, especially when doing so is making it harder to create jobs and get our economy back on track,’ House Speaker John Boehner (R-Ohio) said. ‘Our budget will help spur job creation today, stop spending money we don’t have, and lift the crushing burden of debt that threatens our children’s future.’ Senate Minority Leader Mitch McConnell (R-Ky.) said Ryan’s plan ‘would put us on a path to reducing the national debt. It would strengthen the social safety net so we can keep the promises we’ve made to America’s seniors. ... And it will repeal last year’s health-care law, which will raise health-care costs, lead to fewer jobs, and which Americans have rejected.’”
Excerpts of Rep. Ryan’s op-ed in today’s Wall Street Journal follow:
“The president's recent budget proposal would accelerate America's descent into a debt crisis. It doubles debt held by the public by the end of his first term and triples it by 2021. It imposes $1.5 trillion in new taxes, with spending that never falls below 23% of the economy. His budget permanently enlarges the size of government. It offers no reforms to save government health and retirement programs, and no leadership.
“Our budget, which we call The Path to Prosperity, is very different. For starters, it cuts $6.2 trillion in spending from the president's budget over the next 10 years, reduces the debt as a percentage of the economy, and puts the nation on a path to actually pay off our national debt. Our proposal brings federal spending to below 20% of gross domestic product (GDP), consistent with the postwar average, and reduces deficits by $4.4 trillion.
“A study just released by the Heritage Center for Data Analysis projects that The Path to Prosperity will help create nearly one million new private-sector jobs next year, bring the unemployment rate down to 4% by 2015, and result in 2.5 million additional private-sector jobs in the last year of the decade. It spurs economic growth, with $1.5 trillion in additional real GDP over the decade. According to Heritage's analysis, it would result in $1.1 trillion in higher wages and an average of $1,000 in additional family income each year.”
To read Rep. Ryan’s op-ed, click HERE. To contrast the GOP’s pro-jobs budget with the Democrats’ status-quo plan, see National Review’s comparison of the GOP plan with the President’s job-crushing budget.