Chart of the Week: How to End Deficits Without Raising Taxes
Posted By Rob Bluey On July 24, 2011 @ 11:59 am In Scribe | 3 Comments
President Obama and congressional leaders can’t seem to agree on any plan to avert a debt crisis. As the White House’s Aug. 2 deadline approaches, the House has adopted the Cut, Cap and Balance Act [1], while the Senate has floated a number of bad ideas [2].
Earlier this year, The Heritage Foundation formulated its own plan called Saving the American Dream [3] to fix America’s debt problem. It keeps spending low without raising taxes [4]. Entitlement programs are the biggest driver of debt, so reforming them first will put us on a course to a balanced budget. Additionally, simplifying the tax code will allow for economic growth.
The Heritage plan balances the federal budget in 10 years, cuts the national debt by more than 50% in 25 years, and restores prosperity for America. Perhaps its time for the White House to take a closer look [3].
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2011/07/24/chart-of-the-week-how-to-end-deficits-without-raising-taxes/
URLs in this post:
[1] Cut, Cap and Balance Act: http://www.cutcapandbalanceact.com/
[2] floated a number of bad ideas: http://blog.heritage.org/2011/07/22/abdication-senate-votes-to-do-nothing-unless-it-can-hike-taxes-for-the-president/
[3] Saving the American Dream: http://savingthedream.org/
[4] spending low without raising taxes: http://www.heritage.org/Research/Commentary/2011/06/How-to-reform-entitlements-and-save-the-American-dream-without-raising-taxes
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