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  • Chart of the Week: Cut Spending to Avoid the Fiscal Cliff

    The Heritage Foundation has updated its Saving the American Dream plan as the nation moves inexorably towards the fiscal cliff set to hit at the beginning of 2013.

    From Amy Payne’s Morning Bell:

    To meet this challenge, Heritage Foundation experts updated our Saving the American Dream plan to address the fiscal cliff and then rein in spending. Our plan features a sweeping pro-growth tax reform plan to grow the economy and generate more revenues and a broad restructuring of entitlement programs to provide real economic security to seniors while making the programs affordable.

    The plan balances the federal budget within 10 years—without raising taxes—and stabilizes and then reduces the debt. The Heritage plan focuses government assistance to those who truly need it, with a guarantee that no American would have to live in poverty. It would also begin to reduce government back to its constitutionally authorized powers and make defense funding a core priority.

    Payne illustrates how Heritage’s plan would reduce the debt held by the public–currently at 73 percent of GDP–to 28 percent by 2037, the lowest plan among five submitted as part of the Peter G. Peterson Foundation’s Solutions Initiative II.

    Posted in Scribe [slideshow_deploy]

    2 Responses to Chart of the Week: Cut Spending to Avoid the Fiscal Cliff

    1. Bobbie says:

      It's very uncomfortable to hear the President threatening middle class hostage if the President doesn't get what he wants! I thought his presidency was to serve America, a job once respected by America now demoted by his own self to service his special interests only and off America? Exactly what America and the world, doesn't need.

      America is better than to have people in her highest positions make exceptions to their duties or in their roles because they can. America isn't the one to exploit personal weakness but people that have taken her over sure have no shame. She needs people to lead who respect her and her people equally as people, enough to stand corrected and take responsibility in all matters within government "said" control. If we had this once commonality from the past, Obama wouldn't have gotten America further into this mess! If he respected America he'd respect all people the same and respect to fulfill his oath of America's office which doesn't over regulate America's economy into dependency or circumvent laws to weaken people from their own accountabilities. Cut government spending to avoid the government manufactured fiscal cliff.

      Fix the problem and stop laying the consequences of government acts on WE THE PEOPLE, UNINVOLVED!!!

    2. occamsedge says:

      I beg to differ. You are only talking about the Federal Debt that is held within the US, not the entire debt. And furthermore, you are ignoring the Pension and Healthcare debt that has been racked up way beyond our "official" Federal debt. By most accounts this is about $ 110 Trillion. So forget your little rosy 10 year scenario. Like many Americans, I am turning 65 next year. My insurance company says that I MUST sign up for Medicare parts A, B, & D. Since my business crashed and burned in 2009, I will also sign up for Social Security. And will become a part of the growing burden, until you wise up, and cut entitlements.

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