Should America undergo any of the tax plans favored by Mitt Romney, the US Budget Watch predicts that America’s massive national debt will only increase. An administration governed by Mitt Romney, says he, would fail to reverse the increasing debt and instead only add to America’s financial woes.
The US Budget Watch, an offshoot of the DC based bipartisan Committee for a Responsible Federal Budget, finalized their report. “Each of the candidates has a detailed, set of proposals to reduce both taxes and spending,” the group explains in their summation of their findings. “This report reviews those policy proposals and evaluates their impact on the federal debt.”
The group suggested that even under the latest tax plans put forth by Romney, a White House run under his watch would see around $2.6 trillion tacked onto its debt toll by 2021. Under President Ron Paul, the US could see around $2 trillion taken off of future borrowing, explains the group.
Taking into account several scenarios of varying risk, Ron Paul repeatedly comes out as the true fiscal conservative in the group’s report. Estimating the debt impact of each candidate in an “intermediate-debt scenario,” the group says Congressman Paul would be the only candidate to decrease that statistic.
Under a Ron Paul plan, America could expect to see the debt impact in relation to the country’s gross domestic product decrease by 9 percent, while on the other side of the spectrum, a Romney White House would increase that impact by 20 percent.
Estimating a low-debt scenario and a high-debt scenario, Ron Paul emerges in all contests as the candidate that would create the least damaging climate, economically speaking, under each politician’s current proposed tax plans. Through eliminating taxes on capital gains and dividends, repealing the estate tax, cutting the federal work force and ending overseas military operations, a Ron Paul presidency is predicted to be the one with the best impact for America’s skyrocketing debt. By ending wars alone, the group estimates that Congressman Paul could cut nearly $900 billion in a best-case scenario. Other initiatives, like privatizing the FAA and TSA, could save America $70 billion during and immediately after his administration.
“I find it really fascinating that, when people are running for office, they’re really fiscally conservative. When they’re in office, they do something different,” said Paul.
Paul also stated “So this idea of being fiscally conservative now that we’re running for office and we’re going to repeal something that we did before, I mean, this – it loses credibility, is what our problem is”.
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