Report: Debt will swell under top GOP hopefuls’ tax plans

Analysts: National Debt Would Surge Under Romney, Santorum, Gingrich Proposals... Ron Paul Lone GOP Exception

The national debt is likely to balloon under tax policies championed by three of the four major Republican candidates for president, according to an independent analysis of tax and spending proposals so far offered by the candidates.

The lone exception is Texas Rep. Ron Paul, who would pair a big reduction in tax rates with even bigger cuts in government services, slicing about $2 trillion from future borrowing.

According to the report — set for release Thursday by U.S. Budget Watch, a project of the bipartisan Committee for a Responsible Federal Budget — former Pennsylvania senator Rick Santorum and former House speaker Newt Gingrich would do the most damage to the nation’s finances, offering tax and spending policies likely to require trillions of dollars in fresh borrowing.

Both men have proposed to sharply cut taxes but have not identified spending cuts sufficient to make up for the lost cash, the report said. By 2021, the debt would rise by about $4.5 trillion under Santorum’s policies and by about $7 trillion under those advocated by Gingrich, pushing the portion of the debt held by outside investors to well over 100 percent of the nation’s economy.

http://www.washingtonpost.com/business/ ... al_comboNP


But, hey, they've all got "R" after their name, right? But it should send the TeaBaggers over the edge in denial...

(Insert standard "Obama will make it worse" line here: ___________________________________)

I can't say that Obama will do any better or worse than his challengers.

I've officially become a pessimist. It's a fawkin mess and nobody can do a dang thing about it. Liberals want to spend. Conservatives want to spend. Liberals want to stick their noses into the markets where it don't belong, and Conservatives want to stick their noses into my personal life where it don't belong.

I'm voting for anarchy. It makes more sense than what's happening now.

Yes, these are campaign promises and negotiating points to win elections, just like Obama's fanciful budgets claiming debt cuts from Iraqi deployments that were never planned.

It is like a family saying, we have $10,000 more in the bank because we aren't going to Paris this summer.

The GOP candidate's tax proposals are all crazy. I don't know if the candidates are crazy, or they just assume the voters are. Who'd of thought Ron Paul would be the only one who knows that if you want to cut taxes you also need to cut spending enough to make up for it.

The flat tax proposals would generally raise taxes for the middle class and give huge cuts to the rich. Romney at least showed some sense until yesterday. Before he was going to keep the current tax rates. Now he's going to slash them all by 20%. But he doesn't have nearly enough spending reductions to cover such huge tax cuts. At least his proposal doesn't appear to raise taxes for the middle class.

The GOP candidates might as well write an exercise book for one minute abs. There is more chance that will work.

Of course the alternative from the Dems is to raise taxes higher and spend more and more while living in a fantasy world thinking that Medicare and Social Security don't need any fixes...

Yep they are all crazy and trying to outdo each other's tax plans.

I'm a pessimist too. Time to stock up on gold coins.

LadyJazzer wrote:

Analysts: National Debt Would Surge Under Romney, Santorum, Gingrich Proposals... Ron Paul Lone GOP Exception

The national debt is likely to balloon under tax policies championed by three of the four major Republican candidates for president, according to an independent analysis of tax and spending proposals so far offered by the candidates.

The lone exception is Texas Rep. Ron Paul, who would pair a big reduction in tax rates with even bigger cuts in government services, slicing about $2 trillion from future borrowing.

According to the report — set for release Thursday by U.S. Budget Watch, a project of the bipartisan Committee for a Responsible Federal Budget — former Pennsylvania senator Rick Santorum and former House speaker Newt Gingrich would do the most damage to the nation’s finances, offering tax and spending policies likely to require trillions of dollars in fresh borrowing.

Both men have proposed to sharply cut taxes but have not identified spending cuts sufficient to make up for the lost cash, the report said. By 2021, the debt would rise by about $4.5 trillion under Santorum’s policies and by about $7 trillion under those advocated by Gingrich, pushing the portion of the debt held by outside investors to well over 100 percent of the nation’s economy.

http://www.washingtonpost.com/business/ ... al_comboNP


But, hey, they've all got "R" after their name, right? But it should send the TeaBaggers over the edge in denial...

(Insert standard "Obama will make it worse" line here: ___________________________________)

Then I expect to see you cast your vote for Ron Paul... welcome aboard.