A GOP Road Map for America's Future

[Skull Pilot]

Paul D. Ryan: A GOP Road Map for America's Future - WSJ.com

In tonight's State of the Union address, President Obama will declare a new found commitment to "fiscal responsibility" to cover the huge spending and debt he and congressional Democrats have run up in his first year in office. But next Monday, when he submits his actual budget, I fear it will rely on gimmickry, commissions, luke-warm spending "freezes," and paper-tiger controls to create the illusion of budget discipline. Meanwhile, he and the Democratic congressional leadership will continue pursuing a relentless expansion of government and a new culture of dependency.

America needs an alternative. For that reason, I have reintroduced my plan to tackle our nation's most pressing domestic challenges—updated to reflect the dramatic decline in our economic and fiscal condition. The plan, called A Road Map for America's Future and first introduced in 2008, is a comprehensive proposal to ensure health and retirement security for all Americans, to lift the debt burdens that are mounting every day because of Washington's reckless spending, and to promote jobs and competitiveness in the 21st century global economy.

The difference between the Road Map and the Democrats' approach could not be more clear. From the enactment of a $1 trillion "stimulus" last February to the current pass-at-all costs government takeover of health care, the Democratic leadership has followed a "progressive" strategy that will take us closer to a tipping point past which most Americans receive more in government benefits than they pay in taxes—a European-style welfare state where double-digit unemployment becomes a way of life.

Americans don't have to settle for this path of decline. There's still time to choose a different future. That is what the Road Map offers. It is based on a fundamentally different vision from the one now prevailing in Washington. It focuses the government on its proper role. It restrains government spending, and hence limits the size of government itself. It rejuvenates the vibrant market economy that made America the envy of the world. And it restores an American character rooted in individual initiative, entrepreneurship and opportunity.

Here are the principal elements:

• Health Care. The plan ensures universal access to affordable health insurance by restructuring the tax code, allowing all Americans to secure an affordable health plan that best suits their needs, and shifting the control and ownership of health coverage away from the government and employers to individuals.

It provides a refundable tax credit—$2,300 for individuals and $5,700 for families—to purchase coverage (from another state if they so choose) and keep it with them if they move or change jobs. It establishes transparency in health-care price and quality data, so this critical information is readily available before someone needs health services.

State-based high risk pools will make affordable care available to those with pre-existing conditions. In addition to the tax credit, Medicaid will provide supplemental payments to low-income recipients so they too can obtain the health coverage of their choice and no longer be consigned to the stigmatized, sclerotic care that Medicaid has come to represent.

• Medicare. The Road Map secures Medicare for current beneficiaries, while making common-sense reforms to save this critical program. It preserves the existing Medicare program for Americans currently 55 or older so they can receive the benefits they planned for throughout their working lives.

For those under 55—as they become Medicare-eligible—it creates a Medicare payment, initially averaging $11,000, to be used to purchase a Medicare certified plan. The payment is adjusted to reflect medical inflation, and pegged to income, with low-income individuals receiving greater support. The plan also provides risk adjustment, so those with greater medical needs receive a higher payment.

The proposal also fully funds Medical Savings Accounts (MSAs) for low-income beneficiaries, while continuing to allow all beneficiaries, regardless of income, to set up tax-free MSAs. Enacted together, these reforms will help keep Medicare solvent for generations to come.

• Social Security. The Road Map preserves the existing Social Security program for those 55 or older. For those under 55, the plan offers the option of investing over one-third of their current Social Security taxes into personal retirement accounts, similar to the Thrift Savings Plan available to federal employees. This proposal includes a property right, so those who own these accounts can pass on the assets to their heirs. The plan also guarantees that individuals will not lose a dollar they contribute to their accounts, even after inflation.

The plan also makes the program permanently solvent by combining a modest adjustment in the growth of initial Social Security's benefits for higher-income individuals, with a gradual, modest increase in the retirement age.

• Tax Reform. The Road Map offers an alternative to today's needlessly complex and unfair tax code, providing the option of a simplified system that promotes work, saving and investment.

This highly simplified code fits on a postcard. It has just two rates: 10% on income up to $100,000 for joint filers and $50,000 for single filers, and 25% on taxable income above these amounts. It also includes a generous standard deduction and personal exemption (totaling $39,000 for a family of four), and no tax loopholes, deductions, credits or exclusions (except the health-care tax credit).

The proposal eliminates the alternative minimum tax. It promotes saving by eliminating taxes on interest, capital gains, and dividends. It eliminates the death tax. It replaces the corporate income tax—currently the second highest in the industrialized world—with a business consumption tax of 8.5%. This new rate is roughly half the average in the industrialized world and will put American companies and workers in a stronger position to compete in a global economy.

Even without the Democratic spending spree, our fiscal outlook is deteriorating. They are only hastening the crisis. It is not too late to take control of our fiscal and economic future. But the longer we wait, the bigger the problem becomes and the more difficult our options for solving it.

The Road Map promotes our national prosperity by limiting government's burden of spending, mandates and regulation. It ensures the opportunity for individuals to fulfill their human potential and enjoy the satisfaction of their own achievements—and it secures the distinctly American legacy of leaving the next generation better off.

Mr. Ryan, a Republican congressman from Wisconsin, is the ranking member of the Budget Committee.

Now i am not a Repudlican but this plan has much of what I would like to see. But IMO it doesn't go far enough especially concerning Social Security. It is my thought that 100% of SS contributions, including employer match be owned by the individual but it's a start.

I could live with the simplified tax plan and the rest.

Thoughts?

 

[Douger]

That's all nice.
Here's reality.
[ame]http://www.youtube.com/watch?v=2omkv-LweCE[/ame]

 

[Skull Pilot]

What's that got to do with the proposed changes in the op ed?

Do the health care, Social Security, and tax proposals make sense?

If so why?

If not why?

 

[uscitizen]

"A GOP Road Map for America's Future "

The highway to hell is actually on a roadmap?

 

[Xenophon]

It looks like the GoP is finally starting to pick themselves off the floor.

A game plan like this could bring big results in November.

 

[Skull Pilot]

"A GOP Road Map for America's Future "

The highway to hell is actually on a roadmap?

As opposed the the Dimcorats' current course?

There are many roads to a great city, certainly there is more than one road to hell.

 

[froggy]

The average joe pays in at least 75,000.00 by retirment age matched by employer thats 150,000.00 which would give him around 1,250.00 a mount for 10 years. What gives the goverment the right to touch this money?

 

[Modbert]

Paul Ryan? Seriously, you want to follow the ideas of a Ayn Rand follower?

Who Is John Galt? Maybe He's Paul Ryan | TPM LiveWire

 

[Skull Pilot]

The average joe pays in at least 75,000.00 by retirment age matched by employer thats 150,000.00 which would give him around 1,250.00 a mount for 10 years. What gives the goverment the right to touch this money?

Where do you put your money that it earns no interest?

Assuming that the average income is about 45K and the average working life is 45 years and everyone save an additional 10% of gross income above and beyond SS even if you never got a raise you would have millions.

15% of 45K works out to 562.50 a month
10% of 45K works out to 375.00 a month

Fo a total of 937.5 a month saved for retirement

Over 45 years if you earned

5% you'd have 1.9 million
7% you'd have 3.55 million
8% you'd have 4.9 million

These are NOT unreasonable rates of return for a 45 year period in fact they are rather conservative.

And that for every 150K you have, if it earns 5% it will produce 1000 a month in income for 20 years

So monthly retirement income from the above would be

12,666
23,666 and
32,666

respectively.

So tell me that SS does better.

 

[Darkwind]

Not a bad start. I think that this needs to be refined more. It does not go far enough in spending cuts to government nor does it do enough to eliminated unfunded mandates and returning governing to the States where it belongs. But going for the whole enchilada is probably not going to work as long as the media controls who gets outraged and who doesn't.

 

[Joe Steel]

Paul D. Ryan: A GOP Road Map for America's Future - WSJ.com

Thoughts?

Nutty.

 

[Skull Pilot]

Paul Ryan? Seriously, you want to follow the ideas of a Ayn Rand follower?

Who Is John Galt? Maybe He's Paul Ryan | TPM LiveWire

Kim Strassel: Obama's Attack Machine—II - WSJ.com

I merely said some of the ideas were good.

But go ahead and dismiss every idea it's what partisan hacks do.

 

[Darkwind]

The average joe pays in at least 75,000.00 by retirment age matched by employer thats 150,000.00 which would give him around 1,250.00 a mount for 10 years. What gives the goverment the right to touch this money?

Where do you put your money that it earns no interest?

Assuming that the average income is about 45K and the average working life is 45 years and everyone save an additional 10% of gross income above and beyond SS even if you never got a raise you would have millions.

15% of 45K works out to 562.50 a month
10% of 45K works out to 375.00 a month

Fo a total of 937.5 a month saved for retirement

Over 45 years if you earned

5% you'd have 1.9 million
7% you'd have 3.55 million
8% you'd have 4.9 million

These are NOT unreasonable rates of return for a 45 year period in fact they are rather conservative.

And that for every 150K you have, if it earns 5% it will produce 1000 a month in income for 20 years

So monthly retirement income from the above would be

12,666
23,666 and
32,666

respectively.

So tell me that SS does better.

The real problem here is that the Democrats have promoted the idea that Social Security is all they really need to do for retirement. So a majority of people in their late 40's and in their 50's have not put away that 10% per paycheck towards their own retirement.

Now, social security is earning roughly nothing for the American people because the money really doesn't exist. It is a ponzi scheme and the benefits that recipients are receiving now are coming directly from workers who are working today.

 

[uscitizen]

The average joe pays in at least 75,000.00 by retirment age matched by employer thats 150,000.00 which would give him around 1,250.00 a mount for 10 years. What gives the goverment the right to touch this money?

Where do you put your money that it earns no interest?

Assuming that the average income is about 45K and the average working life is 45 years and everyone save an additional 10% of gross income above and beyond SS even if you never got a raise you would have millions.

15% of 45K works out to 562.50 a month
10% of 45K works out to 375.00 a month

Fo a total of 937.5 a month saved for retirement

Over 45 years if you earned

5% you'd have 1.9 million
7% you'd have 3.55 million
8% you'd have 4.9 million

These are NOT unreasonable rates of return for a 45 year period in fact they are rather conservative.

And that for every 150K you have, if it earns 5% it will produce 1000 a month in income for 20 years

So monthly retirement income from the above would be

12,666
23,666 and
32,666

respectively.

So tell me that SS does better.

You might want to double check your math.

 

[Modbert]

Kim Strassel: Obama's Attack Machine—II - WSJ.com

I merely said some of the ideas were good.

But go ahead and dismiss every idea it's what partisan hacks do.

Except you have no idea where I stand on Obama nor the Democrats fiscal ideas. So all you're doing is shooting blanks in the dark.

I don't trust anyone who is a deep follower of Rand, just like I wouldn't trust anyone who is a deep follower of say Lenin.

I think Toro already addressed how putting the income tax at 10% and getting rid of everything would still not balance the budget.

I do happen to see a lot of things in this article that would make the Corporations happy. However, I doubt putting SS in some sort of retirement account would work too well in the long run.

Though it's not as terrible as the idea put forth by the GOP previously that people should have their SS invested in the stock market. Though they pretty much shut up about that after the stock market went free falling.

 

[Skull Pilot]

The average joe pays in at least 75,000.00 by retirment age matched by employer thats 150,000.00 which would give him around 1,250.00 a mount for 10 years. What gives the goverment the right to touch this money?

Where do you put your money that it earns no interest?

Assuming that the average income is about 45K and the average working life is 45 years and everyone save an additional 10% of gross income above and beyond SS even if you never got a raise you would have millions.

15% of 45K works out to 562.50 a month
10% of 45K works out to 375.00 a month

Fo a total of 937.5 a month saved for retirement

Over 45 years if you earned

5% you'd have 1.9 million
7% you'd have 3.55 million
8% you'd have 4.9 million

These are NOT unreasonable rates of return for a 45 year period in fact they are rather conservative.

And that for every 150K you have, if it earns 5% it will produce 1000 a month in income for 20 years

So monthly retirement income from the above would be

12,666
23,666 and
32,666

respectively.

So tell me that SS does better.

You might want to double check your math.

ah forgive me as i was estimating a bit

so for the middle example 3.55 million earning 5% would produce a monthly income of 23428.33 for 19.7 years.

still better than SS

 

[Joe Steel]

The real problem here is that the Democrats have promoted the idea that Social Security is all they really need to do for retirement. So a majority of people in their late 40's and in their 50's have not put away that 10% per paycheck towards their own retirement.

Now, social security is earning roughly nothing for the American people because the money really doesn't exist. It is a ponzi scheme and the benefits that recipients are receiving now are coming directly from workers who are working today.

Utter nonsense.

No one ever has promoted SS as the only source of retirement funding. Secondly, no one ever tried to cover-up the fundamental design of SS. It's supposed to fund benefits with current tax withholding.

 

[Skull Pilot]

The real problem here is that the Democrats have promoted the idea that Social Security is all they really need to do for retirement. So a majority of people in their late 40's and in their 50's have not put away that 10% per paycheck towards their own retirement.

Now, social security is earning roughly nothing for the American people because the money really doesn't exist. It is a ponzi scheme and the benefits that recipients are receiving now are coming directly from workers who are working today.

Utter nonsense.

No one ever has promoted SS as the only source of retirement funding. Secondly, no one ever tried to cover-up the fundamental design of SS. It's supposed to fund benefits with current tax withholding.

And people would be better off if they owned their own accounts.

 

[Joe Steel]

The real problem here is that the Democrats have promoted the idea that Social Security is all they really need to do for retirement. So a majority of people in their late 40's and in their 50's have not put away that 10% per paycheck towards their own retirement.

Now, social security is earning roughly nothing for the American people because the money really doesn't exist. It is a ponzi scheme and the benefits that recipients are receiving now are coming directly from workers who are working today.

Utter nonsense.

No one ever has promoted SS as the only source of retirement funding. Secondly, no one ever tried to cover-up the fundamental design of SS. It's supposed to fund benefits with current tax withholding.

And people would be better off if they owned their own accounts.

Nonsense.

Prudent retirement planning demands three sources of funding, public resources (SS,) private resources (401(k),) and pensions. SS is a important part of any well-planned retirement.

 

[Darkwind]

The real problem here is that the Democrats have promoted the idea that Social Security is all they really need to do for retirement. So a majority of people in their late 40's and in their 50's have not put away that 10% per paycheck towards their own retirement.

Now, social security is earning roughly nothing for the American people because the money really doesn't exist. It is a ponzi scheme and the benefits that recipients are receiving now are coming directly from workers who are working today.

Utter nonsense.

No one ever has promoted SS as the only source of retirement funding. Secondly, no one ever tried to cover-up the fundamental design of SS. It's supposed to fund benefits with current tax withholding.

Really? It seems to Me that Dick Cheney never once said that Iraq was responsible for 9-11-01 and yet the Democrats for years have been saying that he hinted at it by what he didn't say.

I know you feel like you can speak for everyone, but you can't.

Tell Me, when you talk about Social Security; when you hear your politician talking about Social Security, how exactly do they refer to it? Hmmm?

Do they say, "The supplement to retirement, Social Security" or do they say, "The people retirement plan, Social Security?"