Romney's Plan Will Balloon The Deficit And Radically Increase The National Debt

[Bfgrn]

Romney's Plan Will Balloon The Deficit And Radically Increase The National Debt

We have analyzed the likely impact of Mitt Romney's economic plan on the country's national debt and deficit.

Our analysis suggests that the Romney Plan will radically increase America's debt and deficits over the next 10 years.

Read more: How Romney's Plan Will Affect The Debt - Business Insider

 

[EdwardBaiamonte]

The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
John Kenneth Galbraith

For example, who can forget Galbraith's infamous 1984 quote that the communist system in the former Soviet Union was superior to capitalism because, according to Galbraith, the communists somehow made better and more efficient use of its "manpower" than did the West? Indeed, to the very end, Galbraith was a socialist impersonating an economist.


John Kenneth Galbraith, an intellectual icon of the Old Left and New Left, said of the Soviets’ overtaking of Poland after World War II: “Russia should be permitted to absorb Poland, the Balkans, and the whole of Eastern Europe in order to spread the benefits of Communism” (Emphasis added).

 

[Stephanie]

then what, he'd be following the Obama plan basically?

 

[Bfgrn]

then what, he'd be following the Obama plan basically?

The blue curve is Current Law per the CBO. Or the The Extended-Baseline Scenario

Here is the 'rub'...We are on The Extended-Baseline Scenario trajectory Obama and the Democrats put us on. If Congress does nothing the Extended-Baseline Scenario is already in place.

IF the Bush tax cuts don't expire and the AHA is not fully implemented or repealed the The Alternative Fiscal Scenario is the trajectory Teapublicans will take us if they gain enough power.

the CBO lays it out perfectly clear...CRYSTAL.

Federal Debt Held by the Public Under CBO’s Long-Term Budget Scenarios
(Percentage of gross domestic product)

The chart shows 2 scenarios. For all practical purposes, you can call the Extended-Baseline Scenario the Democrat scenario and the Alternative Fiscal Scenario the Teapublican scenario.


The Extended-Baseline Scenario adheres closely to current law. Under this scenario, the expiration of the tax cuts enacted since 2001 and most recently extended in 2010, the growing reach of the alternative minimum tax, the tax provisions of the recent health care legislation, and the way in which the tax system interacts with economic growth would result in steadily higher revenues relative to GDP.

The Alternative Fiscal Scenario
The budget outlook is much bleaker under the alternative fiscal scenario, which incorporates several changes to current law that are widely expected to occur or that would modify some provisions of law that might be difficult to sustain for a long period. Most important are the assumptions about revenues: that the tax cuts enacted since 2001 and extended most recently in 2010 will be extended; that the reach of the alternative minimum tax will be restrained to stay close to its historical extent; and that over the longer run, tax law will evolve further so that revenues remain near their historical average of 18 percent of GDP. This scenario also incorporates assumptions that Medicare’s payment rates for physicians will remain at current levels (rather than declining by about a third, as under current law) and that some policies enacted in the March 2010 health care legislation to restrain growth in federal health care spending will not continue in effect after 2021.