Sen. Rand Paul proposes plan to balance federal budget in 5 years [Opinion: The Arena]

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Kentucky Senator Rand Paul

The Platform to Revitalize America purports to:

  • Bring federal spending below historical average in very first year
  • Reduce spending by nearly $11 trillion relative to the President's budget
  • Achieve a $111 billion surplus in FY2017
  • Remain in surplus after initial balance, pays off $2 trillion of national debt in 10-year window
  • Include entitlement reform for Medicare and Social Security

balanced-budget.jpgAdditionally, the proposal promises to:

  • Maintain block-grants Medicaid, SCHIP, foods stamps, and child nutrition
  • Preserve Social Security and fix trust fund over 75 years
  • Preserve Medicare by giving all seniors the same health care plan as Members of Congress
  • Reduce most discretionary spending to FY2008 levels
  • Eliminate FY2013 Defense sequester cuts
  • Freeze foreign aid spending at $5 billion per year
  • Defund duplicative or wasteful agencies and programs
  • Sell off excess federal properties and land
  • Eliminate the Davis-Bacon prevailing wages provisions
  • Liquidate government ownership of "bailout" companies
  • Privatize Transportation Security Agency
  • Repeal Obamacare and Dodd-Frank
  • Open Arctic National Wildlife Refuge for oil and gas exploration
  • Permit the Keystone XL Pipeline project

Sen. Paul proposes to eliminate the following:

  • Department of Commerce
  • Department of Education (preserves Pell grants)
  • Department of Housing and Urban Development
  • Department of Energy (transfers nuclear research and weapons to Department of Defense)

Sen. Paul’s budget provides a number of incentives to increase investment. By allowing Americans and businesses to keep more of their money, the sponsors hope to quicken the pace of deleveraging, allowing the economy to find its equilibrium, facilitating growth and employment.  As a major tax reform initiative, the budget proposes a 17 percent flat tax for individuals and corporations.

Some major changes in the Social Security program are also included in Sen. Paul’s budget proposal; including a gradual increase in the retirement age and progressive indexing. The budget also includes reform of Medicare through the Congressional Health Care for Seniors Act. This reform will provide seniors with better health care at a lower cost to the senior and to the taxpayers. Seniors will receive the same health insurance as their Members of Congress, at lower out-of-pocket cost.

Other changes in Social Security include:

  • Increase the retirement age over time, protecting beneficiaries
  • Progressive Indexing, slowing the growth of benefits for high-income and increasing benefits for low-income individuals
  • Gives all seniors the same health care plan as Members of Congress

Review Sen. Paul’s Platform to Revitalize America:

SENATOR RAND PAUL'S PLATFORM TO REVITALIZE AMERICA

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Louisville.com's The Arena section features opinions from active participants in the city's politics. Their viewpoints are not those of Louisville.com (a website is an inanimate object and, as such, has no opinions).  The Arena is read by more people in Louisville than in any other city in America.

 

About Thomas McAdam
At various times I have been a student, a soldier, a college Political Science teacher, a political campaign treasurer, and legal adviser to Louisville's Police Department and Board of Aldermen. I now practice law and share my political opinions with anyone who will listen.
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