Mitt Romney further isolated himself talking to a small group of twelve hundred people in the huge stadium where the Detroit Lions play. I have to say, he looked positively ridiculous in that venue. But the garbage in his economic plan is ever more absurd than he appeared.
Mitt Romney offered a sweeping plan Friday to boost the American economy, a program loaded with previously outlined tax and spending cuts as well as new changes in how Social Security and Medicare recipients would get benefits…
…Most of his proposals weren’t new _including a 20 percent across the board cut in income tax rates, reducing federal spending to 20 percent of Gross Domestic Product, down from the current 24 percent.
He was a bit more specific about his plans for Social Security and Medicare. He pledged to "slowly raise the retirement age" for Social Security recipients, but gave no details, and promised to "slow the growth in benefits for higher-income retirees."
Currently, the Social Security full-benefit retirement age varies depending on the year of birth. For those born between 1943 and 1954, full benefits are available once they turn 66. The age gradually increases; those born after 1960 will be fully eligible at age 67.
For Medicare, Romney said that he would have the private sector "compete to offer insurance coverage at the lowest possible price."
Starting in 2022, new retirees would participate in the new system. Medicare’s eligibility age would increase by one month each year, and in the long run, eligibility ages for Social Security and Medicare would be tied to longevity "so that they increase only as fast as life expectancy."
Inserted from <McClatchy DC>
There can be no doubt here that Romney intends to gut the government. If he is elected. kiss Social Security and Medicare goodbye. It will be impossible to cut federal spending 20% of the GDP. His 20% across the board tax cut is an overly generous summary. It is much more skewed to vavor the rich. Here a picture is worth a thousand words.
13 Responses to “Beware!: Romney’s Economic Plan”
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The Governor of Indiana has already implemented this – see Parsely’s pics. Not even raised the age, just gone.
Daniels is a real piece of work!
Fromm CNN Money:
“a preliminary analysis by the independent Committee for a Responsible Federal Budget released Thursday estimates that the three candidates’ plans could add between $250 billion and $7 trillion of debt over the next nine years.
Debt over next decade: Adds $7 trillion, increasing debt to GDP to 114%.
Costliest proposal: Create an alternative flat tax of 15%, which would increase debt by $3.4 trillion.
Biggest cost saver: Turn means-tested federal programs such as Medicaid into block grants to states and cut federal funding for these programs in half, saving $2.4 trillion.
Interest costs on the debt: Raises it by $900 billion.
Debt over next decade: Adds $4.5 trillion, increasing debt to GDP to 104%.
Costliest proposal: Reduce and reform individual income taxes, at a cost of $3.6 trillion.
Biggest cost saver: Transform various social programs into block grants to states and capping their growth, saving $950 billion.
Interest costs on the debt: Raises it by $640 billion.
Debt over next decade: Adds $250 billion, increasing debt to GDP to 86%.
Costliest proposal: Reduce corporate taxes, which would increase debt by $1 trillion.
Biggest cost saver: Reduce federal workforce costs, saving $530 billion.
Interest costs on the debt: Raises it by $40 billion.
While Romney said his tax plan would not add to the deficit, he didn’t offer specifics as to how he’d pay for his newly proposed tax cuts. Absent those offsets, the CRFB roughly estimates that his plan could add $2.6 trillion in debt, boosting debt to 96% of GDP by 2021.
Patty thank you. That is excellent documentation of this issue and makes it quite clear.
“Mitt Romney further isolated himself talking to a small group of twelve hundred people in the huge stadium where the Detroit Lions play. I have to say, he looked positively ridiculous in that venue. But the garbage in his economic plan is ever more absurd than he appeared.”
Willard Romney just can’t connect with average main street Americans…
There is no real difference among these — any of them will further destroy this country– decimate social programs and return us to living conditions of 70-80 years ago-
Mittens looked ridiculous !!!
Amen twice!
Thanks Patty for the details.
Any one of these 3 plans will be the ruination of the US and put it clearly in third world status. And when all of them are crying about the current debt level, their programmes just add to it. What hypocrisy!
They are all so far out to lunch that I doubt they could find their way back.
Lynn, I fully agree!
Ron Paul 2012