Ron Paul said what may be the most accurate political statement of the election season during Wednesday night’s GOP debate: “When people are running for office, they’re really fiscally conservative. When they’re in office, they do something different. Then, when they explain themselves they say: ‘Oh, well, I want to repeal that.’”
A new report shows what Paul supporters already know: The national debt will grow as a result of the tax policy proposals of any of the other GOP Presidential candidates. A report by U.S. Budget Watch shows that the tax plans released by any of the other three GOP candidates will grossly add to national debt.
The report says Rick Santorum and Newt Gingrich would do the most damage to the Nation’s finances, with tax and spending policies likely to require trillions of dollars in borrowing. Mitt Romney’s plan would do less damage, but still does not tackle debt.
Paul’s policy would cut tax revenues by more than $5 trillion over the next decade, the report said, and the revenue loss would be offset by more than $7 trillion in spending cuts.