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The Heritage Foundation Releases Alternate Budget Proposal

May 11, 2011 by  

The Heritage Foundation Releases Alternate Budget Proposal

On Tuesday, conservative think tank The Heritage Foundation released a special report on spending and the budget, entitled “Saving The American Dream: The Heritage Plan To Fix The Debt, Cut Spending And Restore Prosperity.”

The report describes the current economic climate, and outlines solutions that go much further than House Budget Chairman Paul Ryan’s “Path to Prosperity.”

“‘Saving The American Dream’ is our plan to fix the debt, cut spending and, above all, restore prosperity. It balances the nation’s budget within a decade — and keeps it balanced. It reduces the debt and cuts government in half. It eliminates government-mandated health care and fully funds our national defense,” the report reads in its “Foreword.”

The Foundation’s budget tackles entitlements, redesigning Social Security and Medicare — turning them into “real insurance” programs. Eliminating Obamacare, the plan overhauls subsidies and tax breaks for healthcare.

Overall, the plan reduces the budget to 18.5 percent of gross domestic product, the historical average. It cuts the size of the government roughly in half within 25 years — and creates an entirely new tax system.

“According to some international comparisons, the U.S. economy is already in worse shape than the stumbling economies of most European nations, and it is only a matter of time until our financial house collapses.” The report reads. “We are living on borrowed time and risk an economic catastrophe unless somebody in government exercises real leadership to reduce spending and borrowing. We can and must do better.”

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