Monday, October 17, 2011

Bloomberg News Disses Ron Paul's New Budget Proposal

With the headline: "Ron Paul’s Scary Budget Math," Paula Dwyer of Bloomberg's View editorial board rants about Dr. Paul's budget proposal but doesn't once question the math in her commentary. It's pretty simple math, cut here, here, here and here. The truth is that Dwyer knows there is nothing wrong with the math, she really fears the shrinking of big government.

There is no other way to explain this silly attack on the proposal:
Representative Ron Paul, the libertarian seeking the Republican nomination for president, just unleashed his plan to cut $1 trillion from the federal budget in the first year of his administration. He claims he could balance the budget in just three years. It's a radical blueprint, and the scary part is that Paul believes it can be done -- without destroying the U.S. economy and its relationships with the rest of the world.

He would eliminate five Cabinet-level agencies: Commerce, Education,Energy, Housing & Urban Development and Interior. He would also end the Transportation Security Administration and zero-out all foreign aid. He would pare back most other programs to 2006 spending levels (pre-financial crisis).

The congressman wouldn't stop there. Medicaid would become a block grant to the states, as would food stamps, child nutrition and other income support programs. In fact, no one escapes his budget ax: On the chopping block would be all corporate subsidies and all spending for the Iraq and Afghanistan wars. The Defense Department budget would shrink by more than $800 billion from 2013 to 2016.

If elected, Paul pledges to pay himself the same salary as the median personal income of American workers -- $39, 336. The federal workforce would be cut by 10 percent, and federal pay (including for lawmakers) would be trimmed.

Corporations would see tax rates drop to 15 percent from 35 percent. The Bush-era tax cuts would all be extended. Estate taxes would be abolished, as would taxes on personal savings. He wouldn't end Social Security, but he would let young people opt out of the retirement program. As for that $1 trillion sitting in corporate bank accounts overseas, Paul would allow those funds to be repatriated tax-free.

True to his libertarian principles, Paul would end the Dodd-Frank financial reform law and the Affordable Care Act (aka Obamacare), along with many federal regulations.

And, you guessed it, President Ron Paul would conduct a full audit of the Federal Reserve,and offer legislation to "strengthen the dollar and stabilize inflation."

16 comments:

  1. obviously this article has a pejorative tone to it..

    but if you take out "the scary part is that Paul believes it can be done -- without destroying the U.S. economy and its relationships with the rest of the world" from the first paragraph, it's actually pretty objective journalism!

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  2. And by "its relationships with the rest of the world." they mean a government gun to their heads.

    These parasites will say anything to keep the political violence and counterfeit money racket going. Wouldn't you?

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  3. She just laid out his plan without critiquing it at all. She is so deluded that she thinks his plan is self evidently bad without the need of showing why. They just keep whistling past the graveyard.

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  4. President Paul!
    President Paul!
    President Paul!

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  5. Oooo, now I'm really scared. No more corporate subsidies? No more cash payments to foreign dictators?? No HUD??? I want my mommy!!!

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  6. Just read the PDF. The math isn't the problem- it's the fact that every interest group that is cut will howl like wolves.

    They will expose themselves for what they are- thieves that want to live off the lives and money of other people.

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  7. Financial Sanity - Gee, pretty scary.

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  8. Bloomberg News & Michael himself belong to the Fabian Socialist Center..but unlike the centre-left Obamanovic enamored media who wants Perry or Cain (so that the Dear Leader cruises to victory in 2012); Bloomberg is shilling for Romney or Huntsman.

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  9. Sounds like she is a Keynesian true believer. She thinks debt and inflation are blessings.

    The people who really annoy me are the ones who recognize that government needs to be cut, but want it done without actually cutting anything. They want change that doesn't involve changing anything. They are frightened of real change, even though they should be frightened of the status quo.

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  10. What?! It's almost as if they're owned by Mayor Bloomberg!

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  11. That is a damn good start!There will be tons of shovel ready jobs for all these bloated agency bureaucrats that are now getting fat on my tax dollar and picking their pimples all day.

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  12. Aside from the questionable use of some adjectives, I think the piece is benficial. Anybody with half a brain would understand the sincerity of the proposal. I guess therein lies the problem.

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  13. The "here here and here" links didn't appear.

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  14. Sounds great where do I sign up?

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  15. all the official tv ads are terrible, but at last the official campaign has put out something good.

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  16. Did any of the economists now criticizing Paul predict the crisis as he did?

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