04.04.2011 0

House Budget Chairman Paul Ryan Proposes More than $4 Trillion in Savings

House Budget Chairman Paul Ryan

Americans for Limited Government President Bill Wilson praised House Budget Committee Chairman Paul Ryan’s proposal to rein in so-called “mandatory” entitlement in the 2012 budget by “more than $4 trillion”:

“Budget Chairman Ryan’s proposal to rein in so-called ‘mandatory’ spending by ‘more than $4 trillion’ in the 2012 budget is one that all Americans can understand. This is a savings plan. The fact is, tens of millions of households across the country balance their budgets every year and save for the future and for their children. But we have not been doing that as a nation.

“If nothing is done, the national debt will grow from $14.2 trillion now to over $25 trillion by 2021. That’s so large that it will increasingly become problematic to refinance the debt, let alone repay it. That must not come to pass.

“Chairman Ryan is correct that the real driver of the debt is ‘mandatory’ entitlement spending, which will grow from $2.17 trillion this year to over $3.45 trillion annually by 2021. Over the next decade, the government will spend a total of $27 trillion on entitlements. If the laws requiring that much money be spent are not amended to restrict their growth, there will be no way to prevent the coming debt crisis here in America.

“Overall, if nothing is done, the nation faces a catastrophic default, a collapse of the dollar as the world’s reserve currency, and a global economic collapse. The Ryan savings plan is one that will save future generations from being chained to a mountain of debt that cannot possibly be paid, and that will set the nation on a sustainable and prosperous path.”

Also Read:

House Budget Chairman Paul Ryan Proposes “More than $4 trillion” in savings in 2012 budget, FOX News Sunday, April 3rd.

ALG Letter to Senate Endorsing Balanced Budget Amendment, March 31st, 2011.

Sen. Orrin Hatch Introduces A Balanced Budget Amendment, Video, Americans for Limited Government, March 31st, 2011 at http://www.youtube.com/watch?v=d-hCiKDbxJk.

Senate Proposal to Balance the Budget, March 25th, 2011.

One page fact sheet on Balanced Budget Amendment, March 25th, 2011.

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