The Heritage Foundation budget plan shifts Social Security benefits to a needs-based insurance program. It ditches Obamacare and changes Medicare to a 'premium support plan.' And it simplifies the tax code.
America must get its fiscal house in order. The Congressional Budget Office estimates that, absent action from Washington, our national debt will be nearly as big as our entire economic output in just 10 years. By 2035, debt will be up to nearly double what we produce. No economy can stay afloat with that much red ink.
So what would you say about a reform plan that balances the federal budget in 10 years, cuts the national debt by more than half in 25 years, saves Social Security and Medicare from bankruptcy, and preserves the American dream for generations to come – all without jacking up taxes? It’s no pipe dream. It can be done.
An analysis by federal budget experts at the independent Tax Policy Center (a joint venture of the Urban Institute and Brookings Institution) found that a new fiscal reform plan developed by my colleagues at The Heritage Foundation accomplishes all that, and more.
How do we do it? First and foremost by reforming the biggest drivers of government debt: entitlement programs like Social Security and Medicare.
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