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Two months ago, the House adopted a budget resolution that outlines the Republican majority's ambitious plans to slow the growth of federal entitlement spending. If implemented properly, entitlement spending restraint can address the long-term fiscal imbalance in a way that promotes economic growth and freedom.
The same money can't be spent twice. ObamaCare tries to do precisely that, and the government will have to borrow the difference.
Kicking the can down the road. That's been the Obama administration's response on issues from Iran's nuclear weapons program to America's entitlement systems.
It’s hardly a surprise that the president’s narrowly focused plan falls short on the fiscal front, with the debt projected to weigh in at a staggering 76 percent of annual GDP in 2022 and poised to rise further in subsequent decades.
When he was director of central intelligence, Leon Panetta earned a reputation as an energetic advocate for his agency. When he replaced Robert Gates at the Pentagon, it was reasonable to hope that Panetta would continue to play the role of a senior statesman.
Within a plan to reduce outlays by $6.2 trillion over the next decade, Paul Ryan has found a way to replace $214 billion of the $487 billion in military spending cuts in Obama's budget.
Many commentators have complained about the damage the president's proposed new budget would do to our national prosperity. Less has been said about the effect it will have on something far more important: our national character.
Alan D. Viard, a resident scholar at AEI, reviews the budget outlook, the need for tax reform and the benefits of moving to a progressive consumption tax. He also discusses his forthcoming book, Progressive Consumption Taxation: The X Tax Revisited, which he coauthored with Robert Carroll of Ernst & Young. The book will be published by AEI Press in the Spring.






