NEW YORK (CNNMoney) – Rick Perry has an economic plan. He wants the federal government to spend less money, and he wants huge tax cuts.
Oh, and a balanced budget by 2020.
Perry wants to implement an extremist ideology that he initially campaigned on, like abolishing Social Security as we know it, the Dept. of Education, and other federal agencies, by defunding them because of less revenue necessary to operate them.He, Ron Paul, Cain, and Bachmann have similar views that would gut the federal government.This is scary stuff.
After his wild display of insanity at a NH speech, it's safe to say Perry will never hold an elected office again. On a measure of 1-10 on the lunacy scale, the Howard Dean-scream was about a 7, Perry's half-hour rant was about a 17.
A balanced budget is doable if Americans can stomach huge cuts to the military, Social Security, Medicare, and Medicaid. Since Republicans don't want to cut the military–some Republicans, like Romney, actually want to increase military spending– a balanced budget means huge cuts to Social Security, Medicare, and Medicaid. Of course, all Republicans want to cut taxes too, which means a loss of revenue, which will result in even greater deficits than we have right now and force even greater cuts in Social Security, Medicare, and Medicaid. This is actually what Republicans want anyway, but they don't want to come out and say it before the 2012 election.
Same theme, different performer. The problem is that this is the same theme the GOP has been playing for 3 decades, and has the anticipated growth covered the shortfall in revenues? Only when the tax cuts were carefully targeted, as they were under Clinton, an approach which passed without a single GOP vote ( sound familiar?). The basic premise is flawed, children, come up with something better, or admit defeat and go home.
Republicans, much like kids, say the darnedest things.