Ron Paul: $1 Trillion Budget Cut, $39K Presidential Salary
Politico reports Ron Paul will unveil his budget plan ahead of tomorrow night's debate in Las Vegas. His plan to eliminate five cabinet departments and slash budgets elsewhere would create a balanced federal budget by his third year of presidency, he'll claim:
Many of the ideas are familiar from Paul’s staunch libertarianism, as well as tea party favorites like eliminating the departments of education and energy. But Paul goes further: he’ll propose immediately freezing spending by numerous government agencies at 2006 levels, the last time Republicans had complete control of the federal budget, and drastically reducing spending elsewhere. The EPA would see a 30 percent cut, the Food and Drug Administration would see one of 40 percent and foreign aid would be zeroed out immediately. He’d also take an ax to Pentagon funding for wars.
Medicaid and food stamps would be block-granted to the states. The federal workforce would be reduced by 10 percent, and the president’s pay would be cut to $39,336 -- “approximately equal to the median personal income of the American worker.”
The top corporate income tax rate would be reduced to 15 percent, and capital gains and dividends taxes would be eliminated. Bush-era tax cuts would be extended.
President Barack Obama’s health care reform law would be repealed, but so would the Dodd-Frank financial regulatory reform law enacted last year.
Oh yeah, and the Fed would get audited.
Thoughts? Usually when politicians claim they have a bold plan, it's complete hogwash. In this case, the adjective fits.