He served in the White House Office of Policy Development under President Reagan, and as Associate Deputy Attorney General of the United States under the first President Bush. He is a graduate of Harvard College and Harvard Law School. He is author of The Obamacare Disaster, from the Heartland Institute, and President Obama's Tax Piracy, and his latest book: America's Ticking Bankruptcy Bomb: How the Looming Debt Crisis Threatens the American Dream-and How We Can Turn the Tide Before It's Too Late.
Latest posts by Peter Ferrara (see all)
- Taking Broadband to the Country - August 2, 2017
- Elizabeth Warren’s CFPB: This Is Progress? - August 2, 2017
- America Needs A Big Reagan/Kennedy Pro-Growth Tax Cut - July 28, 2017
My latest in The American Spectator about the debt ceiling debate has been getting some attention today (I’m going on KMOX in St. Louis at 1 p.m. Central Time) to talk about it.
The indisputable facts show that Congressional Republicans have done their job. Months ago, the House Republican majority passed the budget proposed by House Budget Committee Chairman Paul Ryan (R-WI). Ryan’s budget provided for $6.2 trillion in spending cuts for its first 10 years alone. Over the long run, it drives federal spending to 15% of GDP, well below the postwar historical average of 20%.
Ryan’s budget included tax reform to get the economy booming again, with a 25% top income-tax rate for incomes over $100,000 a year, and a 10% rate for incomes below that. The internationally uncompetitive federal corporate tax rate of 35% would be reduced to 25%, which would return federal taxes to their long term, postwar, historical average of 18% of GDP. Because that figure is higher than our spending, the Ryan budget eventually pays off the national debt entirely.
Yes, that takes decades. $14 trillion is a big debt to pay. It takes that long because the careful reforms are designed so that no one is actually hurt by the changes — senseless Democratic rhetoric to the contrary notwithstanding. The Democrats just don’t like it because by reducing government dependency it threatens their political machine.
Read the rest here.