Lakhota
Diamond Member
- Jul 14, 2011
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By Mollie Reilly
Rep. Paul Ryan's (R-Wis.) proposed budget would reduce government spending outside of Social Security and interest on debt to its lowest levels in over six decades, Investor's Business Daily reported Wednesday.
Ryan, the House Budget Committee chairman, unveiled his latest fiscal proposal on Tuesday, laying out $4.6 trillion in cuts over the next decade. The blueprint aims to balance the budget in 10 years by slashing Medicare, Medicaid and programs to aid the poor, including food stamps. Ryan's plan would also repeal President Barack Obama's health care reform law.
More: Paul Ryan Budget Reduces Spending To Lowest Levels Since 1948: Report
Here is another stunner: Excluding federal outlays on Social Security and Medicare, programs devoted mostly to caring for the old, noninterest spending under the Ryan plan would fall from 12% of GDP in 2012 to 7.9% in 2023 by far the lowest level since 1938, in the days before Social Security and Medicare existed.
Two Stunning House GOP Budget Numbers: 1948 And 1938 - Investors.com