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Ryan: Republican Roadmap to Recovery

By Marc Davis   |   Thursday, 05 Mar 2009 09:26 AM

Rep. Paul Ryan (R-WI), ranking Republican on the House Budget Committee and also a member of Ways and Means, says four key measures will lead the U.S. to economic recovery.

The measures have been introduced in Rep. Ryan's proposed legislation, called "A Roadmap for America's Future."

Writing in The Wall Street Journal, Ryan enumerates the necessary legislative steps. The first of them, Ryan says, is a pro-growth tax policy.

"Rather than raise the top marginal income tax rate to 39.6 percent, it should be dropped to 25 percent," writes Ryan. The top corporate rate should be dropped to 25 percent. Lower income taxpayers should also get a reduction.

Second is guaranteed sound money. An explicit, market-based price guide, using a selection of commodities, should be used to set monetary policy, Ryan proposes.

Third, Ryan says, is to fix for the financial sector.

Nationalizing banks won't work, says Ryan. Instead, there should be a transparent and temporary government program to buy bad loans from financial institutions, hold them until the recovery starts, and then resell them.

Finally, government must reign in entitlements, Ryan maintains.

The U.S. has $56 trillion — four times more than the annual U.S. economic output — in unfunded entitlements, writes Ryan, which include Medicare, Medicaid, and Social Security. We must determine why such costs are skyrocketing and move to cap the increases.

Ryan's legislative proposal is bound to encounter strong opposition from the Democrats, and even from some Republicans.

Senator Lindsey Graham (R-SC), for example, has suggested that it might be necessary to nationalize some U.S. banks. The United States has already taken a 40 percent stake in Citibank, with more such moves in the offing.

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Rep. Paul Ryan (R-WI), ranking Republican on the House Budget Committee and also a member of Ways and Means, says four key measures will lead the U.S. to economic recovery.The measures have been introduced in Rep. Ryan's proposed legislation, called "A Roadmap for America's...
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2009-26-05
 

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