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GOP Contenders Policies Would Raise US Debt: Study
Ask any of the Republican presidential hopefuls and they'll tell you the current president has done more harm than good.
ROMNEY: "Almost everything he's done has made it harder for this economy to reboot."
GINGRICH: "I want to create a springboard in which people who are poor get educated, get a job, learn how to work, get a better job and someday own the company."
But an independent study commissioned by the non-partisan Committee for a Responsible Federal Budget says fixing the U.S. economy will not be easy.
Former Republican Congressman2 Bill Frenzel with the committee's U.S. Budget Watch project says economic policies championed by the four contenders, need more work.
"None of the primary 'promisers' on the Republican side get us to a balanced budget in 10 years, even in the most optimistic estimates," said Frenzel.
With no change to U.S. policy, by 2021, the committee says national debt, now nearly $15 trillion, will represent 85 percent of the nation's gross domestic output. By comparison, Greece's debt before its second bailout was 160 percent of its GDP.
Instead of stabilizing3 the debt, CRFB president Maya MacGuineas says Republican campaign platforms would add to it, some more than others.
"Under Gingrich's proposals, the debt would increase by $7 trillion compared to that amount and the debt levels would reach 114 percent of GDP," said MacGuineas.
The study, based on specific candidate proposals, shows Congressman Ron Paul's policies would reduce debt by $2.2 trillion. But the study says Paul's plan offsets4 proposed tax cuts by eliminating prominent government agencies, including the Federal Reserve.
Mitt1 Romney's blueprint5 would add $250 billion to the debt, while Rick Santorum's tax cuts would add $4.5 trillion.
Analysts6 say the accounting7 problem stems from Republican aversion to new taxes. Former Congressional Budget Office Director Alice Rivlin says the analysis shows a more balanced approach is needed.
"I think it is totally unrealistic that we can stabilize8 the debt over the long term without both increases in revenues and reductions in entitlements," said Rivlin.
U.S. Budget Watch expects Republican candidates will dispute the group's findings. But the group welcomes the dialogue if it brings more transparency and compromise. The group says it plans to release a separate analysis of President Obama's economic agenda.
1 mitt | |
n.棒球手套,拳击手套,无指手套;vt.铐住,握手 | |
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2 Congressman | |
n.(美)国会议员 | |
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3 stabilizing | |
n.稳定化处理[退火]v.(使)稳定, (使)稳固( stabilize的现在分词 ) | |
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4 offsets | |
n.开端( offset的名词复数 );出发v.抵消( offset的第三人称单数 );补偿;(为了比较的目的而)把…并列(或并置);为(管道等)装支管 | |
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5 blueprint | |
n.蓝图,设计图,计划;vt.制成蓝图,计划 | |
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6 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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7 accounting | |
n.会计,会计学,借贷对照表 | |
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8 stabilize | |
vt.(使)稳定,使稳固,使稳定平衡;vi.稳定 | |
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