Representative Paul Ryan released the House budget proposal for FY 2013 on Tuesday March 20. The initial “big picture” shows that it is no solution to our nation’s economic problems. Major concerns are immediately obvious:
The Ryan budget cuts total spending sharply from the FY 2012 budget, and continues reductions in each of the next ten years; however the national defense part of this spending increases by billions each year.
Medicare is slashed, becoming a premium support program – an amount of money provided to seniors to offset the cost of their private insurance.
A reserve fund is established to bring about the repeal of the Affordable Care Act, to remove the benefits to seniors, children and young adults which are already helping millions of those most in need of assistance.
Revenue, so badly needed, is further limited by the extension of the 2001 and 2003 tax cuts; adjustment of the Alternative Minimum Tax to prevent additional people from paying it; extending the estate and gift tax cuts and reforming the tax code and lowering tax rates
In contrast, “Priorities for a Faithful Budget”: Acting with Mercy and Justice as One Nation Under God” was released today, March 22, and is a better model to use for our federal budget. This “Faithful Budget” was created by members of a national coalition of interfaith organizations who believe that government is a vital forum for promoting the common good and ensuring that no one is left behind.