The deficit is a massive problem that needs to be addressed. There are two main proposals to fix this, Senator Ryan's plan, which saves 4.4 trillion dollars over 10 years; and President Obama's plan, which saves 4 trillion over 12 years. Both plans have good and bad ideas. I feel that Obama's plan is better, but still needs improvements.
Paul Ryan's plan favors large spending cuts as well as tax cuts. An example of this is that Paul Ryan supports Defense Secretary Robert Gates plan, which cuts 178 billion dollars in defense spending. Another Example of this is that the federal government won't pay for Medicaid, and will only indirectly pay for Medicare after 2023. Thirdly, his plan will cut funding for food stamps. Lastly Paul Ryan's plan will cut corporate tax rates, and the top bracket of individual tax rates to 25% percent. Two of the only exemptions to this is that Social Security will not be affected by this change, and his plan will help close tax loopholes. This is why Paul Ryan's plan favors large spending cuts, and tax cuts.
There are several ideas about Ryan's plan that I like and dislike. One thing I like about his plan is that it helps eliminate tax loopholes. Another thing I like about his plan is that it cuts defense spending. A third good idea is that it freezes discretionary spending at 2008 levels. Fourthly I support the fact that the Ryan plan cuts funding for food stamps. The last thing I like about his plan is that people over the age of 55 will not be affected by changes in the medicare program. However, there also several items in his plan that I don't think are smart. One of those ideas is the massive tax cuts. Another bad idea is that the federal government will no longer pay for medicaid, and will not directly pay for medicare. Lastly I don't like that Social Security will not be affected.
In contrast, Obama's plan includes letting taxes rise, barely effects Medicare, and has no effect on Medicaid. One example of this is that his plan lets the bush tax cuts expire for people making over 250,000 dollars. Another example of this is that his plan does not change medicaid. Lastly, the only change in Medicare is that after 2018 his plan will constrain it's growth. Other aspects of his plan include: cutting 400 billion dollars by reforming health care, cutting 400 billion dollars from defense spending, cutting federal pensions, agricultural spending and other domestic programs.
There are many ideas about Obama's plan that I do and don't like. One idea I like about Obama's plan is that it repeals the bush tax cuts for people making over 250,000 dollars. I also like that his plan cuts spending by reforming the health care law. Another idea about the President's plan that I like is that it lowers defense spending. Lastly I like that Obama's plan cuts federal pensions, agricultural subsidies, and other domestic spending. The only main things I don't like about the President's plan is that: it doesn't cut S.S. just like Ryan's plan, it fails to cut medicare, and it only constrains medicare spending growth after 2018, it doesn't actually cut it from it's current cost. These are some of the things I like and dislike about
In conclusion, even though Paul Ryan's plan saves more money, I feel that the ways Obama cuts spending are better for America than Paul Ryan's plan. I would support Paul Ryan's plan more, had he: raised the social security and medicare age, means tested them, and had he cut the amount of money the government paid people under medicare.