Republicans ought to coalesce around the Connie Mack PENNY PLAN ( Supported by Senators Rand Paul, Marco Rubio and Pat Toomey ).
The Mack Penny Plan is simple — eliminate one penny out of every federal dollar spent.
Doing this would balance our budget by 2019 and restore economic freedom by reducing spending and bringing fiscal discipline to Washington.
The Penny Plan continues to gain support and now has 70 cosponsors in the House of Representatives, as well as support from key senators like Marco Rubio, Pat Toomey and Rand Paul. If America’s families can cut one penny, or more, out of every dollar in their budgets, so can Washington.
Here are a few questions about Mack’s plan:
• Does the math work — would it balance the budget in eight years?
• How would Mack get to that 1 percent cut each year — would it be across the board in every area, including Social Security and Medicare?
• Is it really gaining support? Or is it stalled?
Mack has a fact sheet that shows the numbers for H.R. 1848, the One Percent Spending Reduction Act.
Mack got the idea from the One Cent Solution. The founder, Bruce Cook, is a businessman from Georgia and a graduate of Harvard Business School.
The math works like this: For six years, the federal government would reduce spending by 1 percent each year. In the seventh year, funding would be capped at 18 percent of gross domestic product, which measures the size of the overall economy. By the eighth year, the plan would balance the budget and save $7.5 trillion over 10 years.
If Congress and the president couldn’t reach an agreement about what to cut, the plan would trigger automatic across-the-board spending cuts.
Mack’s website shows the 1 percent reduction each year:
FY 2012 – $3.382 trillion*, less 1 percent => $3.348 trillion cap
FY 2013 – $3.348 trillion, less 1 percentt = > $3.315 trillion cap
FY 2014 – $3.315 trillion, less 1 percent => $3.282 trillion cap
FY 2015 – $3.282 trillion, less 1 percent => $3.249 trillion cap
FY 2016 – $3.249 trillion, less 1 percent => $3.216 trillion cap
FY 2017 – $3.216 trillion, less 1 percent => $3.184 trillion cap
At the beginning of fiscal year 2018, it sets an overall spending cap of 18 percent of gross domestic product.
The Penny Plan sets a framework for reducing spending. It will be up to Congress and the president to work together to determine how best to achieve those spending reductions.
(BTW, Connie Mack LOST his Senate race in Florida in 2012).
The majority of Americans think Republicans are a bunch of hypocrites and buffoons.
The Tea Party and the GOP are in a difficult negotiating position because of the terrible reputation they have among the American people. I read a recent poll that 65% of Americans have a negative view of the Tea Party. The GOP House only has about a 12% approval rating.
Also, they didn’t seem too interested in deficits during Bush.
Reduce spending by a penny per dollar? They won’t even stand for less increase in spending.
Republicans ought to do a lot of things, but they won't. It will do nobody any good to hope that they will do what they ought to.
They will no longer be a serious national party by 2016.
The plan sounds good. The GOP has as many good plans as the Democrats has ‘good’ intentions.
Unfortunately, the party is composed of cowards and liars. Connie Mack did not even try for the seat. GOP=Geriatric Obtuse Perjurors.
However, it won't happen. There are too many Repubics who are no different, essentially, than Democrats . . . they are strung out junkies addicted to spending money we no longer have.
Wish it weren't so, but . . . things will have to get much worse before they will ever get better. America is in for a very bad patch.