Sen. Rand Paul’s plan to balance the budget is a huge step toward fiscal responsibility
Opinion by Christopher Tremoglie
With record inflation and out-of-control government spending, the notion of a fiscally responsible government seems like an afterthought. Both parties have not provided even the slightest hint at curbing expenditures in any way. The more members from both parties speak, the more money they seemingly want to spend. Fortunately, our country has at least one member of Congress concerned with our national debt: Sen. Rand Paul.
On Monday, Paul introduced his “Six Penny Plan,” which he says will balance the federal budget within five years. With numerous financial troubles on the horizon, his plan is the legitimate solution our country desperately needs.
“Five years ago, we could balance our budget with a freeze in spending without cutting anything. Since then, our debt has skyrocketed to $30 trillion with $2 trillion just from this past year,” the Kentucky Republican said. “We are now in a situation that a simple penny, two, three, or even a five pennies per-dollar reduction is insufficient to balance our budget. It requires six. We cannot keep ignoring this problem at the expense of taxpayers, and my budget will put our nation on track to solve this crisis that Congress created.”
The country’s future is at risk if government keeps spending trillions of dollars without accountability. And accountability is what is at the crux of Paul’s plan. Consider the past few years that have put the country in its current precarious situation and looming financial crisis.
First, reckless spending contributed to Congress adding approximately $11 trillion to the federal debt. Next, statistics show that the annual structural deficit has increased by more than double while interest payments on the debt have exploded by 32%. Finally, there is the problem of inflation that is hurting the public each day, reaching a 40-year high.
Paul meticulously lists the key components of his plan to balance the budget. First, it calls for a cut in spending. This would necessitate “a reduction of $298 billion in government spending in the first year and $16.1 trillion over ten years relative to adjusted baseline estimates.” The plan also provides detailed breakdowns of the totals allotted for major functional categories such as national defense, international affairs, general science, space, and technology, energy, commerce and housing, social security, and others.
“America is facing both an inflation crisis and a debt crisis, and they’re both being caused by Washington’s addiction to spending,” said Garrett Bess, the vice president of Heritage Action. “Yet even with inflation over 8% and a national debt that has surpassed $30 trillion, Democrats in Congress continue to advocate for more spending, which will only make both crises worse. Fortunately, Sen. Paul has introduced the ‘Six Penny Plan,’ which would cut wasteful spending and put the United States on a path to a balanced budget within five years. Americans deserve a serious plan to get our fiscal house in order, and Sen. Paul has delivered.”
Thankfully, Paul has the foresight to see the looming financial emergency if our government does not start to rein in its spending. This plan is a significant move to ensure our country’s fiscal sustainability and resolve many future monetary problems. Perhaps most importantly, Paul’s “Six Penny Plan” seeks to curb much of our country’s needless spending while prioritizing the taxpayer. Paul’s plan will have bipartisan approval if our politicians are genuinely interested in protecting our future from economic disaster.