Is Mitt Romney’s balanced budget plan realistic? To be sure, the current administration’s budget deficit is worse than it’s predecessors. However, we will take a cursory look at Romney’s basic plan and see if it stands a chance.
In order to balance the current budget, the vast majority of credible, independent economists say that both Romney’s plan and Obama’s plan are not realistic for balancing the budget and it will take a combination of increased revenues and spending cuts in order to balance.
Romney has stated he will not increase revenues. He has berated the current administration for excessive spending, yet the only main programs he has addressed are Defense and Medicare, both of which he wants to increase spending in. In order to come even close to balancing the budget, spending cuts of such magnitude would have to occur in the rest of the budget that it would be unrealistic and based on current politicians, would never pass Congress because much of the remainder of the monies are money for the districts of Congressmen and Senators. These programs include Highway, Ports, Construction, Farming, Transportation, Education and many more.
Congressmen and Senators defend those monies that go to their districts as if it was their own children. That is the primary reason why it is so hard to cut spending. Cut spending as long as it is not in my backyard.
Based on this, it would seem that Romney’s balanced budget forecast is not realistic.
Romney’s balanced budget plan Resources:
U.S. Department of Commerce – Helps american businesses become more innovative at home and competitive abroad.
U.S. Bureau of Economic Analysis – Provides statistics on consumer spending, corporate profits, travel and tourism and much more.
Entrepreneurworld – Resource for Entrepreneurs, including starting your own business, growing your business.
Bureau of Labor Statistics – Provides companies with up to date information on employment, demand, hiring, productivity and other information that may be useful to companies.
International Trade Administration – Creates jobs and economic growth by promotingU.S. companies abroad to governments in other countries.
More Romney’s Balanced budget plan resources:Public Radio Planet Money – All issues money related to the public.
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