Good piece from Sarah Palin in today’s WSJ. Interesting that she singles our Paul Ryan’s business-consumption tax, offered as a replacement to the corporate income tax, for praise.
The Roadmap would also replace our high and anticompetitive corporate income tax with a business consumption tax of just 8.5%. The overall tax burden would be limited to 19% of GDP (compared to 21% under the deficit commission’s proposals). Beyond that, Rep. Ryan proposes fundamental reform of Medicare for those under 55 by turning the current benefit into a voucher with which people can purchase their own care.
Palin is sounding the alarm bells on Fiscal Armageddon, but she’s fairly optimistic. (Maybe too optimistic.)
Our country is on the path toward bankruptcy. We must turn around before it’s too late, and the Roadmap offers a clear plan for doing so. But it does more than just fend off disaster. CBO calculations show that the Roadmap would also help create a “much more favorable macroeconomic outlook” for the next half-century. The CBO estimates that under the Roadmap, by 2058 per-person GDP would be around 70% higher than the current trend.
In any case, it is tremendously helpful and heartening to have Palin’s big megaphone operating in service to the Ryan Roadmap and fiscal sanity more generally.
– Kevin D. Williamson is deputy managing editor of National Review and author of The Politically Incorrect Guide to Socialism, now available at Amazon.com. You can buy an autographed copy through National Review Online here.