The People’s Budget
- Deficit reduction of $5.6 trillion
- Primary spending cuts of $869 billion
- Net interest savings of $856 billion
- Total spending cuts of $1.7 trillion
- Revenue increase of $3.9 trillion
- Public investment of $1.7 trillion
- Budget surplus of $30.7 billion in 2021, debt at 64.1% of GDP.
Support for the People’s Budget
“achieves this without dismantling the legacy of the New Deal”
"if you want a serious effort to balance the budget, here it is."
“A bolt of hope…humane, responsible, and most of all sensible”
“Mr Ryan’s plan adds (by its own claims) $6 trillion to the national debt over the next decade, but promises to balance the budget by sometime in the 2030s by cutting programmes for the poor and the elderly. The Progressive Caucus’s plan would (by its own claims) balance the budget by 2021 by cutting defence spending and raising taxes, mainly on rich people.”
The New Republic
“In passing, Miller also draws attention something that’s gotten far too little attention in this debate. The most fiscally responsible plan seems to be neither the Republicans’ nor the president’s. It’s theCongressional Progressive Caucus plan…”
The Washington Post
"It’s much more courageous to propose taxes on the rich and powerful than spending cuts on the poor and disabled."
“Balances the budget 20 years earlier than Paul Ryan even tries to”
“the most fiscally responsible in town… would balance the books by 2021“
“the strongest rebuke…to the unconscionable ‘Ryan Budget’ for FY 2012.”
Center for American Progress
“once again put[s] requiring more sacrifice from the luckiest among us back on the table”
Economic Policy Institute
“National budget policy should adequately fund up-front job creation, invest in long-term economic growth, reform the tax code, and put the debt on a sustainable path while protecting the economic security of low-income Americans and growing the middle class. The proposal by the Congressional Progressive caucus achieves all of these goals.”
to my mind, CPC’s “The People’s Budget” is the most interesting thing being discussed in fiscal politics these days.
also, Dean Baker has been the single most important Economist / Commentator in America for the last 5 years and continues his righteous reign to the present moment. meeting him last year was definitely a high point of my professional life.