House Speaker Paul Ryan’s 2018 Plans For Cutting Spending For Medicare/ Medicaid/ Social Security

Gronda Morin

Remember those college days when students studied Economics 101 by noted economist, John Kenneth Galbraith. Around 1962, he had opposed President John F. Kennedy’s plans to cut taxes with the warning that “Lower tax revenues will become a ceiling on spending.”

Republicans picked up this principle when in 1978, Republican economist Alan Greenspan told Congress, “The basic purpose of any tax cut program in today’s environment is to reduce the momentum of expenditure growth by restraining the amount of revenue available and trust that there is a political limit to deficit spending.”

What a perfect time to test this principle than in 2018, just after US Congressional republicans had passed their huge 2017 tax cuts bill where several credible tax analysts predict that this bill would most likely add $1 trillion dollars to the US deficit over 10 years. Even though, most congressional Democrats will join moderate Republicans to…

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