“Either we will save our country or we will lose it,” Newt Gingrich writes in a book he didn’t expect to write.
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He would keep the budget balanced over the long run with fundamental, structural entitlement reforms. He would expand the personal accounts until they financed all of the benefits currently financed by the payroll tax, again all at the option of each worker. Note the enormous impact these accounts would have in reducing federal spending over the long term:
These accounts wouldn’t just trim the growth of government spending, they would shift huge chunks of it from the public to the private sector, ultimately reducing federal spending by about 10 percent of GDP as the personal accounts replace this spending with market financed benefits. Such spending reductions would involve an unprecedented expansion of personal freedom and personal choice.
Gingrich in his book also endorses expanding the enormously successful 1996 reforms of the old Aid to Families with Dependent Children program (AFDC), which was sent back to the states with fixed, finite federal block grants rather than federal funding to match increased state spending. The result ultimately was to reduce the old AFDC rolls by two-thirds nationwide. These same reforms can and should now be expanded to the remaining 184 federal welfare programs, sending welfare entirely back to the states where it belongs. This would amount to another enormous long-term reduction in federal spending.
Gingrich rightly recognizes as well that restoring another long term economic boom requires “Reagan-style, strong-dollar monetary policies,” and unleashing “the private sector to produce low-cost, reliable energy supplies from American sources.” He would, of course, “repeal and replace” Obamacare, including all of its spending and all of its taxes.
This is a prescription for another long term, 25-year, economic boom, like Reagan produced. It was Gingrich and the Congressional Republican majorities he led that produced the enormous budget surpluses in the late 1990s, so he is the only political leader today who knows by actual experience how to balance the federal budget.
Gingrich is also the only political leader today with the depth to intellectually outmuscle the secular-socialist machine in framing the debate for 2012, and the standing to stare down their ridiculing Alinskyite tactics. No other possible Republican contender would go nearly as far as Gingrich in reestablishing free market capitalism in America. No other possible contender understands the big picture fight America is in nearly as well as Gingrich displays in this book. No one else has displayed the leadership that Gingrich did in overturning the ruling paradigm in 1994, which is exactly the leadership America needs right now.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online