The PEOPLES Budget Plan From The Progressive Caucus

Dave Johnson

“Budgets are more than collections of numbers. They are a statement of our values.”

All we hear about in the corporate/conservative “mainstream” media is the Tea Party (Koch) line saying we need to cut taxes for the rich and pay for it by cutting the things We, the People (government) do for each other. There is another plan. The Progressive Caucus has released their PEOPLE’S BUDGET. Isaiah Poole wrote about it yesterday in, Progressive Caucus’ Alternative Deficit-Cutting Plan, (please click through and read)

With all of the attention around what looks to be a bad budget deal between the White House and Congress to avert a government shutdown, almost lost was the fact that progressive leaders in the House have produced the outlines of a budget that will do more to reduce the deficit long-term than what the Republicans have proposed—without asking poor and middle-class families to bear all of the budget-cutting pain.

Read the plan at: Congressional Progressive Caucus : FY2012 Progressive Budget,

The CPC proposal:

• Eliminates the deficits and creates a surplus by 2021
• Puts America back to work with a “Make it in America” jobs program
• Protects the social safety net
• Ends the wars in Afghanistan and Iraq
• Is FAIR (Fixing America’s Inequality Responsibly)

What the proposal accomplishes:

• Primary budget balance by 2014.
• Budget surplus by 2021.
• Reduces public debt as a share of GDP to 64.1% by 2021, down 16.5 percentage points from a baseline fully adjusted for both the doc fix and the AMT patch.
• Reduces deficits by $5.6 trillion over 2012-21, relative to this adjusted baseline.
• Outlays equal to 22.2% of GDP and revenue equal 22.3% of GDP by 2021.

Rep. Mike Honda and Rep. Raúl M. Grijalva explain, in The Only Real Democratic Budget: Why Progressives Have the Answer to What the American Public Wants,

Budgets are more than collections of numbers. They are a statement of our values. The Congressional Progressive Caucus Budget is a reflection of the values and priorities of America’s working families. The “People’s Budget” charts a path that keeps America exceptional in the 21st century, while addressing the most pressing problems facing the nation today. Our Budget eliminates the deficit, stabilizes the debt, puts Americans back to work, and restores our economic competiveness.

[. . .]

Our Budget listens to what the American people are telling us. It does all of the above in a fiscally responsible way that dramatically reduces our borrowing from banks and foreign governments and ensures our long-term economic competitiveness.

Our Budget Eliminates the Deficit by 2021: The CPC budget eliminates the deficit in a way that does not devastate what Americans want preserved, specifically, Medicare, Medicaid and Social Security. …

Our Budget Puts America Back to Work & Restores America’s Competitiveness: The CPC budget rebuilds America and makes it competitive again. We put America back to work. We rebuild our roads and bridges, ensuring that those who use it help pay for it. …

Our Budget’s Fair Tax System: The CPC budget implements a fair tax system, based on the American notion that fairness and equality are integral to our society. …

Our Budget Brings Our Troops Home: The CPC budget responsibly ends our wars, currently paid for by American taxpayer dollars we do not have. …

Our Budget’s Bottom Line (Over 10 year Window)

• Deficit reduction of $5.6 trillion
• Primary spending cuts of $869 billion
• Net interest savings of $856 billion
• Total spending cuts: $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.

Take action: Tell President Obama to put the People’s Budget on the table.

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