Here Is A Budget That Works

Dave Johnson

President Obama is preparing to roll out his 2013 budget. If he wants a budget that gets rid of the deficit, meets human needs and does the things that polls show the public overwhelmingly wants done, The People’s Budget Is The Template! This is the budget proposal from the Congressional Progressive Caucus.

The following is directly from the post, The People’s Budget Is The Template:

The People’s Budget

The Progressive Caucus — a group of progressives in the Congress — have put together a budget that fixes the deficit and grows the economy, providing jobs. It is called The PEOPLE’S Budget Plan.

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.

See research and analysis on how The People’s Budget affects middle-class households at TheMiddleClass.org.

Also see the CAF series, The Progressive Path To Deficit Reduction

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