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Just Call Him Paul 'Roosevelt' Ryan
New Proposal Eliminates Entitlement Crisis Without Increasing Taxes
DALLAS, May 21 /PRNewswire-USNewswire/ -- The Institute for Policy Innovation commends the dedication Congressman Paul Ryan has shown to make comprehensive federal entitlement reform a priority on the legislative agenda. Rep. Ryan's introduction of legislation today encompasses sweeping reforms to Social Security, Medicare and Medicaid.
"The biggest problem facing America is the overwhelming entitlement crisis," said IPI Director of Entitlement and Budget Policy Peter Ferrara.
"This legislation will completely eliminate the long-term entitlement crisis--without tax increases," writes Ferrara today in National Review Online. "They said it couldn't be done. But Congressman Ryan has just done it"
According to Ferrara, Ryan's legislation provides a Federal guarantee that workers with personal accounts would get at least as much for the accounts and continuing Social Security benefits as promised by Social Security under current law.
"These accounts are the key to the success of the reform package," Ferrara said.
For Medicaid, the reform limits Federal spending growth and allows states to choose either a Federal block grant to fund the state's Medicaid program, or income-related vouchers for individuals to purchase private health insurance.
And for Medicare, the program's payroll tax revenues would fund vouchers for seniors that can be used to purchase not only private health insurance but health savings accounts, as well.
"Such enormous reductions in the long-term Federal spending and taxes would produce enormous gains in long-term economic growth," he said.
"These sweeping, historic reforms are frankly bigger than the New Deal," concluded Ferrara. "Just call him Paul 'Roosevelt' Ryan."
The Institute for Policy Innovation is an independent, non-profit public policy organization based inDallas, Texas. Experts are available for interview by contacting Erin Humiston at (972) 874-5139, or erin@ipi.org.
SOURCE Institute for Policy Innovation
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