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US222 - Cap Spending at 20% of GDP
| Mitt’s goal will be to bring federal spending below 20% of GDP by the end of his first term | |
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Description
Any turnaround must begin with clear and realistic goals. Optimistic projections cannot wish a problem away, they can only make it worse. As president, Mitt’s goal will be to bring federal spending below 20 percent of GDP by the end of his first term:
- Reduced from 24.3 percent last year; in line with the historical trend between 18 and 20 percent
- Close to the tax revenue generated by the economy when healthy
- Requires spending cuts of approximately $500 billion per year in 2016 assuming robust economic recovery with 4% annual growth, and reversal of irresponsible Obama-era defense cuts
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