Is Rep. Paul Ryan’s “Path to Prosperity” potentially the most important and necessary piece of economic legislation since President Ronald Reagan’s tax cuts in 1981? Quite likely. The blueprint embraces free markets and individual choice to radically reshape America’s social welfare state for the 21st century and shrink government. Instead of looking for ways to finance an ever-expanding public sector, it would prevent Washington from growing to a projected 45 percent of GDP by 2050 (vs. 24 percent today) and instead reduce it to just under 15 percent by that year. Ryan would downsize government to its smallest size since 1950 and prevent the Europeanization of the American economy. The Ryan Path embraces dynamic growth, not managed decline and stagnation.
Private equity firms could get roped into helping pay for U.S. tax reform. To help offset the budget cost of lower corporate rates, my industry sources tell me, Democrats in Congress are considering an attempt to alter the treatment of publicly traded partnerships. Such a move could bring in several billions of dollars a year from Blackstone, Fortress and Apollo, the latest buyout shop to move to the New York Stock Exchange. A similar legislative effort in 2007 failed, but this one might have legs.
The Obama 2012 presidential campaign, which has now officially sprung to life, confronts a vexing political puzzle. The unemployment rate is plummeting. After the March jobs report release, White House economic adviser Austan Goolsbee pointedly noted that the full percentage-point decline over the past four months is the largest such drop since 1984.
If only it were an April Fools’ Day prank. With Japan officially cutting its corporate tax rate as of today, America now has the highest rate among advanced economies. Even its effective tax rate is way above average despite the likes of General Electric spending billions to game the labyrinthine code. A smarter approach would be to substitute a business consumption tax.
President Barack Obama should get in a New York state of mind. Over the weekend, Andrew Cuomo, the Democratic governor of the Empire State, struck a deal to balance the budget without major tax increases – and five days ahead of deadline. It’s the latest example of how left-of-center politicians, often considered profligate, are better sometimes placed than conservatives to cut spending. Obama is missing a “Nixon to China” moment on dealing with America’s dangerous budget deficit. Consider the following:
Much more of this, please:
Six Sigma dates back to 1986, when a Motorola engineer created the methodology to boost productivity and quality with as few errors in production as possible — fewer than 3.4 defects for every 1 million attempts, to be exact. The result was data-driven program that systematically measures, defines and analyzes all aspects of a business. Its name derives from a statistical term that calculates how far a process deviates from perfection.
I partially agree with Philip Klein of the Washington Examiner:
As everybody who studies the federal budget knows, the true drivers of our long-term debt are entitlement programs. Under President Obama’s proposed budget, so-called “mandatory spending” on programs including Social Security, Medicare and Medicaid would approach $3.5 trillion by 2021, according to the Congressional Budget Office, representing roughly 60 percent of that year’s federal spending.