Decades ago, politicians promised Baby Boomers health and retirement benefits but provided no way to pay for them. Now we are faced with the consequences of their neglect. U.S. debt held by the public equals nearly 70 percent of GDP and is rapidly growing.
Medicare and Social Security face nearly $40 trillion in long-term unfunded obligations - over $200,000 for every American. We cannot leave these burdens for our children and grandchildren. We must begin now to solve these problems. And we all must share the burdens those solutions will entail.
Our plan transforms the main federal entitlement programs - Social Security, Medicare, and Medicaid - into real insurance programs. We provide financial security to retirees, guarantee assistance to people who need it, and reduce government payments to those who are truly prosperous.
Obamacare is repealed and replaced with a system that gives consumers affordable choices among private, competing health care plans, much as federal employees have long enjoyed.
The tax system is made simple and fair, with a single rate for all. Our reforms encourage businesses to invest, fueling economic growth. Complementing the aims of reforming entitlement programs (Medicare, Social Security and Medicaid), our tax plan helps Americans to save throughout their working years and achieve economic security so they won't have to depend on government in retirement.
Our plan permanently balances the budget within 10 years. By immediately reducing government benefits to the wealthiest Americans, our reforms immediately begin reducing deficits that threaten the economy. We reduce government where it has exceeded the powers authorized by the Constitution. And we responsibly address ruinous public debt that will otherwise overwhelm not only ourselves but also our children and grandchildren.
Saving the American Dream Plan: Solving America's Problems