“YES” on the RSC’s Back to Basics Budget
This week, the House will vote on a Fiscal Year 2014 Budget offered by the Republican Study Committee. The “Back to Basics Budget” proposes sweeping entitlement reforms that would balance our country’s federal budget in just four years.
At its core, the “Back to Basics Budget” serves as a benchmark for serious entitlement reform. Rather than grandfathering the bulk of the Baby Boomers into a failing entitlement system – the peak of that generation was born in 1957, meaning they are now 55 – the RSC Budget would institute the Ryan premium support plan for Medicare for those under 60. Instituting a premium support plan will give seniors access to more health care choices and better quality of care. The RSC Budget would also slowly increase the eligibility age to 70 years.
The budget also improves the future of the current Social Security system. Again, gradually increasing the eligibility age to 70 and switching to chained CPI-U to more accurately track inflation.
On Medicaid, the RSC Budget empowers states to determine eligibility and benefits, and puts the entitlement on a pre-Obamacare expansion budget for the next ten years.
While the “Back to Basics Budget” is indeed the conservative benchmark for entitlement reform, no budget is perfect. Although the budget’s revenue targets are lower than current law, they remain higher than many conservatives would like. And while the $600 billion fiscal cliff tax hikes are repealed, Obamacare tax revenues remain part of the baseline. Additionally, the budget lacks the much-needed comprehensive welfare reform supported by 140 conservatives last Congress.
Taken as a whole, the RSC’s “Back to Basics Budget” demonstrates a seriousness of purpose when it comes to the type of entitlement reform we need to save the country from a fiscal crisis.
Heritage Action supports the RSC’s Back to Basics Budget and will include it as a key vote on our legislative scorecard.
Heritage Action Scorecard