U.S. May Soon Resemble Greece Economically, Says House Republican

Friday, June 25, 2010 at 11:30AM
Staff in Congress, Frontpage 2, Greece, Linn Grubbström, News/Commentary, Paul Ryan, Roadmap 2.0, debt, tax system

By Linn Grubbstrom
Talk Radio News Service

Rep. Paul Ryan (R-Wis.) is afraid that the U.S.'s mounting debt could match Greece's in a number of years.

"Our debt levels right now are above Spain, Ireland and Portugal," Ryan said Thursday. "That's the most important statistic. In five years, our debt level, on our current trajectory, is going to be up there with Greece and Italy," said Ryan.

One possible solution, said Ryan, would be modified the tax system.

"I would replace the current tax system with a modified flat tax. It's a boon to progressivity, meaning 10% on the first 100,000 dollars for couples 25% above that. No other tax on capital or saving. Meaning no dividends, capital gains or death tax. Those are taxes that are double taxes on capital, they retard economic growth and innovation," he said.

Ryan, the ranking Republican on the House Budget Committee, also suggested changes in health care, social security and job training programs.

Article originally appeared on Talk Radio News Service: News, Politics, Media (http://www.talkradionews.com/).