Grading the GOP Presidential candidates on the budget

Stan Collender at the blog CaptialGainsandGames has an interesting piece (see here) where he grades the GOP Presidential Candidates their approach to the Federal budget.  Below are his grades:


Herman Cain:             Dropped the course
Jon Huntsman:          Incomplete: He just hasn't said much of anything on the budget
Mitt Romney:             D

Romney's says he will reduce spending to 20 percent of GDP by 2016, something that is likely to happen anyway if the economy picks up and current tax and spending laws stays in place. He's also talked about $500 billion in spending cuts without even hinting what they would be. He's also basing his estimates on a change in Medicare that is so unlikely to be adopted it has to be labeled fantasy.

Newt Gingrich:            F

This one is easy. According to the Tax Policy Center, Gingrich's tax plan would increase the deficit by $1.3 trillion in 2015 compared to what would occur under current law. To reduce the deficit, Gingrich relies on what he calls "deep" but completely unspecified spending cuts and higher economic growth.

Ron Paul                      F

This one is also easy. Paul says he wants to eliminate the income, estate and capital gains taxes. That would be fine if he also at least mentioned in passing that he'll also need to eliminate almost everything the federal government does to prevent the deficit and debt from rising. He doesn't.

Rick Perry                    F

Perry says he'll balance the federal budget by 2020, that is, by the end of his second term as president. In other words, without actually admitting it, Perry is saying that there will be seven years of federal deficits if he's elected. Perry also says he wants to cap overall federal spending at 18 percent of GDP without saying how he's going to get it to fall that far below the historical average of between 20 and 21 percent during a period when, because of the Baby Boomers retiring and higher interest on the national debt, it will be rising.

Michelle Bachmann   F

Bachmann doesn't have a deficit reduction plan unless you call refusing to raise the federal debt ceiling and increased Pentagon spending a way to reduce the deficit. Bachmann is committed to what she says will be "deep cuts in spending." She does not, of course, specify what they will be.

Rick Santorum           F

Santorum says he wants to cut $5 trillion in spending over five years. But other than ending federal spending on education, he doesn't say how. Santorum also doesn't say that $5 trillion would be a roughly 20 percent reduction in spending.