"Cut, Balance and Grow"

http://www.washingtonpost.com/politics/perry-calls-for-major-spending-and-tax-cuts/2011/10/25/gIQAu7OUEM_story.html

On Tuesday, major GOP candidate Rick Perry released his economic plan, filled with (unsurprisingly) conservative fiscal goals. The plan calls for a dramatic reduction of taxes (lowering the current 35 percent to 20 percent). He argues that the tax cuts will encourage economic prosperity by allowing wealthy individuals and companies to expand business in a more favorable economic climate. However, with the tax cuts, the federal deficit will drastically increase if other methods of spending reduction are not found.

In addition to tax cuts, Perry has also formally proposed the idea of privatizing Social Security, allowing younger generations to put aside retirement money in separate, private savings accounts. Although the plan seems like it would work, it's a little too idealistic- it's already difficult enough to get young people to start 401Ks if they're younger than 40. Social Security will probably need more reform than simply allowing the option of privatization.

The proposed economic plan also happens to put Perry more right than his opponent, Mitt Romney; a clever tactic especially after criticism of being "too liberal" with immigration policies and the granting of in-state college tuition to children of illegal immigrants. It appears as if Perry is trying to win over ultra-conservative Tea Party members who were reluctant to back Romney. Perry seems to be taking the "anything you can do, I can do better" approach with his opponent. While Romney calls for 25% corporate tax cuts, Perry calls for 20. With the capping of federal spending: Romney plans for 20% of GDP, while Perry calls for 18%.

As the Republican primaries and caucuses move closer and closer, the GOP candidates are campaigning in earnest.