Zero Hedge 
October 17, 2011
Today at 3pm on Las Vegas, perpetually ignored by the media on both the left and right presidential candidate Ron Paul will announce details of his $1 trillion proposal in government spending cuts, which will be the start of a process to balance the Federal budget in three . As Politico reports, “the Texas congressman will lay out a budget blueprint for deep and far-reaching cuts to federal spending, including the elimination of five cabinet-level departments and the drawdown of American troops fighting overseas.” Amusingly, and if there is anything that will Paul brownie points with an electorate disgusted by those spreading hypocritical class warfare, “there will even be a symbolic readjustment of the president’s own salary to put it in line with the average American salary.” Which will simply make it a given that every president going forward will have at least three laid off Hollywood scriptwriters preoccupied as ghost writers and writing presidential “autobiographies.” For the royalties. But we digress. “The federal workforce would be reduced by 10 percent, and the president’s pay would be cut to $39,336 — a level that the Paul document notes is “approximately equal to the median personal income of the American worker.” We somehow doubt that even Paul will go as far as proposing a much needed overhaul of campaign finance, which basically forces every politician to wear sponsorship tags of all the Wall Street banks that have “gifted” a given politician and/or president in the past 5 years, but we can surely hope.
More from Politico :
Many of the ideas are familiar from Paul’s staunch libertarianism, as well as tea party favorites like eliminating the departments of education and energy. But Paul goes further: he’ll propose immediately freezing spending by numerous government agencies at 2006 levels, the last time Republicans had complete control of the federal budget, and drastically reducing spending elsewhere. The EPA would see a 30 percent cut, the Food and Drug Administration would see one of 40 percent and foreign aid would be zeroed out immediately. He’d also take an ax to Pentagon funding for wars.
Medicaid, the children’s health insurance program, food stamps, family support programs and the children’s nutrition program would all be block-granted to the states and removed from the mandatory spending column of the federal budget. Some functions of eliminated departments, such as Pell Grants, would be continued elsewhere in the federal bureaucracy.
And in a noticeable nod to seniors during an election year when Social Security’s become an issue within the Republican primary, the campaign says that plan “honors our promise to our seniors and veterans, while allowing young workers to opt out.”
- A d v e r t i s e m e n t
Also, say goodbye to progressive tax:
Paul would also make far-reaching changes to federal tax policy, reducing the top corporate income tax rate to 15 percent, eliminating capital gains and dividends taxes, and allowing for repatriation of overseas capital without tax penalties. All Bush-era tax cuts would be extended.
Lastly, Obama’s “revolutionary” healthcare overhaul, will be hauled over.
And like the rest of his GOP rivals, Paul would repeal President Barack Obama’s health care reform law, along with the Dodd-Frank financial regulatory reform law enacted last year. Paul, a longtime Federal Reserve critic, would also push a full audit of the central bank, as well as legislation to “strengthen the dollar and stabilize inflation.”
We look forward to the actual speech and hope to present it live to our readers.