Perry Unveils Economic Plan

Republican presidential hopeful Rick Perry outlined his sweeping tax- and spending-reform plan on Monday, ahead of making a formal announcement in South Carolina tomorrow. In an op-ed column in The Wall Street Journal, Perry unveiled his plan for a voluntary 20 percent “flat tax” for those who prefer it to what they pay now, while those who don’t want it can keep their current rate. His “Cut, Balance, and Grow” economic agenda—a not-so-subtle nod to congressional Republicans who have proposed a “Cut, Cap, and Balance" budget bill—also calls for capping federal spending at 18 percent of the country’s GDP while allowing younger U.S. citizens to privatize their Social Security accounts.