General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPaul Ryan’s hypocrisy and the Romney/Ryan Vision for our Country
Mitt Romney chose Paul Ryan as his running mate hoping that his widely known advocacy for fiscal austerity would impress his conservative base, and perhaps fiscally conservative independents as well.
The introduction to Ryans proposed 2013 Budget Resolution, titled "Path to Prosperity A Blueprint for American Renewal", reads like a fairy tale. It contains 7 major points, point number 7 being to Lift the crushing burden of debt from our country. To do that he proposes to Prioritize defense spending to keep America safe (point # 1), enact massive tax decreases (point # 5) for wealthy individuals (reducing the top marginal tax bracket to 25%) and corporations (from 35% to 25%), strengthen the social safety net (point # 3), and fulfill the mission of health and retirement security (point # 4). Hmmm. What part of this plan is designed to save money to lift the crushing burden of debt?
Ryans budget fantasy
Many have expressed admiration for Ryan for actually crunching numbers to come up with his proposals. But as William Black explains, Ryan did not actually crunch the numbers. Instead he created fantasy numbers, instructing the Congressional Budget Office (CBO) to suspend disbelief and treat the fantasy numbers as real. Specifically, here is the warning that the CBO issued in their treatment of Ryans budget numbers:
Nobel Prize-winning economist Paul Krugman had much the same thing to say about Ryans plan, but was a little more blunt about it:
Ryans hypocritical record
Ryans record during his 7-term tenure in the U.S. House of Representatives is even more damning with regard to his claim to be interested in balancing the budget. The only interest hes shown in balancing the budget has been on the backs of the poor. When it comes to anything else, he hasnt shown any restraint.
Despite all his severe anti-big government rhetoric, he has a history of lobbying for millions in federal money for Wisconsins 1st district, which he represents. That includes money from the Obama economic stimulus bill, which he attacked as "misses the mark on all accounts". Indeed, as John Nichols points out with respect to Ryans long Congressional record, far from being a budget balancer:
But this year Ryan might not get away with it not only in his run for Vice President, but even getting re-elected to his House seat in Wisconsin. This year his Democratic opponent, Rob Zerban, is calling him on his hypocrisy]:
The impact of Ryans budget proposal if it becomes law
Ryans budget plan, which has the full support of Mitt Romney, would attempt unsuccessfully to balance the federal budget on the backs of the poor, who already are in dire straits, while offering huge advantages to the wealthy. First, his tax reform plan would greatly favor the wealthy and hurt the poor, as shown in this chart produced by the Center on Budget and Policy Priorities:
Note the much greater percent federal income tax decrease for those with half a million dollars or greater income, compared to those with incomes under $200,000. And on top of that, consider that even if the percents were identical, the money saved by a given percent tax decrease by a multimillionaire is orders of magnitude greater than the money saved by a family with an income of $200,000 or less with the same percent decrease. As an example of what this plan would mean for the wealthy (and the budget deficit), under the Ryan/Romney budget plan, Mitt Romney would have paid less than 1% in federal taxes, of the $21 million he made in 2010.
With Ryans proposed increases to our military budget, how would such a large reduction in federal taxes be paid for in an attempt to reduce the budget deficit? That would be paid for by deep slashes in spending for domestic programs. As Jamelle Bouie explains, in addition to deep cuts in Medicare, Medicaid, and Social Security, all other discretionary spending would have to be cut to less than 10% of what it is today, down to about $100 billion by 2050:
By transforming Medicare into a voucher program, seniors would essentially be on their own. While less federal spending would go to Medicare, out of pocket expenses for seniors would double, from about $6,000 to over $12,000 annually:
Yet despite all the painful cuts to social programs that so many Americans rely on for their livelihood, the budget deficit would rise under Ryans plan because of increased military spending and massive tax cuts for the wealthy:
Putting Romneys choice of Ryan into perspective
Bouie summarizes Ryans vision and Romneys decision to choose him as a running mate:
Romney chose Ryan to send a message: This election is about ideas, and if you elect me, these are the ideas I'll pursue. It's a radical vision for America, and it's now the official platform of the Republican Party. Romney's prior moderation shouldn't fool you into thinking otherwise.
Cha
(297,718 posts)This election is about the Koch bros and their ilk finally getting their stooges in the White House if they're able to buy and cheat their way in.
Thanks for all the effort you put in to this report, Time For Change.
Rosa Luxemburg
(28,627 posts)The election in the GOP's eyes is about how the rich can can rob the poor.