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2016 Postmortem
Related: About this forumCHART: Don’t Buy The GOP Hype On Obama Budget Deficits
http://tpmdc.talkingpointsmemo.com/2012/02/chart-dont-buy-gop-hype-on-obama-budget-deficits.php?ref=fpaCHART: Dont Buy The GOP Hype On Obama Budget Deficits
President Barack Obama and Vice President Joe BidenPresident Barack Obama and Vice President Joe Biden
Brian Beutler February 15, 2012, 5:40 AM 2272 7
Republicans have taken to describing President Obamas budget as deficits built to last a play on Obamas call for an economy built to last. The implication: hand the government over to us, and well rid the budget of this deficit scourge. Put aside for a moment that wiping out deficits too fast would be economically disastrous, leading to rocketing unemployment rates. The truth is there are plenty of budget proposals out there, including Paul Ryans Path To Prosperity, which was endorsed by nearly every Republican in Congress. And these also project significant deficits well into the future.
Of course, Obamas budget is very substantively different from Paul Ryans Path to Prosperity. Obamas would draw down deficits over the coming decade with a mix of proposed tax increases on high income earners and corporations, already enacted spending cuts, and additional cuts to health care spending and other programs. But it maintains the basic shape of the existing safety net over the long term. Ryans calls for huge cuts to the safety net, for making Medicaid a block grant program, and, after a decade, for phasing out Medicare. But he proposes significant tax cuts at the same time.
And even with all that slashing, just what does that do to the projected deficit? The chart below tells you quite starkly:
Yes, Ryans plan also gives you deficits built to last! Ryans own numbers project annual deficits of about $400 billion under his plan by the end of the decade. Obamas budget draws deficits down to about $600 billion over the same time frame. Thats not nothing. But its not what youd expect given the GOPs heated rhetoric.
Note, too, that Paul Ryans budget and the Bowles-Simpson plan based their projections on economic forecasts that grew gloomier over the past year so their deficit projections are outdated, and perhaps a bit rosier than reality.
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CHART: Don’t Buy The GOP Hype On Obama Budget Deficits (Original Post)
babylonsister
Feb 2012
OP
sinkingfeeling
(51,474 posts)1. Need to file that chart away for futute use.
Proud Liberal Dem
(24,438 posts)2. Don't buy GOP "hype" on anything!
n/t
mikekohr
(2,312 posts)3. Thank you for this!