Posted on 04/04/2011 11:18:24 PM PDT by T Christopher
Representative Paul Ryan released a preview of his game-changing budget/debt proposal Monday night in an op-ed with the Wall Street Journal. The plan, proposal, path, or whatever you want to call it brings with it the weight of some pretty sizable figures. We're talking $6 Trillion in cuts over ten years folks. Ryan has been hinting at a shocking figure, but who knew he was eyeballing this... "The GOP Path to Prosperity"
Our budget, which we call The Path to Prosperity, is very different. For starters, it cuts $6.2 trillion in spending from the president's budget over the next 10 years, reduces the debt as a percentage of the economy, and puts the nation on a path to actually pay off our national debt. Our proposal brings federal spending to below 20% of gross domestic product (GDP), consistent with the postwar average, and reduces deficits by $4.4 trillion.
A study just released by the Heritage Center for Data Analysis projects that The Path to Prosperity will help create nearly one million new private-sector jobs next year, bring the unemployment rate down to 4% by 2015, and result in 2.5 million additional private-sector jobs in the last year of the decade. It spurs economic growth, with $1.5 trillion in additional real GDP over the decade. According to Heritage's analysis, it would result in $1.1 trillion in higher wages and an average of $1,000 in additional family income each year.
The full plan's not out yet, but will be made public Tuesday morning. Here are the 5 main components.
Ace says "One graph says it all."
I have to say, I'm rather impressed. Sure, it is nothing more than an op-ed at this point with highlights and self-serving takeaways, but if this thing is anywhere near as comprehensive as it appears; I think I'm gonna like it. The day for the "adult conversation" has finally arrived folks. Here we go.
Allahpundit's got the over/under at 36 hours on the conversation remaining "adult."
I can't wait til morning to see what's in this. I'm not sure I've been this excited about something so mind-numbing in quite some time. Doubling up on the coffee maker for the AM.
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I did have one MAJOR problem with Ryan's proposal op-ed...
The president's recent budget proposal would accelerate America's descent into a debt crisis. It doubles debt held by the public by the end of his first term and triples it by 2021. It imposes $1.5 trillion in new taxes, with spending that never falls below 23% of the economy. His budget permanently enlarges the size of government. It offers no reforms to save government health and retirement programs, and no leadership.
"By the end of his first term?" - WTF? Are we assuming this guy's gonna be around for a second crack at this?
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Peter Robinson calls it the "Most Important Domestic Proposal of Our Lifetimes." (Via Memeorandum)
The Lonely Conservative has some audio of Rush Limbaugh reacting to the proposal.
And the Left reacts...
Cue the Dems: CUTS! They are tossing out old people on the streets and starving children, etc.
Hope axing Dept of Education is on the cuts list.
1) When we talk 1.5 trillion in ONE year, or to use a “10 years” figure 15 trillion over 10 years, THEN it’s serious money.
2) So long as the Democrats go apoplectic over teensy cuts, let’s give them “repeal to 1789” size cuts.
Free the (tax) slaves!
I was getting pretty discouraged because they seemed to all be failing us. Glad to hear Ryan is coming out strong again. We don’t need pussyfooting. It’s either some real pain now or destruction of our country later.
I was a bit worried that the emphasis on spending cuts, though desperately needed, might create an aura of negativity in contrast to the Gipper's morning in America.
The proposed 25% top corporate and individual rates is a powerful recognition of the need to bake a bigger pie, not just cut the pie so everyone gets a small sliver.
Kudos Mr. Ryan.
DO IT!
Obama’s Plan: Dive us over the cliff
Ryan’s plan: Drive us over the cliff but a bit slower than Obama would.
So how much Debt is too much? That is the target we should have in mind. Economists put it between 90% and 125% of GDP with 100% taken as a convenient rule of thumb.
Our publicly (not “lock box”) held debt is around $9.5trillion. Our GDP is $14trillion. That leaves us $3.5trillion to $8.0trillion left. Lets assume we don’t want to risk everything we have worked for and take the lower number. That means we have to cut $500billion from the deficits every year until it is balanced four years from now. (Approximately Rand Paul’s plan).
Not only does Paul Ryan’s plan fail to eliminate the deficit, it fails to protect the country from default.
In Feb 2011, the monthly deficit was $223B.
Ryan plan is insufficient. It's a 10 year commitment to do less than 25% of the work that needs to be done. At best.
As long as this the best plan that is out there, and it is, I’m onboard wth Ryan. when someone has the nads to step up with a bigger plan, then I’ll be onboard with them. Can’t get there if you never leave the garage.
“Not only does Paul Ryan’s plan fail to eliminate the deficit, it fails to protect the country from default.”
Huh? It completely eradicates the DEBT by 2050, which obviously is impossible without eradicating decades of deficits in between. Why would a country on a glide-path to fiscal sanity even need to consider defaulting?
The WSJ article mentions reforms to subsidies for alternative fuels. Here’s hoping it eliminates the ethanol subsidies and the tariffs on ethanol imports, but I won’t hold my breath.
Chris Matthews calls the Republicans the “daddy” party and the Dems the “mommy” party. Ryan’s proposal has reframed the debate: he has deftly positioned the Republicans as the “adult” party, while the howls from the left are cementing into the mind of the public an image of Dems as the “kiddie” party (or “spoiled brat” party).
As Ryan said on Meet the Press on Sunday, shame on the Dems if they demagogue this proposal rather than offer a constructive alternative.
Rand Paul’s plan works. Ryan’s is the equivalent of turning on a road in the mountains and letting three wheels go over the edge. “It’s okay. America has four wheel drive.”
First, it risks default in the next four years. Second, Ryan can’t promise what future congresses will do just like Pelosi could not promise what this congress will do. In fact, for as long as I remember, every congress and president has promised that the deficit will someday be gone. Someday.
I love Rand Paul but his "plan" is written on the back of a napkin while Ryan's budget has details that can and will be discussed and examined in detail.
It's the difference between a headline and 1,200 words of text.
Where is Rand Paul’s plan? I’ve not seen it or even heard about it. Where has he introduced it?
Let's just pass it, then we can open it up and read what it says!!
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Well, hell! It worked for the dem/lib/prog/pops!!
This is so damned OLD!!
McKinnley: "Patriotism, Protectionism, and PROSPERITY"
Eisenhower: "Peace and PROSPERITY"
Algore: "PROSPERITY and progress"
Algore: "PROSPERITY for American families"
etc...etc....etc.
The rino/repub/conserv/Tpartyers really need "communications" help...and some very good advertising
I am amazed at how many conservatives think that "technocrat Ryan" is on the right path. His plan is a total, absolute joke! It's smoke and mirrors and built on "hope."
The left will use his plan to slaughter us, via the MSM and other brainwashing avenues.
I am convinced more and more that there is no "legislating" our way out of this mess. Unfortunately, it seems the entire system has to totally collapse. We will either come out the other end a Republic, or some decaying socialist hellhole.
The Second Republic of the United States may be a better place, or it may be a worse place. But the First Republic is in collapse and cannot be rescued.
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