Free Republic

Is Rep. Paul Ryan’s “Path to Prosperity” potentially the most important and necessary piece of economic legislation since President Ronald Reagan’s tax cuts in 1981? Quite likely. The blueprint embraces free markets and individual choice to radically reshape America’s social welfare state for the 21st century and shrink government. Instead of looking for ways to finance an ever-expanding public sector, it would prevent Washington from growing to a projected 45 percent of GDP by 2050 (vs. 24 percent today) and instead reduce it to just under 15 percent by that year. Ryan would downsize government to its smallest size since...

It was certain to attract this sort of response, but Wisconsin Republican Rep. Paul Ryan released his budget plan going forward that includes some sweeping changes to federal expenditures, including entitlement spending. One of those criticisms came from Democratic Congressional Campaign Committee chairman New York Rep. Steve Israel. On Tuesday, immediately following Ryan’s release, Israel called it a “privatization scheme” and blasted it for addressing subsidies to oil companies. However, in a speech at the American Enterprise Institute on Tuesday, Ryan fired back, admitting he saw this coming and called such criticisms “distortions and demagogueries.” Ryan specifically called out Israel...

The Paul Ryan deficit-elimination plan assumes that unemployment will drop to 2.8% by the year 2028. As Paul Krugman points out, the only time we've been at this level was briefly, during the Korean War. Even during the crazy .com, unemployment barely broke below 4%. Seriously, if Obama announced a plan with something like that, he'd be mocked left and right. And again, via Krugman, the Heritage Foundation table pointing out the number. You can see the 2.8% estimate in the very bottom right hand.

I had somewhat-high hopes. Unfortunately, they remain unrealized. From the WSJ's Opinion Page (authored by Mr. Ryan, and as a public figure, speaking to the public, it's fair game to be analyzed in full):

WASHINGTON - In response to House Budget Committee Chairman Paul Ryan's new budget proposal, Libertarian Party Chair Mark Hinkle issued the following statement today: "Americans hoping to get real about our national debt just got sucker-punched by Republican Paul Ryan. "Republicans want to spend $40 trillion over ten years. That averages a staggering $4 trillion per year. As recently as 2000, federal spending was only about $1.8 trillion. "They also want to increase the federal debt from $15.0 trillion to $23.1 trillion. I hope our children and grandchildren enjoy paying interest on that extra $8.1 trillion. "People should not judge...

It's jump ball on the federal budget — and America's future is up for grabs. Although often cast in numerical terms involving trillions of dollars, the real budget battle is about human dignity, freedom and progress. Can we preserve these and other bedrock characteristics of American civilization? Or will they and we be dragged down by mindless fiscal excesses in Washington? The two most immediate protagonists in this historic budget drama are President Obama, the likely villain, and Paul Ryan, the Republican chairman of the House Budget Committee, the emerging hero. Obama holds the modern record for the biggest debt...