Posted on 04/05/2011 1:39:47 PM PDT by SeekAndFind
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 1950 and prevent the Europeanization of the American economy. The Ryan Path embraces dynamic growth, not managed decline and stagnation.
But what’s really important is that it affirmatively answers three questions: First, does the Ryan Path put the federal government on a sustainable fiscal path? Second, does it promote more economic growth and higher incomes? Third, is it politically realistic? Let’s take those one at a time:
1) Does the Ryan Path put the federal government on a sustainable fiscal path? Yes. It’s easily superior to President Obama’s 10-year budget plan which would generate average annual deficits of $947 billion and let debt as a share of the economy rise to a dangerous 87.4 percent from 62.1 percent in 2010. And Obama does nothing to alter the long-term fiscal glide path into insolvency.
By contrast, the Ryan Path would see debt-to-GDP peak in 2013 at 74.5 percent and fall to 67.5 percent by 2021, then continue to steadily decline until the entire federal debt is eliminated in the 2050s. Medicaid spending for the poor would be sent to the states in a fixed lump sum indexed for inflation and population growth.
(Excerpt) Read more at blogs.reuters.com ...
Another major plus in its favor.
New economy ping
“Ryan would downsize government”
It’s better to label this more positively: Ryan wants to “right-size” government. It’s been pathetically bloated far too long.
Some see Ryan as a RINO, but realistically, entitlements are projected to eat us alive. Getting government down to 15 percent even while retaining these entitlements is an excellent start. Only after these entitlements are tamed to manageable proportions can we have an adult discussion about whether they are needed at all. Realistically, if you said you were going to eradicate Medicare, SS and Medicaid, you would not have majority support.
Ryan’s ambitious plan changes the debate away from “me-too” Republicanism that nitpicks about whether government should grow to only 25% of GDP rather than 30% into a serious discussion of how much we actually can make that percentage decline over decades.
Too bad Paul Ryan is Pro Illegal alien.
What part of ILLEGAL doesn’t PAUL RYAN understand??
Pro-Illegal? Where did you get that piece of misinformation? I read his views on immigration on his website and didn’t see anything to indicate he is “Pro-Illegal Immigration”. Quite the opposite.
LOL!!
I read his views on immigration on his website.........
THATS where you went WRONG! Read his voting record BUBBA!!
YOU are the one with MISINFORMATION from Reading his website? PLEASEEEEEEEEEEEEEEEEE
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