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"The question is, will we do it or not?"

Paul Ryan paints the picture effectively:

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.

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.

There's more at the his Wall Street Journal piece.  And here's an accompanying video describing the choices Americans must make:


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Comments (6)

It's like being a passenger... (Below threshold)

It's like being a passenger on a plane plummeting to the ground, and Paul Ryan grabs the controls and starts to bring the plane out of the dive.

..Who will then be attacked by Obama and Democrats, who will try to steer the plane right back into the ground.

Nancy Pelosi - you remember... (Below threshold)

Nancy Pelosi - you remember her - thinks the Republicans are going to "starve grandma".

Odd that Nancy is sooooooooo worried now. Yet the MSM fails to ask her "Where's the 2011 YOU proposed - when you were House Speaker?"

As Paul Krugman put it, Her... (Below threshold)

As Paul Krugman put it, Heritage's take "depends an awful lot on unicorn sightings -- a belief in the impossible."



As the GOP seems to be the ... (Below threshold)

As the GOP seems to be the only adults in the room, they need to have a adult conversation with the American people. Here are a couple of basic facts:

Estimated deficit for this year: $2,700 B
(That estimate appears to be low.)
Deficit created this past month: $233 B
Amount the GOP started out cutting: $33 B
$33 B / $2700 B * 100% = 1.22%
The Democrats are kicking and screaming about $33 B, and they counter with faux cuts in many places -- basically accounting tricks.

The new GOP target is $40 B.
$40 B / $2700 B * 100% = 1.48%
The Democrats response to this is to throw a tantrum.

Foreign governments used to finance our debt. That was bad. The current situation is much worse. China, our former number one debtor, has publicly chastised our government for overspending and then pulled back from buying US debt. Japan, our current, number one debtor, has suffered a huge natural disaster and probably won't be buying nearly as many Treasury notes. Oil importing countries have been pulling back from the Treasury market.

Since the US cannot finance it's debt today, the Fed has stepped in by buying huge quantities of U.S. government bonds and paying for it with paper currency. In terms of financing our debt, things got much worse just last month. Now the Fed is "financing" the debt by creating money out of thin air.

We cannot go on like this. And people in authority have their heads up their rectums if they think that it can continue. I don't believe that the GOP is doing nearly enough, but what the Democrats are doing is insane. Their plan seems to be to wait for a Fairy Godmother to appear.

Having mountains of foreign debt is very bad, but "financing" your debt by printing money is a disaster. We are heading for a dollar bubble, where the US economy ends up looking like Zimbabwe.

Trade Medicare for private ... (Below threshold)

Trade Medicare for private insurance, sounds like a winning plan. I'm sure the elderly will love it, co-payments and all.

Because we all know that private insurance companies have no limits or "death panels."

The "draconian" Ryan plan t... (Below threshold)
John S:

The "draconian" Ryan plan tries to kick the can another decade by limiting annual growth of the government to about 3% a year. Obama's equally laughable "plan" would grow the government about three times as fast. But we don't have 10 years. With the Fed funding 100% of the deficit by printing money we have months to live.






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