Monday, August 20, 2012

Ryanomics is and always has been a con game

Mitt Romney’s choice of Paul Ryan as his running mate led to a wave of pundit accolades. Now, declared writer after writer, we’re going to have a real debate about the nation’s fiscal future. This was predictable: never mind the Tea Party, Mr. Ryan’s true constituency is the commentariat, which years ago decided that he was the Honest, Serious Conservative, whose proposals deserve respect even if you don’t like him.

But he isn’t and they don’t. Ryanomics is and always has been a con game, although to be fair, it has become even more of a con since Mr. Ryan joined the ticket.
Let’s talk about what’s actually in the Ryan plan, and let’s distinguish in particular between actual, specific policy proposals and unsupported assertions. To focus things a bit more, let’s talk — as most budget discussions do — about what’s supposed to happen over the next 10 years.
On the tax side, Mr. Ryan proposes big cuts in tax rates on top income brackets and corporations. He has tried to dodge the normal process in which tax proposals are “scored” by independent auditors, but the nonpartisan Tax Policy Center has done the math, and the revenue loss from these cuts comes to $4.3 trillion over the next decade.
On the spending side, Mr. Ryan proposes huge cuts in Medicaid, turning it over to the states while sharply reducing funding relative to projections under current policy. That saves around $800 billion. He proposes similar harsh cuts in food stamps, saving a further $130 billion or so, plus a grab-bag of other cuts, such as reduced aid to college students. Let’s be generous and say that all these cuts would save $1 trillion.
On top of this, Mr. Ryan includes the $716 billion in Medicare savings that are part of Obamacare, even though he wants to scrap everything else in that act. Despite this, Mr. Ryan has now joined Mr. Romney in denouncing President Obama for “cutting Medicare”; more on that in a minute.   POST

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