It is easy to think that the political system in Washington is broken… There seems to be little agreement on issues big and small.
But fixing the big issues in the country today isn’t easy. Take the economy…
Most agree that US Government debt is an concern for the economy. The disagreement comes from how and when to solve this problem.
Well, one man (and his party) claims to have a solution.
Speaking in the video above Republican Paul Ryan, Chairman of the House of Representatives Budget Committee, outlines his answer.
Analyzed by the Congressional Budget Office Ryan’s plan is expected to accomplish its goals as presently
debt held by the public is projected to rise from about 62 percent of GDP in 2010 to about 90 percent of GDP in 2050.
…Under the proposal, the ratio of debt to GDP would be significantly smaller over the long term—falling to 48 percent in 2040 and 10 percent in 2050.
What seems even more impressive is that this is done WITHOUT RAISING TAXES! How you might ask? Well as Free Exchange’s G.I. notes this is accomplished
Through an eye-watering assault on entitlement spending, in particular health care. Mr Obama’s health care reform would be ditched, Medicaid would be converted to block grants, and traditional Medicare would be replaced with vouchers.
The end of Medicare as we know it, the end of government guarantees for seniors, is generating the most anger. Over at Democracy in America, M.S. after analyzing the proposal states:
I agree with Mr Ryan that the government needs to limit taxpayers’ exposure to Medicare cost inflation. I think this plan is a fundamentally immoral way to do it.
With so much emotion felt over the issues of both Federal debt and social safety nets its no wonder that even Republicans are tentatively approaching the proposed budget.
Fears of the political fallout from such a plan Catherine Rampell notes have sunk past budget solutions and that
The country’s budget problems are not a failure of policy ingenuity, but a failure of political willpower.
Which has us wondering; what ever the right answer is will Washington ever actually find AND more importantly implement it?