Thursday, March 11, 2010

Ryan 'Roadmap' wouldn't solve debt

Well, it wouldn't solve *our* debt. I imagine it'll have a wonder effect on the lives of his richest investors... um, I mean contributors.

WisPolitics DC Wrap: Report: Ryan 'Roadmap' wouldn't solve debt

The state Democratic Party is highlighting a new report from the D.C.-based Center of Budget and Policy Priorities on U.S. Rep. Paul Ryan's wide-ranging "Roadmap for America's Future" legislative package.

The report argues the Roadmap plan "calls for radical policy changes that would result in a massive transfer of resources from the broad majority of Americans to the nation's wealthiest individuals."

Ryan has taken heat from Democrats and the White House over his plan, which they argue undermines Social Security and Medicare and shifts the risks of those funds onto individuals. The Janesville Republican counters that both programs are moving toward bankruptcy and that his plan moves the country back toward fiscal solvency.

But the CBPP report alleges the large tax cuts included in the plan would cause the federal debt to "soar to 175 percent of the gross domestic product by 2050."

UPDATE: Ryan responds to the CBPP report, saying its analysts manufactured the higher debt levels by "extrapolating data" of the Tax Policy Center. Ryan also notes that without reform, the debt level in 2080 "would be a crushing 716% of GDP."

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