One thing I will give Paul Ryan is the fact that he was able to get his name in the news a few months back when proposing his budget plan, which went nowhere, as it is the same nonsense that is spouted off by most Republicans of the party today.
If we take a look at his plan for Medicare, which he is choosing to gut, he would prefer to hand out vouchers to those that would be collecting it and shop around for low cost healthcare. Ryan’s hope would be that competition lowers the cost and makes it affordable for seniors. Basically, this would be the same concept of senior citizens and sick people shopping around for the best bargain on a new car with service plan. Overall, 40-50 million people will no longer be insured if his plan is enacted.
It is also important to point out that Paul Ryan voted in favor of the Medicare expansion in 2003. Since Paul Ryan has flip-flopped on Medicare; Mitt Romney, the original flip-flopper, must be proud.
In my opinion, we should let President Obama’s Affordable Care Act have its shot and revisit the results a decade from now to determine if it is working. If it proves not to work, then we can discuss alternative options. Until then, let it have it’s time in the spotlight.
Ryan’s current fiscal plan is a throwback to the era of Reaganomics and/or supply-side economics, whichever name works best for you – take your pick. However, there is just one problem with Reaganomics – it has already been proven that it does not work, as it did not add more revenues than what it gave back! Yet, Paul Ryan is still living in a bubble, like most Conservatives, which makes him believe otherwise.
According to Ryan, if the government drastically slashes taxes, which actually lowers revenue, the debt will begin to decrease. This mindset is exactly what created the huge debt we now have today. It rose under President Reagan, while Presidents George H.W. Bush and Bill Clinton attempted to control it, but took off again under President George W. Bush, due to sloppy fiscal policies – to say the least.
He discussed closing tax loopholes and deductions, but has made no specific mention as to which loopholes and deductions would be taken out. I have no issue with ending tax loopholes, but under Ryan’s plan, we still wouldn’t have a balanced budget due to the tax cuts and increase in defense spending.
Even worse, Paul Ryan also believes that if taxes are cut and defense spending is tremendously increased, the debt can still be cut. I was never good at math, but I do believe that this is just wishful thinking. With demand so low and supply being high, we are struggling with this enormous debt that would be dramatically increased under the Ryan plan. To add to this, he also projects to have to a balanced budget somewhere near the middle of the century. Keep in mind that this projection is based on assuming that revenues increase!
By President George H.W. Bush signing the 1990 Budget Enforcement Act, Reaganomics and/or supply-side economics was proven not to work, both in theory and practice. To add to that point, this was reaffirmed by President Clinton in 1993 and 1997. Paul Ryan and the Republican Party are not proposing the remedies needed for the fiscal problems the United States faces today. Furthermore, the problems we are facing today would be nothing compared to what this nation would face under a Republican administration supporting this budget plan.