Paul Ryan’s budget

It’s time for Paul Ryan’s yearly budget. The CBO has some summaries here:

The amounts of revenues and spending to be used in these calculations for 2012 through 2022 were provided by Chairman Ryan and his staff. The amounts for 2023 through 2050 were calculated by CBO on the basis of growth rates, percentages of gross domestic product (GDP), or other formulas specified by Chairman Ryan and his staff. For all years, the Chairman specified that there would be no spending for subsidies to purchase health insurance through new exchanges established under the Affordable Care Act. CBO calculates that, under the specified paths, federal revenues and spending would evolve as follows:

  • Revenues—from 15½ percent of GDP in 2011 to 19 percent in both 2030 and 2050;
  • Medicare—from 3¼ percent of GDP in 2011 to 4¼ percent in 2030 and 4¾ percent in 2050;
  • Medicaid and the Children’s Health Insurance Program (CHIP)—from 2 percent of GDP in 2011 to 1¼ percent in 2030 and 1 percent in 2050;
  • Social Security—from 4¾ percent of GDP in 2011 to 6 percent in both 2030 and 2050; and
  • Other mandatory spending and all discretionary spending—from 12½ percent of GDP in 2011 to 5¾ percent in 2030 and 3¾ percent in 2050.

In some sense this is all guesswork, so just look at that last part and remember that it includes defense and Romney (the likely Republican candidate for president) has said he thinks that should be at least 4% of GDP. In other words, Paul Ryan’s budget is going to get rid of almost all of discretionary spending–that would be education, transportation, food stamps, unemployment, welfare, …  This is the Republican vision of the federal government: a bare bones thing where the Free Market (praise be to it) solves everything just like it did in the late 1800’s.

Kevin Drum and Charles Pierce have the appropriate amount of disdain for this very ‘serious’ proposal.

3 Comments (+add yours?)

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