Paul Ryan

Paul Ryan: “We are doubling down on this neo-Keynesian borrow and spend spree”

Rep. Paul Ryan (R-WI), an economic policy wonk, claims that President Barack Obama is attempting to copy failed economic policies of Europe, which is spending without regard for deficits and creating a welfare state.

H/T: Hot Air

Paul Ryan on the Regime in Washington

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Paul Ryan: Class warfare makes good politics, but terrible economics

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Medicare “doc fix” increases cost of ObamaCare, causes deficits

Rep. Paul Ryan (R-WI) asked the Congressional Budget Office to include the Medicare “doc fix” in its estimates for ObamaCare, which has been specifically excluded to help keep down estimated costs. If the fix were included, the cost of the bill would have exceeded $1.1 trillion, making it much tougher to sell the bill to members.

Here’s the story:

Congressional budget scorekeepers say a Medicare fix that Democrats included in earlier versions of their health care bill would push it into the red.

The Congressional Budget Office said Friday that rolling back a programmed cut in Medicare fees to doctors would cost $208 billion over 10 years. If added back to the health care overhaul bill, it would wipe out all the deficit reduction, leaving the legislation $59 billion in the red.

The so-called doc fix was part of the original House bill. Because of its high cost, Democrats decided to pursue it separately. Republicans say the cost should not be ignored. Congress has usually waived the cuts to doctors year by year.

One of the big talking points for Democrats is the long-term deficit reduction (past the first decade). The CBO says the “doc fix” and other factors could change that (emphasis mine):

If Republicans Are Serious About Small Government, Why Are They Ignoring Paul Ryan?

Marc Ambinder notes that when it comes to reducing the size of government, there’s fairly solid evidence that most Republicans in Congress aren’t walking the walk:

Paul Ryan is the Republican idea man of the hour. Karl Rove endorsed Ryan’s approach to budget reform on Glenn Beck, and whenever Republicans are asked about their preferred alternatives to the administration’s deficit reduction intentions, Ryan’s name and proposals are offered up. Hey, Republicans have ideas too. We don’t need health care reform to reduce the deficit — at least not yet.

So prominent Republicans  — particularly those running for president and those who aren’t elected officials — love Paul Ryan when it’s convenient. Why is it, then, that only twelve members of the conference were willing to attach their names to his bill — and none from the leadership? One reason is that Ryan is introducing it in his capacity as a member — not as the ranking member of the budget committee.

The other reason? Maybe they don’t want to be associated with what is a pretty far-ranging radical proposal:

Paul Ryan: True 10-year cost of ObamaCare is $2.3 trillion

One clip that the media isn’t playing from the Health Care Summit is Rep. Paul Ryan’s comments on the fiscal issues facing the country in the long term, such as the trillions upon trillion of dollars in unfunded liabilities that face Medicare and Social Security.

It’s not that I agree with Ryan on Medicare, especially the “doc fix,” but he explains how the Obama Administration is hiding costs by double counting, which results in a much higher price tag for ObamaCare:

What should conservatives aim for out of Obama’s deficit commission?

Economist Greg Mankiw offers his comments on President Barack Obama’s new commission to tackle budget deficits and what conservatives should hope to accomplish, which the Wall Street Journal calls the “VAT Commission”:

[L]et’s suppose that you are a conservative and you want the fiscal commission to succeed.  You will have to agree to higher taxes as part of the bargain.  But what should you aim to get in return?  Here is my list.

Paul Ryan’s plan is the answer to debt and budget problems

Economist Bruce Barlett is endorsing Rep. Paul Ryan’s proposal to curb the federal debt by, get this, cutting spending:

For a long time I have maintained that a significant tax increase will be necessary if we are to avoid the fate of Greece, which is in the midst of a fiscal meltdown. If the bankruptcy of a little country like that can cause world financial markets to tank, imagine what a potential U.S. bankruptcy would do to your 401(k).

Whenever I make this point people always complain that I haven’t considered the option of cutting spending. The reason I haven’t is that the magnitude of spending cuts that would be required to prevent the need for higher revenues would be politically impossible to achieve. We saw proof of this when Barack Obama proposed cutting Medicare spending by a small amount to fund health coverage for the uninsured, and the Republican Party’s official position was to oppose any cut for any reason. We saw more proof in how quickly Republican leaders distanced themselves from a detailed budget plan recently put forward by Rep. Paul Ryan of Wisconsin, ranking Republican on the House Budget Committee.

Ryan unveiled the latest version of his plan on Jan. 27 and, to his credit, even got the Congressional Budget Office to score it. According to the CBO, under the Ryan plan federal debt as a share of the gross domestic product (GDP) would rise from 61% this year to 100% in the year 2045 before falling to zero in 2080. Under the CBO’s baseline budget projection, debt would equal 270% of GDP in 2045 and 716% in 2080.

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