Fortitudine et Prudentia

Romney/Ryan and the Road Map to Ruin

In News and Opinion on August 11, 2012 at 7:58 am

According to The Associated Press Mitt Romney is ready to roll the dice and name Paul Ryan has his VP pick today at 9am in Norfolk, Virginia. Ryan is a 42 year old career congressman who has represented Wisconsin’s first district for 6 terms and is currently considered the conservative fiscal whiz kid. Ryan, a republican, chairs the House Budget Committee and also sits on the ways and means committee. As far as money men go, Paul Ryan is it.

The pick of Ryan is a considerably bold choice by Romney because of his unconventional budget entitled, “The Path to Prosperity.” Romney has fully embraced the Ryan budget that Newt Gingrich famously called, “Right-wing social engineering.” This budget is rife with policies that go well beyond the normal bean counting people associate with budgets as it seeks to make fundamental changes in the so-called social contract of America.

At the center of the Ryan Budget are the usual suspects, healthcare and taxes. Guaranteed to  rile democrats at their core and rally the republican base this budget is the republican equivalent of “ObamaCare.”

The first cries from the left will undoubtedly be about the changes Ryan wishes to make to the government health insurance for retired Americans known as Medicare. Ryan has claimed that his budget doesn’t seek end Medicare as we know it but the changes are undeniable. Under the new guidelines of the Ryan Budget Medicare will still cover healthcare services for American Senior Citizens but with a few catches. Ryan envisions the government issuing coupons that Seniors will use toward the purchase of their health coverage and any additional costs for coverage will come out of pocket for senior citizens. In a complicated twist to this years version of the Ryan Plan a Senior Citizen can keep traditional medicare but any additional cost over 0.5% of the plan would have to be paid for by the subscriber. Bottom line – Out of Pocket expenses for Seniors will become more expensive.

Then there’s the Ryan Budget’s promise of broadening the tax base to reduce tax rates. Broadening the tax base is a simple idea, get more people to pay taxes and lower the rates. But like with the  proposed medicare changes there’s some catches. When the bipartisan Tax Policy Center looked at Ryan’s Budget they found it came up $4.6 trillion short of the current Bush tax rates over ten years. Unless Ryan addresses eliminating or reducing many deductions and credits within the tax code many middle class tax payers enjoy like the child tax credit and mortgage interest deduction the plan comes up about $6.2 trillion short of the 18% revenue of GDP the government has traditionally raised. The Ryan Tax Plan leaves a big hole and if the base isn’t broadened it will be an even larger hole.

The Path to Prosperity will be as front and center as Romney and Ryan will be from now until November. It carries with it a serious choice for the American voter and the contrast now between Mitt Romney and Barack Obama has never been more stark. To embrace the Romney/Ryan ticket is to embrace the Ryan Budget and its fundamental changes in much of the American social contract. Each voter now has a choice of whether the Romney/Ryan ticket will be a path to Prosperity or a Road Map to Ruin.

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