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Ludicrous and Cruel
Keywords:
Tags: Current Focus, United States,
Krugman questions the Paul Ryan U.S. budget proposal on several grounds. He says the Ryan proposal depends on projections by the Heritage Foundation for its assumption that the tax cuts would generate higher revenues by creating a booming economy. The Heritage Foundation projection is for revenue increasing by $600 billon over the next 10 years as a result of tax cuts. Krugman cites a different view from the Congressional Budget Office estimate for the Ryan proposal, which shows assumed savings from spending cuts will go not to reduce the deficit but to pay for tax cuts, with bigger deficits in the next decade. He says the spending cuts excluding Social Security, Medicare and Medicaid- but including defense- go down from 12% of GDP in 2011 to 6% of GDP in 2022- meaning that cuts in public services will need to cut to the bone. The Medicare part of Ryan's proposal does not say how spending on medical care will be reduced. The voucher or premium support Ryan envisages is estimated by the Congressional Budget Office to cover only one third of the cost of insurance premiums for Medicare equivalent care by 2030. Krugman cites the Center on Budget and Policy Priorities, which says the Ryan proposal achieves two thirds of its $4 trillion in spending cuts over the next decade by cutting programs that primarily serve low-income Americans.
The Republican U.S. Budget proposal made by Paul Ryan in 2012
09/16/2010
Paul Ryan, chairman of the House Budget Committee, has outlined a bold proposal to bring the U.S. budget deficits down from the $1 trillion level of the last 3 years. It would bring changes to Medicare and Medicaid, and reduce the individual and corporate income tax levels from 35% to 25%. Medicare would become a premium support system with the government paying the premium for an array of private insurance plans, and Medicaid would become a block grant system.
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