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The Five Reasons Why the Ryan-Romney Economic Plan Would Be A Disaster for America
Mitt Romney hasn’t provided details so we
should be grateful he’s selected as vice president a man with a detailed
plan Romney says is “marvelous,” “bold and exciting,” “excellent,”
“much needed,” and “consistent with” what he’s put out.
So let’s look at the five basic features of this “marvelous” Ryan plan.
FIRST: It would
boost unemployment because it slashes public spending next year and the
year after, when the economy is still likely to need a boost, not a
fiscal drag. It would be the same austerity trap now throwing Europe
into recession. According to the Economic Policy Institute, Ryan’s plan would mean 1.3 million fewer jobs next year than otherwise, and 2.8 million fewer the year after.
SECOND: Ryan would take from lower-income Americans and give to the rich
– who already have the biggest share of America’s total income and
wealth in almost a century. His plan would raise taxes on families
earning between 30 and 40 thousand dollars by almost $500 a year, and
slash programs like Medicare, food stamps, and children’s health What
would Ryan do with these savings? Reduce taxes on millionaires by an
average of almost $500,000 a year.
Ryan wants to turn Medicare into vouchers that won’t keep up with the
rising costs of health care – thereby shifting the burden onto seniors.
By contrast, Obama’s Affordable Care Act saves money on Medicare by
reducing payments to medical providers like hospitals and drug
He wants to add money to defense while cutting spending on education,
infrastructure, and basic research and development. America already
spends more on defense than the next five biggest military spenders put
together. Our future productivity depends on the public investments Ryan
wants to cut.
AND Finally, Ryan’s budget doesn’t even reduce the federal budget
deficit – not for decades. Remember: He’s adding to military spending,
giving huge additional tax cuts to the very rich, and stifling economic
growth by cutting spending too early. The Center for Budget and Policy Priorities estimates Ryan’s Roadmap would push public debt to over 175 percent of GDP by 2050.
So there you have it. The Ryan – Ryan-ROMNEY – economic plan.
And the five reasons why it would be a disaster for America.
(Please watch the video — and share.)
ROBERT B. REICH, Chancellor’s Professor of Public Policy at the
University of California at Berkeley, was Secretary of Labor in the
Clinton administration. Time Magazine named him one of the ten most
effective cabinet secretaries of the last century. He has written
thirteen books, including the best sellers “Aftershock" and “The Work of
Nations." His latest is an e-book, “Beyond Outrage.” He is also a
founding editor of the American Prospect magazine and chairman of Common