Rep. Ryan: We are on the path of national bankruptcy

In a dramatic speech on runaway government spending, Rep. Paul Ryan (R-WI), the chairman of the House Budget Committee, declared that America is on the “path of national bankruptcy.” His speech was closer to a declaration of war than the outline of an economic policy.

He released a budget blueprint this morning that seeks to reduce federal spending by $6.2 Trillion over ten years, and get the government debt free by 2015. Ryan laid out a plan that touched on reform of Social Security, Medicare, Medicaid and taxes.

Ryan has a reputation for being a budget wonk.  But today’s speech was not a numbing numbers address.  Among his highlights in framing the debate on national priorities, the budget committee chairman said the country faces a “monumental choice”  and is in a “death spiral path.” Unless the country changes spending, he said the country will “leave our children with a different country than we inherited.”  The president, he said, was pursuing a  “do nothing approach.”  He said the “public rejects empty promises” from both political parties.

Ryan warned that the failure to change our spending habits threatened the country’s existence, predicting we are facing a “demise of exceptional promise.”  The Congress and White House, he said, need to “reject a culture of complacency.”

Democrats have not publicly released their own budget for 2011.  Ryan’s speech outlined budgetary spending for 2012.  As Ryan delivered his speech the government was facing a possible shutdown if no agreement is reached by April 8. Some Democrats seem to relish the idea of a government shutdown, urging the impasse to lead to a public backlash against Republicans.  Democratic activist groups also appear to be readying a political campaign attack on Ryan and Republicans that paints the GOP as out to destroy Medicare and Social Security while favoring the rich. They are not issuing any counter proposals.

Ryan retorts that he is outlining a “path to prosperity” that would provide a “trigger” to require both Congress and the executive branch to  change Social Security and Medicare.  Ryan calls Social Security “insolvent.”

However, unless the Democratic controlled Senate and the White House agree, the Ryan bill might be dead on arrival. Ryan said he believed “this country can still be saved” and warned that inaction will result in a path toward national bankruptcy.