August 11, 2012

KEITH HENNESSEY: The Campaign Politics Of The Ryan Budget. “Every ‘cut program X by Y%’ quote about the Ryan budget will be relative to an unsustainable spending path. The irresponsible part isn’t the proposed spending cut, it’s the promise to keep spending growth going without specifying how you’ll pay for it. If President Obama were proposing tax increases to match his future spending growth, then this would be a fair attack. But he is not. More generally, the Obama fiscal path and campaign message rely on the false presumption that everything will be OK if we raise tax increases only on the rich and make small, mostly painless spending cuts. This is incorrect. Whether you support spending cuts, tax increases, or a combination, you need to make big, structural fiscal policy changes to get on a long-term sustainable fiscal path. Our federal government spending path is seriously out of whack and minor adjustments won’t fix it.”

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