Paul Ryan's budget, the last great gasp of the GOP, is shredded and exposed as a total fraud.
Over 75% of Federal spending is mandated by law, and so US public debt — which Ryan believes is the real problem — would soar (as has happened in Britain). Ryan might seem worried about the future possibility of massive public debt (as opposed to the current reality of massive total debt), but his plan could conceivably result in much higher public debt — after all the OMB and CBO have gotten it all very wrong before, just twelve years ago foreseeing massive tax surpluses of $48 and $87 billion respectively in 2012.
So does he have any real plan to significantly raise revenues?
Ryan intends by 2022 to have to closed enough loopholes to yield an extra $700 billion in revenue every year. That’s a lot of money. So which loopholes does Ryan claim that he will be able to close?
In his entire 98-page manifesto, Ryan doesn’t name any — but he has ruled out taxing capital gains as income, surely the biggest tax loophole of all, and one that has seriously benefited his running mate.
Ryan might talk tough on public deficits, but his own figures show that even if he can raise the revenue he claims to be able to raise (very dubious), the deficits won’t be gone for twenty years. Meanwhile, he has not even approached the subject of excessive total debt, which is the real problem.
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