EconoMeter takes pulse of VP choice Ryan's budget
Romney pick's detailed budget plans map deficit plan, but is it realistic?
Roger Showley, U-T SAN DIEGO
Friday, August 17, 2012
Kelly Cunningham, National University System
The Ryan budget plan is a credible attempt to begin addressing the nation’s enormous spending gaps. The sensible, straightforward budget slows spending by $5 trillion over the next 10 years and restores federal spending to historical norms of 20 percent of GDP by 2015. Lowering spending and enacting crucial reforms for a more sustainable debt course, the U.S. can gradually begin paying down the federal government’s massive debt. Without implementing budgetary reforms, Medicare is unaffordable and, if left unreformed, bankrupt by 2024. Ryan also calls for sweeping reforms of the convoluted tax code allowing too many exemptions to game the system.