Thread: Paul Ryan
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Re: Paul Ryan
Old 08-14-2012, 01:59 PM   #10
Professor S
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Default Re: Paul Ryan

Welcome back, Game! I can't listen to the audio of the video, but I saw an interesting stat: Paul Ryan's plan eventually lowers spending to 15% of GDP. To be honest, this is necessary if e ever want to actually pay off our debt. Over time, we tend to bring in about 18% of GDP in revenue each year. We are currently spending at about 25% of GDP and we are accruing absurd amounts of debt.

If we ever want to pay it off, we eventually have to 1) raise revenue to normal levels by encouraging investment and employment, and 2) lower spending below normal levels. Now raising revenue is a sincere and difficult discussion, but we can't avoid lowering spending.

Also, I've been hearing a lot about Ryan's plan over the last few days. Here are some clarifications:

1) Ryan's plan does not cut spending, but mainly freeze's it. The cuts people are talking about are cuts to future spending. The idea is to transition the future burdens/opportunities to the marketplace with the expectation that the market can provide a better product more efficiently by promoting competition.

2) Ryan's plan preserves medicare for those 55 and older.

3) Interestingly enough, the Affordable Care Act (Obamacare) is the only plan that technically cuts Medicare, and it cuts it by about $600-700 billion.
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