Posted by | October 2, 2012 11:25 | Filed under: Top Stories

by Stuart Shapiro

Rep. Ryan was supposed to bring some big ideas to the Republican ticket.  Reforming (ok, getting rid of) Medicare, a laser focus on the deficit and debt, youthful charm and good looks, etc.  The problem, as everyone from Presidents Obama and Clinton on downward has pointed out, is that the numbers don’t add up.  As my colleague, Professor William Rodgers, puts it:

In order for the Romney-Ryan tax policy arithmetic to add up, either middle-class taxes have to rise, or deductions for charitable giving must end or be dramatically reduced.

In an interview this weekend, Ryan was asked about this.  Greg Sargent summarizes his answer:

Ryan admits that even if the math in their plan can’t work, that even if the tax cuts cannot be paid for by ending loopholes and deductions on the wealthy, he and Ryan would not scale back their planned tax cuts on the rich one penny. And don’t worry, this won’t explode the deficit, because just trust us, the revenues generated by the growth unleashed by the tax cuts will ultimately pay for the plan.

That’s not a new idea.  That’s trickle down economics, an old idea that has been proven not to work.

By: Stuart Shapiro

Stuart is a professor and the Director of the Public Policy
program at the Bloustein School of Planning and Public Policy at Rutgers
University. He teaches economics and cost-benefit analysis and studies
regulation in the United States at both the federal and state levels.
Prior to coming to Rutgers, Stuart worked for five years at the Office
of Management and Budget in Washington under Presidents Clinton and
George W. Bush.