Ryan’s Real Priority
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.
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.