Many thanks to The Nation’s Chris Hayes for tweeting this link earlier.
To no one’s surprise other than possibly the man-crushed beltway media, after closer inspection the “brave” budget proposal put forward by Paul Ryan in fact does nothing at all to address the deficit.
Even some critics of House Budget Committee Chairman Paul Ryan’s budget plan have praised his “courage” and his willingness to make “hard choices” to address looming deficits. But, upon closer inspection, Chairman Ryan’s widely reported claim that his plan produces $1.6 trillion in deficit reduction proves illusory. In fact, the numbers in his plan show that his budget produces just $155 billion in real deficit reduction over ten years (see graph).
That means that, despite proposing $4.3 trillion in what would be the most severe and wrenching budget cuts in U.S. history — two-thirds of which would come from programs for people of low or moderate incomes — the plan barely reduces deficits at all over the next decade. That’s because his budget cuts are offset by $4.2 trillion in tax cuts that would go disproportionately to those at the top. In essence, at least for the next decade, this plan is far less a blueprint for addressing deficits and far more a proposal to redistribute large amounts of resources from those at the bottom to those at the top.
That’s right folks. Once again, like the proverbial wolf in sheep’s clothing Ryan has couched a massive wealth redistribution effort under the guise of deficit reduction and spending cuts. It’s just another example, like that of Wisconsin Governor Scott Walker and union stripping, of how successfully the Republican party of today is able to utilize what Naomi Klein calls Disaster Capitalism to their advantage.