April 16th, 2011
In economics there is the theoretical future and the provable past. It's generally wise to base proposals for that future on what we have learned so far. Rep. Paul Ryan's (R-WI) Path To Poverty is most striking in it's devotion to philosophies that we know to be destructive and ineffectual. Take a look at the cost-benefit analysis across a variety of forms of deficit spending. Make no mistake, the tax cuts called for in the "Path" are deficit spending.
The Ryan plan seems to take these facts and literally flip them. Every proposal he describes as most stimulative has been proven to be the least likely to spur growth. Everything he has targeted for elimination has the greatest immediate benefit to the economy. The problem for Ryan is that he just doesn't like these facts. As Tim Tankersley and Katie O'Donnel of the National Journal observed, the Ryan Plan is predicated on a faith in "bedrock principles of supply-side economics."
Which is how we got here in the first place.