One look at the deficit projections below shows you that the House GOP budget will be superior to Barack Obama’s. Obama has no plan to bring the national debt under control until… well, ever. His plan is for the federal debt to skyrocket off the chart, with no attempt ever made to get it back under control. It’s a plan for hyperinflation and eventual collapse of the currency. It is unsustainable.
How bad is Obama’s budget? Note that Ryan is showing an unusual chart; this is publicly-held debt as a percentage of GDP, from 1940-2080. In budget debates policymakers typically focus on the shorter term: what the numbers look like over the next 5-10 years.
According to Ryan’s chart, publicly-held debt as a percentage of GDP increases slowly under the GOP plan until about 2050 and does not return to the current level until after 2070. Even this seemingly modest achievement is far, far better than Obama’s blueprint. If Ryan and the House Republicans can’t produce a budget that goes to balance for decades, it is because Obama has so wrecked the nation’s finances that he is content to allow deficits and debt to skyrocket until the children of today have grown old and died.
More details from Ryan here:
HT: Phil Klein