The competing budgets released last week by House Budget Committee Chairman Paul Ryan (R-WI) and Senate Budget Committee Chairwoman Patty Murray (D-WA) definitively define the growing differences between the two parties.
The bottom line on Ryan’s Republican budget is that it restores federal taxes and spending back near the long term, stable level as a percent of GDP that prevailed for 60 years after World War II, from 1948 to 2008. Federal spending during that time hovered around 20% of GDP, and federal taxes hovered around 18% of GDP. Ryan’s budget achieves balance by basically splitting the difference, with federal taxes and spending both settling in at 19.1% of GDP after 10 years.
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The bottom line on the Senate Democrat budget is that it constitutes a Big Government breakout beyond the stable levels of federal spending and taxes as a percent of GDP that prevailed for 60 years after World War II. It increases spending and taxes permanently beyond those levels, on a path to soar further beyond this 10 year budget window. Again, which is the extremist and radical budget?
The Senate Democrat budget does that primarily by refusing to consider any real entitlement reform, instead content to irresponsibly mischaracterize Ryan’s careful reforms, under which in my opinion not one senior, not one poor person, and not one member of the middle class will be hurt in any way. Indeed, as I have argued before and will again, seniors, the poor, and the middle class would enjoy better benefits and incomes under Ryan’s reforms. The Journal pointed out the folly of Democrat absence from the entitlement reform agenda, further saying on March 15, “Though Medicare and Medicaid are expected to double in cost by 2023, Senator Murray’s budget gives them a pass.”
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