Friday, April 08, 2011

WHY IS RYAN'S PLAN BEING TAKEN SO SERIOUSLY?

Paul Krugman points out the Ryan has merely repackaged the absurd voodoo economics of the St. Reagan years and even conservative columnist Ross Douthat can admit that:
It includes absurd growth projections.
One of the great virtues of Paul Ryan’s approach to spending and deficits over the last two years has been his refusal to embrace the pernicious right-wing fantasy, beloved of overzealous supply-siders in the Bush era, that marginal tax cuts usually more than pay for themselves, making serious spending cuts unnecessary. Which is why it’s disappointing to see that while his budget uses C.B.O. projections for economic growth to build its numbers, it also throws in Heritage Foundation estimates of the budget’s macroeconomic impact — estimates which are so transparently ridiculous (2.8 percent unemployment! a unicorn in every pot!) that even their own authors don’t stand behind them. In a budget whose chief selling point is its honesty about the fiscal situation, it’s jarring — and potentially discrediting — to have right-wing fantasy economics making a cameo appearance.

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