Ryan misleads public with budget proposal
Rep. Paul Ryan’s claim that his proposed federal budget will balance the budget in 10 years is disingenuous at best. His premise is that the policy changes he proposes, lower tax rates, increased defense spending and cuts to almost everything else will engender economic growth, which in return will generate sufficient increased tax revenues to ultimately balance the budget a decade from now.
But there is absolutely no compelling reason for him to conclude that his proposed changes will have any effect, up or down, on the economy. Ryan cites a 2013 Congressional Budget Office report, which estimated that $4 trillion of deficit reduction would increase the gross national product 1.7 percent over 10 years. But that report was based on the presumption that no policy changes would be made. Ryan quite intentionally misuses the CBO projections to mislead.
Whatever the value or lack of value of Ryan’s policy proposals, there is nothing in his budget to support a claim that it will balance revenue and expenditures by 2014. That hasn’t stopped Ryan from claiming that it will, and using a bit of chicanery to do so.