Vice-presidential hopeful Paul Ryan has a giant liability for someone hailed for his economic vision: He knows next to nothing about the facts of economic history.
Ryan is celebrated by Republicans as a “super-wonk” who "masterfully and forcefully presents his free market, fiscal-policy beliefs" and brings "serious economic firepower" to the Republican ticket. Yet in truth, his vision of America’s economic future has already been proven wrong. Ryan’s claim that he has outlined what he calls a “path to prosperity” is ridiculous. What he has concocted is a bad trip on the road to ruin.
Ryan’s “Concurrent Resolution On The Budget, Fiscal Year 2013” was submitted to the House of Representatives on March 23, 2012. In this resolution, Ryan argued that unless Congress reins in government spending and thereby reduces the federal debt-to-GDP ratio, the country is doomed. Accordingly, his budget resolution calls for an 8 percent reduction in on-budget federal spending in 2013 and a 13 percent reduction in 2014 (both figures relative to appropriate federal budget these expenditures for 2012). This Ryan claims will shrink the federal deficit from approximately 7.8 percent of GDP to 4 percent in 2014 and simultaneously shrink the size of the federal government from 23 percent of GDP to a projected 20 percent by the beginning of 2015.