Paul Ryan and still more Pipi Longstocking economics

So, the WAY overhyped intellectual pygmy of the Republican leadership, Rep. Paul Ryan, has released his long awaited budget plan. So far, the 2012 Republican Presidential field and the irredeemably stupid David Brooks are the only people who are taking the package filled with nonsense seriously.

For starters, the whole plan rests on a faulty premise, namely that lower tax rates will promote growth. As long time readers already know, when we’re on the left hand side of the Laffer Curve, lowering tax rates further increases debt and concentrates wealth, it does not lead to broad based economic growth. Nevertheless, Ryan completely ignored reality and instead based his plan on fantasy numbers, pulled (no joke) out of thin air by mouthbreathers at the Heritage Foundation.

In just the brief time since this joke was released, there have been many who have commented on it’s ridiculousness…

Krugman (here, here, here and here for evidence Heritage is now trying to doctor things to make them look better)
RJ Eskow at Smirking Chimp (here)
Rex Nutting at MarketWatch (here)
Kevin Drum (here)
Ezra Klein (here and here, here and here)
CEPR (here and they’re pretty clear that this going to require 100% of income to cover medical costs for people who retire after 2021)
Digby (here and here for a roundup )
TPM (here)
John Coby (here and with the best quote…

Privatizing Medicare with the insurance industry is about as stupid as privatizing Social Security with Wall Street. It’s like trusting a convicted child molester with a key to a daycare.


Finally, CBO says the whole thing will actually INCREASE not decrease the deficit and debt.

This is exactly the kind of budgetary ridiculousness that has dominated the Republican Party for 30 years. Keep in mind, that 30 years ago when the rise of conservatism began in earnest, the national debt stood at $1 trillion, much of which was refinanced World War Two debt. Today, it has accumulated to more than $14 trillion. Only one time, during the term of a moderate Democrat, did this country actually run a surplus. Today, we have representing the best of conservatism, Paul Ryan and his Magical Mystery Budget of Miraculous Growth and Revenue.

You gotta hand it to Ryan for having the brass balls to come out and say that what’s failed over the last thirty years will work. Either that, or he has to be the dumbest son of a bitch on the planet.

Now we know, the only thing Rep. Paul Ryan is good at writing is fantasy fiction of a kind that would make an Ayn Rand fanboy break out a sock and some hand lotion. Speaking of, has anyone heard what Alan Greenspan thinks of this?

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