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What is the 'Ryan plan'? Budget proposal back in spotlight with VP announcement
Published August 11, 2012
FoxNews.com
With Rep. Paul Ryan selected as Mitt Romney's running mate, voters will be hearing a lot about the so-called "Ryan" plan.
So what is it?
Though each party has strong feelings about what Ryan's controversial budget proposal entails, here are a few highlights. Just the facts:
The latest full-scale version of the plan, unveiled in March, vows to cut spending by $5 trillion over the next decade, compared against President Obama's plan.
The plan would, a decade from now, give seniors the option of taking a government payment to purchase health insurance. That payment could be used to buy a private insurance plan, or go toward the traditional Medicare plan. The plan calls for extra assistance to help low-income beneficiaries and those with "greater health risks."
The plan would overhaul Medicaid by turning it into a block grant system for states.
The plan would cut the corporate tax rate from 35 percent to 25 percent. It would implement two individual income tax brackets -- 10 percent and 25 percent.
The plan would head off the scheduled automatic defense cuts, first by diverting the planned $55 million defense cut in 2013 by implementing those cuts elsewhere.
The plan vows to bring the size of government to 20 percent of GDP by 2015.
Good point. I'm sure Romney picked Ryan in order to repudiate and reject Ryan's signature achievement.
why do so many here think "the Ryan Plan" is Romney's platform now ?
Ryan had some bold ideas about reform with his plan. Good ideas that maybe need some tweeking.
I think it was his ideas, not his actual plan, that Romney picked him as VP running mate.
At least he proposed something, a transition over 10 years to a new system.
That's more than anyone else in this current administration has proposed in almost 4 years.
The current administration just "raises the debt ceiling" to deal with shortfalls and that is unsustainable.
why do so many here think "the Ryan Plan" is Romney's platform now ?
Ryan had some bold ideas about reform with his plan. Good ideas that maybe need some tweeking.
I think it was his ideas, not his actual plan, that Romney picked him as VP running mate.
At least he proposed something, a transition over 10 years to a new system.
That's more than anyone else in this current administration has proposed in almost 4 years.
The current administration just "raises the debt ceiling" to deal with shortfalls and that is unsustainable.
You've done a good job of answering your own question.
Ryans budget plan highlights. For every individual under the age of 55, you wont receive Medicare at age 65 or 67, you'll get avoucher to help pay for your own private insurance. This would increase individual healthcare costs from 20 to 30% under Medicare now, to about 65% per individual by 2030. So says the CBO.
Also, he would repeal the affordable healthcare law. Again, increasing the overall government healthcare costs.
He would lower taxes in the hope to expand business growth, with the idea that this will create more revenue through taxes. Thus has been tried twice before, and failed. Reagan's "voodoo" economics where he reverted to a more traditional cut spending but raise taxes approach, and again, under George w bush, who increased spending while lowering taxes, and doubling down in 2004 and you see where that has gotten us.
Ryan isn't a conservative. He voted for the Medicare increase under bush. Voted for no child left behind. The list goes on and on.
His plan wont work, and it isn't supported by 70% of Americans. The Ryan budget has been debated.
The radical right will get their chance, open in an election, and will likely lose. Maybe we can get some real, small government conservatives and some sensible Democrats in the Senate.
We need compromise and a 10 year plan to balance the budget.
Basically, he wants to do with health care what has been largely already done with retirement. In the past, you used to get a defined benefit pension after long service to your employer; now you get a defined contribution from the employer, after which you are on your own to make it cover your needs after investment. Same thing will now happen with health care. You essentially get some amount of tax refund or check from the government, and have at it as best as you can... If it doesn't cover it, then you go find the difference. I will be interested to see how far that gets seniors if it is implemented.
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