Is It Time to Listen to Rep. Paul Ryans Economic Prescription?
Paul Ryan, a professional policy wonk from Wisconsin, sees trouble ahead if the country stays on its present course. The cost of entitlement programs like Medicare and Social Security is racing ahead, at the same time that the federal government is ladling out dollars to fight the recession and collecting less in tax revenue because of the recession. Meanwhile, he argues, we are contending with chronically high unemployment, insurmountable debt payments and a crushing tax burden that could kill U.S. competitiveness. Maybe, just maybe, those entitlements have to be redesigned. He’s not quite saying, “Stop Social Security!,” but he is getting dangerously close to the thought. Who is this guy? It would be no surprise if he turned out to be a wealthy financier who had taken up budget policy as a retirement hobby (like Peter G. Peterson) or a professional forecaster whose views on consumer spending are bearish (like Gary Shilling). The surprise is that Ryan is an elected official. He’s runn
