"[T]he latest version of Ryan’s Path to Prosperity, released today, does far more than defeat a rival who’s decided to forfeit the field," AEI expert Jim Pethokoukis writes. "It presents a bold and sweeping solution to America’s twin problems: too much debt and too little economic growth."
Pethokoukis continues by contrasting Ryan's budget with Obama's:
– By 2022, under the Ryan Path, debt as a share of GDP would be 62.3% vs. a projected 73.2% in 2012. Under the Obama budget debt as a share of GDP would be 76.3% in 2022, according to the Congressional Budget Office. Over that period, the Ryan Path would spend $5.3 trillion less than the Obama budget by, in large part, axing Obamacare and block-granting welfare programs — including Medicaid — to the states.
– Longer term, the differences between the Ryan Path and the Obama budget are even starker. By 2030, debt-to-GDP would be 53% under Ryan, 128% under Obama. By 2040, debt-to-GDP would be 38% under Ryan, 194% under Obama. By 2050, debt-to-GDP would be 10% under Ryan, over 200% under Obama – assuming that under the Obama scenario, the economy hasn’t collapsed.
And he helpfully provides this graph:
As the boss said last night: "The good news: Ryan’s budget is even bolder and more specific than last year’s. It’s also better than last year’s, especially because of a couple of tweaks on Medicare reform. In addition, it preserves a reasonable level of defense spending by reforming entitlements, rather than gutting defense, as Obama does, in order to put off tough choices on entitlements. In sum, it’s the document of a serious governing party, and provides a strong and clear contrast to Obama. I expect the Republican presidential candidates (basically) to endorse it, run on it, and govern according to it."