By selecting House Budget Committee Chairman Paul Ryan (R-WI) as his running mate, Republican candidate Mitt Romney reframed the 2012 presidential election as a contest between Ryan’s 2013 proposed budget, which was adopted by the entire Republican House, and President Barack Obama’s 2013 proposed budget, which can be taken as Obama’s most authoritative and detailed statement of what he would do in a second term.
Obama’s budget establishes a future course that exacerbates the current fiscal problem. Ryan’s budget fixes the problem so it doesn’t eat alive our world-leading standard of living.The differences between the two budgets are stark. Obama’s budget establishes a future course that exacerbates the current fiscal problem, what I have called elsewhere “America’s ticking bankruptcy bomb,” into an even worse nightmare scenario. Ryan’s budget fixes the problem so it doesn’t eat alive the United States’ world-leading standard of living. That stark contrast is explained in detail in the following paper.
Peter Ferrara, J.D., is a senior fellow at The Heartland Institute and an advisor for entitlement reform and budget policy at the National Tax Limitation Foundation.
