With Republican Presidential candidate Mitt Romney’s weekend announcement that he has selected Congressman Paul Ryan (R-WI) as his vice presidential pick, many voters are seeking to learn more about the seven term fiscal hawk, and author of the Ryan Budget.
One of the key tools NTU offers to help taxpayers and voters evaluate how members of Congress stack up when it comes to taxes and spending is the comprehensive NTU Rates Congress. As discussed in more detail HERE, Ryan has an above average lifetime rating of 75%, including six “Taxpayers’ Friend” awards.
However, a few of the reasons those Ratings are not higher have also earned Ryan criticism from fiscal conservatives - they include Ryan’s votes for the TARP bailout, the auto bailout, Medicare Part D, No Child Left Behind, the debt ceiling, and Davis-Bacon wage controls.
Still, Ryan has taken a leadership position in addressing the nation’s impending entitlement insolvency and ballooning public debt, championing his budget blueprint to responsibly transition the United States to a more sustainable fiscal path. According to the Congressional Budget Office, Ryan’s proposal would reduce deficits by $3.26 trillion from 2013 through 2022 when compared to President Obama’s plan. In addition, the Ryan Plan would simplify income taxes with two tax rates of 10% and 25%, compared to the current six brackets.
Ryan’s most significant reform would be with regards to Medicare. If Congress continues to spend as they have, debt will reach 194% of GDP by 2040, but if Ryan’s budget were adopted debt would be a mere 38 % of GDP, saving taxpayers trillions of dollars.
Paul Ryan deserves much credit from taxpayers for shifting the debate in Congress to solutions for the big fiscal crises that face America on entitlements, debt, and run-away spending.
Whichever duo is elected this November, a set of extremely pressing budgetary concerns will await them. Bringing Paul Ryan onto the ticket as Vice Presidential nominee is a good sign for taxpayers and voters who are starving for a plan to address our long-term debt and budget concerns without recovery-crushing tax hikes.