Thus, they howled when Chairman of the House Budget Committee Paul Ryan proffered a budget to avoid the Greek Tragedy. His budget contemplates spending reductions of more than $5 trillion over the next decade, cutting deficits by more than $3 trillion, taxes by $2 trillion, and the national debt by more than $1 trillion. It is all part of Ryan's strategy to lead us to a prosperous and secure future. Ryan intends that these cuts lead to growth, growth more robust than the anemic two percent that President Barack Obama would be perfectly comfortable with.
Yet now from the right comes opposition. The right thinks that Ryan has not cut enough. He has slain no government bureaucracies. Some on the right even want him to prove that he is sincere about budget cuts by lopping off a few more percentage points at the Pentagon. Two Republicans, Tim Huelskamp of Kansas and Justin Amash of Michigan, actually voted against Ryan in committee, leaving him with a 19-18 squeaker. If they are joined by enough like-minded Republicans when Ryan's budget comes to the floor, the Democrats and Nancy Pelosi will be happy. These Republicans will have proved that their party cannot govern.
Ryan is a supply-sider. He advocates one of the few economic innovations in years. He realizes that the budget cannot be balanced without faster economic growth. Sure, it would be nice to balance the budget in five years, but not with tax increases. Tax increases would only slow down growth. So his budget balances out in 2039, though possibly sooner. Some of the Republicans think that future Congresses cannot be trusted to carry out the cuts that Ryan proposes, certainly not through all the vagaries leading up to 2039. Well, for my part, I think they can. The country has changed dramatically. A new majority of Americans composed of conservatives and independents understands that we have been spending ourselves into the poor house.
The defeat that the Democrats suffered in 2010 was just the beginning. They will lose more seats in 2012 and the White House.
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