The election of Worse and Worser continues. We now know Romney's VP pick, Paul Ryan. Wisconsin Congressman Paul Ryan managed to get the House Budget Committee chair, and has been on a quest to destroy Social Security and Medicare.
Romney has already promised to enact Ryan's right wing social engineering plan in his first 100 days in office.
What a gift to Obama. Face it folks, we're now stuck with Obama for four more years. AARP alone will surely mount their legions to vote against the Galt/Gekko Replication ticket. Most people know election 2012 is the battle of the billionaires, we sure don't have a say. But now the choice has become astounding. We don't think even the Koch Brothers, with their propaganda armies can turn this tide around.
Paul Ryan's economic insanity is frightening. Economist Menzie Chinn put together a retrospective of his deep analysis where he shows Paul Ryan's overall philosophy is give to the rich and take from the
middle class poor. That's the bottom line here. Over and over again we have pure economic fiction coming from the GOP, with about the only creative thinking being how to spin it. That's the new politic, how to hide the disastrous economic consequences that their agenda really is. Spin is in, objective truth is out.
Romney's overall economic plan has been called fraudulent by Paul Krugman and he's frankly right.
The big story of the week among the dismal science set is the Romney campaign’s white paper on economic policy, which represents a concerted effort by three economists — Glenn Hubbard, Greg Mankiw, and John Taylor — to destroy their own reputations. (Yes, there was a fourth author, Kevin Hassett. But the co-author of “Dow 36,000″ doesn’t exactly have a reputation to destroy).
And when I talk about destroying reputations, I don’t just mean saying things I disagree with. I mean flat-out, undeniable professional malpractice. It’s one thing to make shaky or even demonstrably wrong arguments. It’s something else to cite the work of other economists, claiming that it supports your position, when it does no such thing — and don’t take my word for it, listen to the protests of the cited economists.
Economist Mark Thomas calls Paul Ryan's budget plan the most fraudulent proposal in American history:
If you think the middle class has it too good, too much security, taxes aren't high enough, not enough fear of unemployment, too much help for education, and so on, while the wealthy haven't been coddled enough in recent years, not enough tax cuts, too little upward redistribution of income, not enough bank bailouts, etc., etc., then the Republican proposals should make you happy.
Economist Brad Delong has a flurry of posts on Ryan. One of them has the title:
Romney's Plan for Dealing with Unemployment: Have the Unemployed Borrow Money From Their Fathers and Start Businesses
Dylan Matthews went digging into Ryan's Congressional record, a 14 year history. Some choice pieces of legislation include privatizing social security and here are the consequences of that Ryan bill:
The Social Security Administration concluded that the Ryan-Sununu plan would require huge increases in general budget revenue to make up the shortfall left in payroll tax revenue. Specifically, revenue would have to increase by 1.5 percent of GDP every year, an analysis by the Center for Budget and Policy Priorities found, or about $225 billion at current GDP. That’s a big honking tax hike. What’s more, under the plan, investments in the stock and bond markets would skyrocket such that by 2050, every single stock or bond in the United States would be owned by a Social Security account. This would mean that the portfolio managers at the Social Security Administration would more or less control the entire means of production in the United States.
The national polls have Obama winning. We'll see in the next few weeks what the Ryan pick does. Most polls show Americans are opposed to cuts to Social Security and Medicare. The real battle will be media spin. Can the GOP bury their plans and the consequences in the media and spin a happy face on this screw the poor and middle class pig?
What a choice, worse and worser with a battle of the billionaires. Even with Obama winning a 2nd term, which clearly will happen from this pick, Americans overall are in terrible trouble. Don't forget after all, Obama also wants to destroy Social Security and Medicare under the guise of saving the budget. Regardless of party, we still face more bad trade deals, offshore outsourcing, economic malaise, labor arbitrage through manipulation of the immigration system, wage repression, and our final death knell, a financial system that can get away with murder. All Romney represents at this point is the fire we in the frying pan are trying to avoid.