The anti-Paul Ryan plan
The Congressional Progressive Caucus has finally released its response to Rep. Paul Ryan’s Path to Prosperity. “The People’s Budget” is almost like a parody of a liberal Democratic plan. It proposes raising taxes by $4 trillion over ten years and cutting spending (mostly defense) by $900 billion. (Ryan would cut spending by $6 trillion.) It would take tax revenue as a share of GDP to 22.3 percent vs. a previous all-time high of 20.9 percent in World War Two. Even worse, the plan only goes out a decade since its tax hikes still wouldn’t balance the budget long-term because it ignores healthcare reform.