So the House just passed Paul Ryan’s highly-detailed “Path to Prosperity” Plan. It almost immediately achieves primary balance and reduces debt as a share of the economy. It balances the budget in the 2030s and eliminates outstanding debt in the 2050s by cutting and restructuring government healthcare spending. And it does all this without raising taxes while also lowering tax rates on companies and investors, both big and small. Even more impressive, the plan uses the slow-growth economic assumptions of the Congressional Budget Office, which, by the way, has scored the lengthy fiscal blueprint.
Gallup has Obama’s approval ratings down to 41 percent (with 50 percent disapproving) and just 35 percent among independents. Ratings like this put an incumbent president deep in the red as far as reelection. They just don’t get reelected with ratings under 48 percent — and only a 1/3 chance with a rating of 45 percent.