Rep. Paul Ryan, the chairman of the House Budget Committee, Ayn Rand devotee and the answer to the question "whatever happened to Eddie Munster," released the GOP's fiscal year 2013 budget proposal.
Surprise! There are tax cuts for the wealthy and just enough money budgeted in discretionary spending to make sure the poor get a copy of the Constitution and Atlas Shrugged delivered to their tent cities…
The tax code would be simplified to just two tax rates, 10 percent and 25 percent, with the closure of tax credits and deductions. The 35 percent corporate income tax would be lowered to 25 percent and the existing, worldwide system of taxing corporate profits would be changed to a territorial system in which only domestic profits were subject to United States corporate taxation. But the budget assumes revenues would stay consistent with revenues under the current individual and corporate tax codes.
(Because magic. And the elimination of deductions and tax expenditures. But mostly magic.)
Medicare would be turned into something like Mr. Obama's health care plan for the uninsured, a subsidized set of private insurance plans, while Medicaid would be converted to fixed block grants to the states.
According to Ryan, "Obamacare" is a death en-paneling socialist monstrosity that will bankrupt our nation… and it should be adopted as a model for the Medicare program. In fairness, the Ryan proposal is based on the brilliant insight that paying for seniors' healthcare is very expensive and not paying for it would be relatively cheap. The value of premium-support payments will increase at a rate lower than healthcare inflation (says everyone but Democrat Ron Wyden, Ryan's partner in voucherizing Medicare), shifting the cost of care to Medicare beneficiaries.
The White House has already rejected the Ryan proposal, which means they must be ready to embrace Harry Reid's Senate budget…
"We do not need to bring a budget to the floor this year — it's done, we don't need to do it," Senate Majority Leader Harry Reid (D-Nev.) told reporters…
All right, maybe use last year's Senate-adopted budget as a baseline!
Senate Majority Leader Harry Reid said it would be "foolish" for Democrats to propose their own federal budget for 2012, despite continued attacks from Republicans that the party is ducking its responsibility to put forward a solution to the nation's deficit problems.
Photo by T.J. Kirkpatricky/Getty Images News/Getty Images
Tags: Budget, Harry Reid, House of Representatives, Paul Ryan