Paul Ryan and the Which Way Is Up Speech

[cali]

Dean Baker, CEPR | Aug. 29, 2012, 11:10 PM | 256 |

Most of the media have been doing fluff pieces on Representative Ryan ever since he was announced as Governor Romney's pick for his VP candidate. (My favorite is this Post piece which waxes eloquently on his use of the word "baseline.&quot Just in case any reporters decide to do any real reporting, I'd suggest they try taking issue with his account of the crushing debt burden that we are passing on to our children.

Representative Ryan seems impressed by big numbers (i.e. trillions), but seems to have difficulty with simple concepts. If we look at the ratio of our interest burden as share of GDP, it is close to 1.5 percent. This is near its low point for the post-war era.


In other words, instead of having a burden that is at a record high, the interest burden that we are now facing is near a post-war low. How can a budget wonk be so far from reality?

In fact, if we factor in the $80 billion in interest earnings that the Fed is refunding to the Treasury each year, the net interest burden is only about 1.0 percent of GDP, its lowest level since World War II.

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[joeybee12]

1. Yeah, but if he were honest, he couldn't say we need to cut "entitlements"

Like his corporate overlords want him to.

[Barry2012]

2. Big lie

It's all a big lie.it's the right wing agenda, destroy everything that helps the poor and middle class.