The House Budget Committee has introduced, for the second year in a row, a budget to bring some level of balance back to Washington. It reduces the rate of spending growth, incrementally dials back entitlements, and allows for growth in the economy to ratchet back government spending as a percent of GDP over a long period of time. The right and the left have criticized this so-called “Ryan Plan.” The Senate strategy, by comparison, has been to do nothing—they haven’t even passed a budget in three years even though required by law (and why is there no penalty for this?). We must adopt some sort of plan that at least reduces the rate of spending growth. We need to live within our means and that means cutting spending.
Some on the right think the plan is too tame and more drastic spending cuts are required to get the economy back in balance. Most on the left are excoriating the plan (and Ryan) as radical and call for even higher levels of spending, debt, and taxes. So, to begin with, what is the Ryan Plan?