*2015 Budget

Bloomberg Editorial: Paul Ryan's Budgetary Fantasy

In response to the release of the Republican budget proposal yesterday, Bloomberg offered interesting commentary on the stark contrast between this partisan proposal and fellow Republican Ways and Means Committee Chairman Dave Camp’s tax-reform plan.  We may not agree with every aspect of Camp’s plan, but at least it was a serious attempt at legislating. The Republican budget proposal unveiled yesterday, on the other hand? Not so much:

“Ryan, who gained some fame as a vice presidential nominee two years ago, is chairman of the House Budget Committee. Today he released his 2015 budget, and it is essentially a partisan wish list, comforting Republican constituencies and upsetting Democratic ones. It stands in stark contrast to the bold tax-reform plan produced in February by Camp, chairman of the Ways and Means Committee, which spread its pains and gains more equitably.”

There may soon be a time when cutting taxes for the wealthy and cutting spending for the poor makes good fiscal and political sense. Nothing about the current economy or tax structure suggests that time is now.”                                    

“Camp's proposal was honest enough to make just about everyone in Washington squirm. Ryan hasn't risked a similar rejection. But his lack of courage will win no converts, either.”

“The goal of reducing the public dole is a good one. It's just hard to see how cuts to income support and social services in the midst of a weak labor market will improve many lives.”