by Jim Lakely on August 15, 2012
On Monday afternoon, Heartland Institute Senior Fellow for Entitlement and Budget Policy Peter Ferrara, was on CNBC to talk about Republican Vice Presidential Candidate Paul Ryan’s proposals to rein in out-of-control spending and reform Medicare. Watch the video below, but here’s a few pull quotes from a great and informative four minutes of air time:
All the Ryan budget plan does is restore federal spending to the long-term, post-war historical average of 20 percent of GDP. Despite the screaming, most people don’t know that federal spending as a percentage of GDP was stable for the 60 years after World War II — 1948 to 2008 — and was fairly stable around 20 percent of GDP. President Obama’s already increased that by one-fourth to 25 percent.
[The Congressional Budget Office projects under [Obama's] budget that [federal spending] will increase to 30 percent of GDP, 40 percent of GDP, 50 percent of GDP, and by 2080 be 80 percent GDP. That’s why it got zero votes on the floor of the Senate and zero votes on the floor of the House — even from Democrats. That’s the difference.
Obama’s been doing exactly the opposite of what Reagan did, and that’s why he is getting exact opposite results — no real recovery at all from the recession.
Ryan’s budget is not austerity. It is prosperity.
Ryan’s Medicare [plan] is better for seniors than Medicare under Obamacare. Ryan’s Medicare is subject to the same spending limit Obamacare imposes on Medicare. But the difference is that all Ryan’s plan does is extend the more modern Medicare Part C and Part D to the old-fashioned Medicare Part A and Part B. For all of the yelling and screaming, that’s all he does.
Click here to watch video:
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To read an article by Peter Ferrara, click here.
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