Explanations are rarely this clear: In this morning’s Washington Post, the editors do another good job discussing Paul Ryan’s latest plan.
The Post has done a good, clear job describing the fiscal consequences of various GOP budget proposals. Today, they do it again! This sort of thing is quite rare:
WASHINGTON POST EDITORIAL (3/21/12): The nonpartisan Tax Policy Center said Mr. Ryan’s plan would reduce revenues by an eye-popping $4.6 trillion—and that’s on top of the $5.4 trillion cost of making the Bush tax cuts permanent. Moreover, no matter what deductions are curtailed, the benefit of the lower rates would flow overwhelmingly to the wealthiest Americans, while Mr. Ryan would take a machete to programs that help the least fortunate.We call attention to the highlighted statement because it is so clear. This is what it says:
The Bush tax cuts are scheduled to expire at the end of this year. Extending them would reduce federal revenue by $5.4 trillion over the next ten years.
Ryan’s proposal goes beyond even that. His additional tax cuts would reduce federal revenues by an additional $4.6 trillion over the next ten years.
The editors have done a very good job explaining these very basic points. Other journalists rarely explain such basic matters so clearly.
If you doubt, just read the Washington Post’s news report about Ryan’s proposal, also from today’s paper. For Dean Baker’s take on this news report, go ahead: Just click here.