February 8, 2010
Congressman Paul Ryan Highlights Tax Foundation “Fiscal Incidence” Project in Human Events
By Jed Babbin
One Republican leader —Rep. Paul Ryan of Wisconsin, ranking Republican on the House Budget Committee—has a better idea. His "Roadmap for America's Future Version 2.0" has a big advantage over Obama's plan: it's a real bill—HR-4529—which has been subjected to analysis ("scoring") by the non-partisan Congressional Budget Office.
Ryan has expended a lot of his considerable brain power on the future of our economy. He said we're approaching a "tipping point," an "Atlas Shrugged" moment. What will it look like?
"There's two types of tipping points," Ryan said. "There's the bond market tipping point. There will come a point in the near future where the bond market will come after us because foreigners will stop giving us money at lower rates. We will have a plunging dollar and spiking interest rates and inflation. And that's the tipping point.
"The other tipping point is how many people are hooking up to government. According to the Tax Foundation, 60% of Americans get more benefits from the federal government in dollar value than they pay back in taxes. So we're coming to a point where more people will have a vested interest in keeping the government growing and big than they do in being self-governing. More people will worry about their dependencies and their government benefits than they will be about liberties."
