Ryan’s Budget Plan Got the Heave-Ho from CBO

Congressman Ryan laid huge egg yesterday with his budget. What’s wrong with this guy? Can’t he count votes?

The proposal by Ryan is to end Obamacare. While there might be some merit to that notion – it ain’t going to happen. The Senate is controlled by the Democrats, and Obama would veto anything that came close to scrapping the cornerstone of his administration.

So don’t even bother to read the budget that the Republican’s have put up. It will not see the light of day. It was just a show pony for Ryan.

I went right to Ryan’s numbers for Social Security. How much of a reduction in benefit payments is he calling for over the coming decade? ZERO. ZIP. NADA. How to describe this obvious political dodge of responsibility: Gutless? Weak? Spineless? Chicken-hearted? Cowardly? Wimpy? How about pusillanimous (lack of courage)?

Ryan spent two of the 90 pages of crap on happy talk about Social Security. He wants to strengthen it. But he doesn’t say how, or even why. He even had the balls to quote FDR on SS. His proposal is to establish a “Presidential Commission”. Screw that idea; we did that three years ago. Nothing came from it.

The Ryan plan got the heave-ho from the Congressional Budget Office. I was amazed to see that the folks who are tasked to look at significant proposals basically said they were too busy.

The Republican jerks have squandered an opportunity to come up with anything that is even remotely feasible. Next up will be the Democratic version of Utopia. I suspect that the Senate version of a budget will be similarly out of touch with reality.

When will S&P say “enough-is-enough”, and drop the US credit rating another notch? Given that there is no leadership at all, the folks at S&P must be thinking about how to respond. Last time it did not matter a damn that the rating was dropped. I don’t think the country will be so lucky the second time around.

About Bruce Krasting 208 Articles

Bruce worked on Wall Street for twenty five years, he has been writing for the professional press for the last five years and has been on the Fox Business channel several times as a guest describing his written work.

From 1990-1995 he ran a private hedge fund in Greenwich Ct. called Falconer Limited. Investments were driven by macro developments. He closed the fund and retired in 1995. Bruce also been employed by Drexel Burnham Lambert, Citicorp, Credit Suisse and Irving Trust Corp.

Bruce holds a bachelor's degree in economics from Ithaca College and currently lives in Westchester, NY.

Visit: Bruce Krasting's Blog

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