The following article by Glenn Kessler was posted on the Washington Post website April 18, 2018:
House Speaker Paul D. Ryan (R-Wis.) made a name for himself as a deficit hawk, but backed a tax plan and a spending bill that are ballooning the national debt. (Video: Jenny Starrs/Photo: Matt McClain/The Washington Post)
“That was going to happen — the baby boomers retiring was going do that. These deficit — trillion-dollar projections have been out there for a long, long time. Why? Because of mandatory spending, which we call entitlements. Discretionary spending under the CBO baseline is going about $300 billion over the next 10 years. Tax revenues are still rising, income tax revenues are still rising, corporate income tax revenues — corporate rate got dropped 30 percent, still rising. Mandatory spending, which is entitlements, that grows $2 trillion over the next decade. Why does it grow $2 trillion? Because the boomer generation is retiring and we have not prepared these programs.”
— House Speaker Paul D. Ryan (R-Wis.), in remarks on NBC’s “Meet the Press,” April 15, 2018
Speaker Paul D. Ryan, who has announced his retirement, made these comments in response to a jab by host Chuck Todd at the longtime fiscal hawk: “You walk away with trillion-dollar deficits as far as the eye can see.” Continue reading “Dissecting House Speaker Ryan’s remarks on deficits and spending”