Thursday, August 30, 2012
How Do You Judge a Record?
For six comparisons the results of the first 55 months after the recession are presented. In each, the Reagan results are significantly better - job creation (almost 8 million versus 4 million more jobs lost), welfare and support payments - in all but Medicaid during the Reagan recovery dependency went down - in all of the categories during Obama - the dependency rate went up (by 71% for what was once called Food Stamps). Between the beginning of the recession and June of this year median income went down by almost 10%.
None of those numbers gives one much comfort about the next four years. What Gramm did not add in was the conclusion offered by Ryan last night - we grew the size of government significantly and much of it with borrowed money. So even if the results were positive we would still have an almost $16 trillion dollar debt to deal with. (Note for my buddies on the left - that deficit is 16 with 12 zeros after it - as in $16,000,000,000,000. Put another way our current total Gross Domestic Product is $15,009,000,000,000 - or less than our total debt.)
One other comparison. The different between the current baseline budget and the Ryan proposed budget is 1.2% - The baseline would grow by 4.3% and the Ryan would grow by 3.1% - that is hardly what anyone would call penurious.