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Tuesday, March 12, 2013

Even the CBO Snubs Ryan’s Budget Plan

 

Congressman Ryan laid huge egg today 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.

 

 cbo

 

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.

 

No

Guts

 

 

I Wanna

Barf

 

Comments

  1. a different tom says:

    An S&P downgrade is meaningless because, yes we’re fucked, but the rest of the world is even more fucked.

  2. Chance You Take says:

    Bruce, it doesn’t matter if Ryan’s budget is going to happen… now. It will eventually. What’s the problem anyway? Obama has been suggesting fantasy budgets that not even those Dem clowns in the Senate can stomach: couple of years in a row the boy wonder’s proposals were voted down unanimously. Even they know that unicorns can’t fly.

    It’s also hardly accurate to call the Ryan budget a “show pony”. I agree it won’t pass the Senate or the Emperor at 1600 Penn Ave.right now, but something close will be passed in the next decade. It has to, only because the idiocracy and the budgetary propoals they keep offering up doom us all – (1 0 0 percent !) – to failure. You cant get 10 pounds of sugar out of a 5 pound bag no matter how clever your speechwriters are.

    I can understand why you refer to the “Republican Jerks” because clearly there ARE a few on that side of the aisle (see McCain, etc). Thing is, there isn’t a single member of the Dem caucus that doesn’t deserve that moniker, not one. And you wouldn’t find a backbound among those bastards even if you caught the whole lot of them at a catfish fry.

  3. Wish there was a way to tell how this may affect the mkt.Seems the bond vigilanties will show their teeth at some point.

  4. True Disbeliever says:

    Bruce,

    Sliding off-topic for a moment, what’s your take on the S&P thing? Has the Feds’ “deal” with EJ hushed the industry?

    Best regards,

  5. Wow that was unusual. I just wrote an extremely long comment but after
    I clicked submit my comment didn’t show up. Grrrr… well I’m not writing all that over again.
    Anyway, just wanted to say superb blog!