Why the Ryan Plan Won't Work

Jeff Madrick takes on Paul Ryan's budget (h/t Mark Thoma).  Here is his summary on the Reverse Robin Hood tax and spending cuts:

The right effectively ignores the record of the Bush tax cuts, and in my reading is rarely challenged on the issue. Yet recent history makes a powerful case against tax cuts. If the Ryan plan were passed, two thirds of alleged savings would be taken out of the hides of what the Center on Budget and Policy Priorities calls people of “modest means.” Sharp cuts would be made not only to Medicare and Medicaid, but also to infrastructure spending and funds for Pell Grants for college tuition—both areas that are crucial to the nation’s long term economic performance. In sum, poverty will rise and public investment in the economy’s foundation will founder, while people with an annual income of more than $1 million a year will get a tax cut of $125,000 a year. Does any rational person think this is a sound approach to our future?

Simply put, no.