Ryan’s Hope

Although Congressman Paul Ryan has adamantly said he isn’t running for president, this speech he gave to the Hamilton Society on June 2 on foreign affairs shows that he knows more than just economics.
“Some of you might be wondering why the House Budget Committee Chairman is standing here addressing a room full of national security experts about American foreign policy,” he begins. “What can I tell you that you don’t already know?”
Ryan goes on to link economics to foreign policy. “Our fiscal policy and our foreign policy are on a collision course; and if we fail to put our budget on a sustainable path, then we are choosing decline as a world power.” Ryan notes that our defense spending has gone from 39% at the end of the 20th century to less than 16% now.
He sees us careening towards “the most predictable economic crisis in history…At the end of the decade we’ll spend 20% of our tax revenue simply paying interest on the debt – and that’s according to optimistic projections.”
Ryan points to entitlement programs such as Social Security, Medicare and Medicaid as part of the reason, but says the high cost of Obamacare will crowd out everything else.
His warnings and suggestions need to be viewed by all Americans. You can read the full text of his address at http://www.budget.house.gov/News/DocumentSingle.aspx?DocumentID=244386.

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