Looks as if we’re going to have to eat some crow around here at Spellchek. We were flat out wrong. Being the Kool-Aid drinker that I am, I posted about the Paul Ryan budget that promised $23 billion in savings ($23 bucks in our household budget scenario) without considering all the facts.
From Breitbart we learn that the CBO score didn’t factor in the interest on the deficit spending.
When asked to respond to why Ryan did not seek a CBO score that included an estimate of the interest payments on the borrowed money, Ryan spokesman Will Allison told Breitbart News that the “CBO does not as a matter of course include debt service in its cost estimates of legislation.”
So the $23 billion number isn’t accurate. What should it be?
A Senate GOP aide with direct knowledge of these matters whom Breitbart News contacted estimated the interest payments over the course of the 10-year budget window on the $63 billion that will need to be borrowed to be approximately $8 billion. That means the plan increases spending by $71 billion and only includes $15 billion in deficit reduction in the out years of the budget window.
Converted into the household budget scenario we now see that our savings would be a whopping $15! That’s over a decade!! That’s $1.50 a year people!!! $15 billion is only $1.5 billion per year, or as a good friend of mine pointed out, nothing more than a rounding error!
conservatives have not “lost all credibility” – http://www.newsmax.com/Headline/dick-morris-john-boehner-gop-tea-party/2013/12/14/id/541864
Paul Ryan. John Boehner. The 62 GOP defectors who “embraced the suck” – RIP GOP. And to all those who still see the GOP as the best path for “true” conservatives to save this country –