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Mitt Romney Proposes $8 Trillion Welfare Program for Defense Contractors; Prepare for Two Wars if Romney Wins

March 22, 2012
Mike “Mish” Shedlock, Global Economic Analysis

I sit back in amazement and watch Republicans self-destruct with ridiculous proposal after ridiculous proposal.

Let’s ponder two plans, neither of which is going anywhere, and one of them may very well cost Mitt Romney the election should he win the nomination.

Ryan Plan Revives Deficit Duel

The Wall Street Journal reports Ryan Plan Revives Deficit Duel

Rep. Paul Ryan’s budget instantly became the centerpiece of an election-year debate over the size of government on Tuesday, thrusting back into the spotlight a topic – the deficit – that has been largely overlooked by the presidential candidates.

Mr. Ryan (R., Wis.), who heads the House Budget Committee, said his plan would put the U.S. on a sound economic path by spending $5.3 trillion less than Mr. Obama recommends over 10 years, resulting in a budget deficit that would be $3.3 trillion narrower.

Let’s pause right there for a second. The deficit is about $1.4 trillion. If the US lapses back into a recession at any time, (something I think is highly likely) it will worsen. Cutting $5.3 trillion over 10 years, is $530 billion a year, still leaving deficit spending at $900 billion a year, not counting the odds of a recession.

And now… the rest of the story. …..

One Comment leave one →
  1. March 22, 2012 8:36 pm

    Sounds to me they may be ready to bring in Ryan as originally planned. If so they may be too late unless it is a brokered convention. That billionaire from Vegas made it clear he wanted Newt to stay in to defeat Romney even if he could not make it. And that is strange because beside Newt, Romney is the most pro-Israel candidate the Mormon religion has supported Israel and claim a relationship to Israel even if the Jews may not share the claim.

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