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Romney/Ryan economic plan: Five reasons it's a disaster for America

Mitt Romney calls Paul Ryan's detailed budget plan 'marvelous,' and 'bold.' But it would boost unemployment, lower taxes on the wealthy, and slash infrastructure. Is that the kind  of boldness we need?

Mitt Romney hasn鈥檛 provided details so聽 we should be grateful he鈥檚 selected as vice president a man with a detailed plan Romney says is 鈥渕arvelous,鈥� 鈥渂old and exciting,鈥� 鈥渆xcellent,鈥� 鈥渕uch needed,鈥� and 鈥渃onsistent with鈥� what he鈥檚 put out.

So let鈥檚 look at the five basic features of this 鈥渕arvelous鈥� Ryan plan.

聽FIRST: It 聽would boost unemployment because it slashes public spending next year and the year after, when the economy is still likely to need a boost, not a fiscal drag. It would be the same austerity trap now throwing Europe into recession. According to the Economic Policy Institute, Ryan鈥檚 plan would mean 1.3 million fewer jobs next year than otherwise, and 2.8 million fewer the year after.

聽SECOND: Ryan would take from lower-income Americans and give to the rich 鈥� who already have the biggest share of America鈥檚 total income and wealth in almost a century. His plan would raise taxes on families earning between 30 and 40 thousand dollars by almost $500 a year, and slash programs like Medicare, food stamps, and children鈥檚 health What would Ryan do with these savings? Reduce taxes on millionaires by an average of over $500,000 a year.

THIRD: Ryan wants to turn Medicare into vouchers that won鈥檛 keep up with the rising costs of health care 鈥� thereby shifting the burden onto seniors. By contrast, Obama鈥檚 Affordable Care Act saves money on Medicare by reducing payments to medical providers like hospitals and drug companies.

FOURTH: He wants to add money to defense while cutting spending on education, infrastructure, and basic research and development. America already spends more on defense than the next five biggest military spenders put together. Our future productivity depends on the public investments Ryan wants to cut.

FIFTH AND Finally, Ryan鈥檚 budget doesn鈥檛 even reduce the federal budget deficit 鈥� not for decades. Remember: He鈥檚 adding to military spending, giving huge additional tax cuts to the very rich, and stifling economic growth by cutting spending too early.聽 The Center for Budget and Policy Priorities estimates Ryan鈥檚 Roadmap would push public debt to over 175 percent of GDP by 2050.

So there you have it. The Ryan 鈥� Ryan-ROMNEY 鈥� economic plan.

And the five reasons why it would be a disaster for America.