A few points about President Obama’s alleged budget-cutting speech:
- Obama is using some pretty significant “timeline creep” to make his figures appear comparable to Paul Ryan’s plan on behalf of the GOP. Ryan, you may recall, proposed $4.4 trillion in deficit reductions over 10 years, whereas Obama is proposing $4 trillion over 12 years.
- On an apples-to-apples basis, then, it’s $440 billion a year (Ryan) to $333 billion a year (Obama).
- To put the plans on a real apples-to-apples basis, since Obama would raise taxes to cover one-fourth of his reductions: Obama is proposing only $250 billion in spending cuts per year compared to Ryan’s $440 billion. As a reference point, the total federal budget this year will exceed $3.5 trillion.
- Actually, to be truly accurate, both men are proposing slower deficit growth — not anything like a balanced budget in the medium term.
- The difference is that Ryan addresses two entitlement programs — Medicare and Medicaid — while Obama hardly touches