The most immediate impact of the Paul Ryan budget would be twofold: a doubling-down on the Republican supply-side theory that cutting taxes especially for the wealthy will spur growth and increase revenue, and a vision of the most dramatic shrinking of government spending in history. In Ryan’s view, these two things would be just the elixir the economy needs, inevitably increasing jobs and opportunities. What seems clear is that Ryan’s budget can work only if his doctrinaire assumptions work – and even then it is hard to gauge because he has left out many of the details.
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