Finally, A Serious Budget Proposal?

It is no secret to those who know me that I lean very much to the conservative side of the political aisle. I have not hidden that fact on this blog, although I do try to keep my political commentary in the realm of the respectful. Last July, I lambasted Congress for their decision not to produce a budget for FY11. I viewed that failure, which has led to today's threat of a government shutdown (which may very well affect me), as a derelication of their Constitutional duty. For years, for whatever reason, the political class has lacked the courage to seriously engage the looming financial crisis facing this nation in the form of unfunded liabilities. The mounting debt and the increasing deficit is a true disaster waiting to happen. And contrary to statements that have been made in the past year or so by the current administration, I do not believe you can "spend" yourself into prosperity. Sound investments, fiscal discipline, and sensible budgeting based on reasonable projected revenues - these are some of the components of good financial planning, be you individual, business or government.

Paul Ryan, chairman of the House Budget Committee, has released the GOP budget plan for FY12 (again, something the Democrats couldn't bring themselves to do last year when they controlled the House). According to his opinion piece in the Wall Street Journal, this proposal will cut $6.2 trillion in spending from the President's budget over 10 years, and in that same period will reduce the deficit by $4.4 trillion. Read the article for a hint at how this will be accomplished (I'd like to read the plan myself before trying to expound on it in any serious way).

Look, I don't know whether this is the right plan, and I don't have the expertise to judge its merit on the fine print details. What I do know is that in a debt and deficit crisis of this magnitude, we can't argue over billions - we have to argue over TRILLIONS. And this is the first serious budget proposal that attempts to address the problem in the proper context. That is, everything is on the table for discussion - in particular entitlements that we simply cannot afford, unless we dramatically raise taxes and thereby endanger an already fragile economy. Predictably, the former Speaker of the House Nancy Pelosi has already fired off the first "Republicans are mean" salvo. And don't get me started about her use (or misuse) of Scripture, as she quotes it in the video, as justification for Government action. Expect to hear more of it though, in the days ahead.

Below is an interesting video, featuring Paul Ryan. Obviously, it's a sales pitch, but it is not a bad one. If nothing else, the budget he's putting on the table represents - finally - a serious attempt to address a serious problem. It remains to be seen whether the rest of the political class (both parties) in Washington is willing to engage this on a serious level. Color me skeptical.