Paul Ryan has released his 2012 budget proposal: The Path to Prosperity. It is perhaps, the boldest budget plan ever offered. As the editors at National Review put it,
Paul Ryan’s budget proposal for next year is the most ambitious conservative initiative since — well, actually, since ever.
Our current budget deficit will be $1.6 trillion this year. The total national deficit is $14 trillion. A few months back, President Obama proposed a budget that will never break even over a ten year period and will ultimately end with spending levels at 40% of GDP.
Ryan's budget proposal will cut spending $6.2 trillion compared to Obama's budget. It will cut spending back to the historical average of 20% of GDP. His plan will completely pay off the national debt by 2050. And he will do this without raising taxes.
I wish this graph was lying about our current path. I wish that everyone understood how perilous our future is. But wishing doesn't make it so. Our current path is not just unsustainable, but implies a total disaster awaits us.