A Path to Prosperity? I don't think so.

I understand now, why the Republicans have become so focused on the debt-to-GDP ratio: their budget does NOT REDUCE THE FEDERAL DEBT ONE CENT.

Under Paul Ryan's plan, by 2021, the US would still be running a $385B deficit* - or otherwise known as the same deficit we were running in 2003, just after Bush's two tax cuts and Medicare expansion went into effect.**

By focusing on the debt-to-GDP ratio, they can claim to be working on runaway spending, without actually effecting change on the federal debt.  Paul Ryan recently spoke of cutting trillions of dollars over the next decade, but he doesn't mention that he'll end up growing outlays by 31% during that decade. Nor does he mention that debt held by the public will increase 55% to over $16T.***

And you don't hear it mentioned often, but Paul Ryan's Roadmap for America's Future gives millionaires and billionaires a major tax cut, down to just 25%.****

In fact, their growth in federal income, almost exclusively depends on trickle-down (aka voodoo) economics that would result in a 2.8% national unemployment rate in 2021.  Even The Economist believes that Paul Ryan's / The Heritage Foundation's projections are, at best, excessively optimistic.*****

So what happens if voodoo economics doesn't work, and we don't reach the mythical 2.8% unemployment rate?  Federal debt and deficit spending is going to explode.  So long as Paul Ryan and Republicans are in charge of the House, we'll get more calls for austerity measures.  Look to what's happened to Ireland to see how the downward tailspin looks like under austerity.******

* - The Path to Prosperity, page 63 of 74.
** - Chart of the federal debt, 2000-2008.
*** - The Path to Prosperity, page 63 of 74.
**** - Proposed tax brackets by Paul Ryan.
***** - The Economist blog, April 5, 2011.
****** - NYT Deal Book article from June 29, 2011; Reuters article on continued growing debt, March 6, 2011.