Paul Ryan for VP

Now that Mitt Romney has chosen his running mate, I know my loyal readers will want to know what I think.  First of all, I'd say that the internet is great on big news times like these- there's just no end to the opinions and facts you can get with a little surfing.  I'm going to skip the links I usually put in my posts, but believe me I've been all over the web and here's what I think:

Liberals are generally thrilled with the pick, because now Romney has to run specifically on Ryan's economic plan and can't try to make this a "referendum" election about only Obama and the weak economy.  The details of the Ryan plan are not very popular (Medicare turns into a voucher plan, more tax cuts for the rich), and liberals believe we can get that message out.

I hope that's right.  Of course conservatives are thrilled too, as they believe these "hard truths" are what Americans are ready to hear.  Certainly Ryan is a skilled politician who is good at selling himself as a serious wonk.  He's able to project that "happy warrior" thing well too, and seems like a nice guy.  That's helpful for Romney, who projects more like the CEO who laid you off than the guy who understands your pain.

One thing I really like about Ryan is that he has put on the table what he really wants- that might have been a strategic blunder, because what he really wants isn't actually what Americans want.  But it's great that we have a plan to debate and therefore a true "choice election".

But let's not forget what the choice is.  Ryan's plan includes:

• Instead of the current fee for service guarantee for Medicare, it would be turned in to a voucher program and seniors would have to make up the difference between the voucher and whatever Medicare would cost.  Costs would increase less than the current medical inflation rate, so over time this would become unaffordable to many seniors.  Many would have to spend down their money and go on Medicaid.  Except....
• Medicaid would be slashed- turned into block grants to states, and many poor people would no longer be covered. 
• Tax rates on the wealthy would go down.  He claims he would also close loopholes, but hasn't specified what those loopholes would be.  Budget wonks say that there aren't enough loopholes to close to make this work, even if he includes the big ones like the mortgage interest deduction- and fat chance closing that one.
• Capital gains rates would go down even more
• The non discretionary spending of the federal budget would go down to levels that have never been seen.  Following the logic through, it would gut the FDA, FBI, state and local aid, education spending, drug abuse prevention, EPA, highway funding, etc (insert favorite federal department here).  As with Romney's tax proposal that's gotten a lot of ink lately, Ryan tries to deny that he would gut this or that program, complaining that his budget doesn't say it- but of course it doesn't give any details.  We have to use the parameters to figure this out- if he wants to let us know what he wants to actually cut, he's welcome to do so.
• The numbers don't really add up- when we look at history, we can see what the Republicans will do: the tax cuts will sail right through, but the budget cuts won't happen, and the deficit will explode.  I don't know how many times we have to go through that dance before Americans will learn it.

Great stuff from Krugman on the merits of the proposal.