this budget balancing nonsense is irrelevant. jared, there s some dispute, the ryan team seems to be back pedaling on the question of are the obama health care taxes really in their budget or not? they re definitely there when you look at the revenue assumptions that they have, they seem to be claiming that no, no, i think we would get rid of tanning salon tax also. i actually believe them on that. i believe that in repealing obama care, they re also not taking credit for the revenue from the obama care taxes, and let me get back to a point i made earlier. you see, they have to raise something like $7 trillion in revenue to offset their tax cuts. they can t do that. mathematically, it is impossible. if mitt romney couldn t make the math work, this math is twice as hard. so really interestingly this is a plan to increase the budget deficit because they ll never
what we should be worrying about instead are jobs and wages, widening equality. what we need is growth. if we don t get that, all of this budget balancing nonsense is irrelevant. jared, there s some dispute, the ryan team seems to be back pedaling on the question of are the obama health care taxes really in their budget or not? they re definitely there when you look at the revenue assumptions that they have, they seem to be claiming that no, no, i think we would get rid of tanning salon tax also. i actually believe them on that. i believe that in repealing obama care, they re also not taking credit for the revenue from the obama care taxes, and let me get back to a point i made earlier. you see, they have to raise something like $7 trillion in revenue to offset their tax cuts. they can t do that. mathematically, it is
percentage points lower. spending of gdp will be about the same as it is today. it hasn t gone down. with some assumptions about extending the bush tax cuts and some other modest revenue assumptions we ll still have a deficit of 2021 of a trillion and a half dollars. those are not today s unbelievable, steve. if you look at it historically, the fact that they were fighting over whether we get a trillion or 2 trillion or 4 trillion, you go back to a chart you brought us a couple of weeks ago that shows us our obligations over the next generation, $54 trillion. this is just a drop in the bucket even if we get in the grand bargain we ve gone from 54 trillion in obligations to 50 trillion in obligations. that we can t pay. that s correct. actually those obligations would have gone up even under this compromise, debt of percentage