Wisconsin Republican Rep. Paul Ryan, the chairman of the House Budget Committee, said that President Barack Obama is creating a “government-centered society” that will lead to the “decline” of America unless the federal government changes its current fiscal policy.
“On the one path, we’ve got the president’s path: A government-centered society, a society on the path of debt and decline — the path we’re on today. On the other path is what we’re proposing: A path to prosperity,” said Ryan at the George W. Bush Presidential Center’s “Tax Policies For 4% Growth” conference at the New York Historical Society on Tuesday.
“A path to actually getting us back onto growth, fixing these problems and pre-empting a debt crisis. And this November, what we’re asking for is the affirmation of the county to give us the permission and the obligation to put these things into place to fix this before it gets out of our control. … I would argue that President Obama is bringing us toward this government-centered society. He is putting his trust in government and this is a trust that puts us down the path of debt and decline.”
Ryan outlined two “tipping points” Europe has “already crossed” which he said will be “difficult” for America to “come back from” after they occur.
“A tipping point of debt, after which if the bond markets turn on us then we’re in the austerity mode, then we’re in the cutting benefits for current beneficiaries, changing the social contract for people who have already retired who organize their lives around these programs,” Ryan said.
“Cranking up taxes, slowing down your economy, and then we’re in manage-decline mode. Then our budget is whatever the bond markets tell us it has to be.”
According to the Department of Treasury, the current public debt is $15,621,445,734,132.83.
Ryan called the “moral tipping point” a “tougher” obstacle for the U.S. to overcome.
“The tougher tipping point is the tipping point of the moral tipping point, where we become more of a taker society versus a maker society; the kind of tipping point where the vast majority of able-bodied Americans do not see themselves as the provider for themselves, but the government,” said Ryan.
“Where we have taken our safety net and instead of working it and reforming it to get people off of welfare and on to work, turn it into a hammock that lulls able-bodied people into lives of dependency and complacency.”