Budget Chairman Ryan on Obama's Jobs Plan
House Budget Committee Chairman Paul Ryan (R-WI) joined “Fox News Sunday” to discuss President Obama’s debt reduction plan, which is set to be released tomorrow.
Many media outlets are reporting that the president’s debt plan will include a new tax on those making over a million dollars. Congressman Ryan had this to say about the Buffet Rule, named after multibillionaire investor Warren Buffet. He said, “At a time when experts are telling us, including, I said the fiscal commission, we should lower tax rates on investment and job creation by getting rid of all of the loopholes so we can create economic growth… we think this is going in the wrong direction.”
Ryan, who is the Republican point man on fiscal policy in the House, repeatedly expressed concern that President Obama was backing away from some bipartisan areas of agreement by going political. The congressman explained, “This looks like to me not a very good sign, because it looks like the president wants to move down the class warfare path.”
Congressman Ryan then added, “He's in a political class warfare mode and campaign mode. And that's not good for our economy.”
Finally, much was made this week over the Obama Administration’s connection to Solyndra, a solar-panel company that received $535 million in Federal loan guarantees as part of the first economic stimulus plan. The company recently went bankrupt and laid off a thousand workers.
Ryan warned that many similar stories could be coming down the pipe. He said, “There are billions more of this exact kind of spending that came out of the stimulus that will produce these results we fear. This is industrial policy and crony capitalism at its worst. It's exhibit A for how this kind of economic policy doesn't work.”