Obama finished his speech a bit ago about his proposal to cut $4 trillion over the next 10 years. Ryan, who also released his plan recently, has proposed $4.4 trillion.
Obama's plan includes dropping earners making more than 250k off of the bush tax cuts, closing loopholes and lowering the tax rate, cuts ~600 billion from the discretionary budget, and seeks to control medicare costs. There are plenty more details, I'll link to them once I find the complete plan (.pdf).
Ryan's plan,
found here, cuts taxes on the wealthy by ~3 trillion, cuts discretionary spending by about 1.6 trillion, privatizes Medicare via a voucher system, makes the bush tax cuts permanent, closes loopholes and drops rates, among other things...
I have plenty of beef about Ryan's plan including that they cut ~3 trillion total spending (discretionary and medicare cuts) and literally hand that money to the top earners in cuts. They claim this will actually amount to net increase in revenue because they'd be "broadening the base" but to do this - we'd have to be on the wrong side of the Laffer curve (hint: up is up, down is down at current rates).
Almost all of the proposed savings in medicare come via shifting the costs from ~70% government contribution to ~30%. Doing nothing to control costs - instead pushing them onto medicare receipiants.
Besides that, Ryan offers no cuts in military spending. He also leaves subsidies for big oil in place while removing those for clean energy like solar and wind.
thoughts?
