Before this weekend, we didn’t know much about what Mitt Romney’s economic policy would look like. But that’s all changed with the announcement of Wisconsin’s Paul Ryan as his running mate. Ryan’s proposed budget plan has shaken up the race. It would bring deep cuts to health, education, transport and a reconfiguration of income tax.
Ryan would reduce government spending from 24 percent of GDP to 19.8 percent in the space of a decade. This would shave $3.3 trillion off the deficit, even though revenue could plummet by $2 trillion.
James Surowiecki is a journalist with The New Yorker.