The Republican Flim-Flam: Bain Capital, the Ryan Budget, and Federal Deficit Hysteria. Progressive economist Dean Baker, co-founder and co-director of the Center for Economic and Policy Research, returns to Democratic Perspective to debunk some of the popular Republican myths about our economy:
First, he explains what private equity funds like Bain Capital really do. (Very often their investments are less about rescuing failing companies than about cannibalizing them for the benefit of the fund owners — not so different from what the Mafia does when it invests in a New Jersey liquor store.)
Next, he explains what the Congressional Budget Office’s analysis and scoring of the Ryan budget proposal actually says –perhaps not surprisingly, the CBO concludes that the Ryan budget would actually increase the deficit, reduce taxes on the 1% while increasing them for the middle class, and do away with all government expenditures except those for the military.
Finally, Dr. Baker proposes a responsible way to address the federal budget deficit, and explains what the Republicans really mean when they talk about reforming Social Security.