Ryan is as phony as Romney

Jonathan Chait wrote a profile of Paul Ryan in New York Magazine called “The Legendary Paul Ryan.”

One example stands out in Chait’s basic point that Ryan claims to care about debt and the deficit, but it’s merely supply side rhetoric that has never worked and is just propaganda to hide redistribution of wealth upwards.

Chait describes Ryan on Obama’s reform of the student-loan industry in 2009 which saved the government $62 billion.

“[D]irect loans, that’s new spending on autopilot, that had no congressional oversight, and it gave the illusion that they were cutting spending[,]” said Ryan.

Here are the facts according to Chait: “For decades, the government helped make college more affordable through ‘guaranteed loans’-it encouraged banks to lend money to students by promising to repay the banks if the students defaulted. Banks were making billions of dollars in profits at virtually no risk.”

Chait continues: “The banks lobbied fiercely to protect their gravy train. Among the staunchest advocates of those government-subsidized banks was … Paul Ryan, who fought to protect bank subsidies that many of his fellow Republicans deemed too outrageous to defend.”