Tomorrow, we are told that Congressman Paul Ryan will unveil the first serious plan for long-term debt reduction. I'll wait to see it before I comment. But the leaked outlines are highly encouraging. Medicare would become Obamacare for seniors, with competing private insurance options, rather than a single payer; Medicaid would be turned into block grants for the states to finance healthcare for the poor. For good measure, there appears to be serious tax reform, elimination of tax shelters and tax breaks in order to bring down the rate of income tax, while not losing revenue. This $4 trillion bite into long term debt passes the credibility gap for me. But here's where I go squishy.]]>