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Kudlow on Ryan Speech: Too Much Debt, Not Enough Growth

Vice presidential hopeful Paul Ryan gave a powerful acceptance speech that elicited repeated standing ovations. I am going to give him high marks for his speech’s delivery.

Rep. Paul Ryan, R-Wisc., republican vice-presidential nominee, addresses the Republican National Convention in the Tampa Bay Times Forum.
Tom Williams | CQ Roll Call | Getty Iamges
Rep. Paul Ryan, R-Wisc., republican vice-presidential nominee, addresses the Republican National Convention in the Tampa Bay Times Forum.

Ryan, in typical fashion, seriously and analytically ripped apart the Obama economy, what has been called Obamanomics. He ripped it to pieces, and it needed to be done. Most notably, he ripped apart Obamacare.

Ryan also did his level best to defend the Republicans against the usual attacks on Medicare reform—that is, what the Democrats call “Mediscare.” (Read More: Ryan's Way: How He Would Change Medicare.)

However, I was disappointed that his economic growth solutions were somewhat muddled and unclear. At one point in the speech, rather than speak about Mitt Romney'sown tax rate proposals, Ryan used the term “tax fairness” — a Democratic term frequently used by President Obama and other liberal Democrats.

This was surprising to me. Ryan cited a Jack Kemp and the Reagan tax reforms (and I am, of course, part of that gang).

But the reality is, Ryan never mentioned tax cuts during his speech. Not the 20 percent across-the-board supply-side reduction in marginal tax rates, nor the 25 percent corporate tax rate down from 35 percent. These pro-growth measures have been proposed by Mitt Romney, but it is a mystery to me why Ryan did not mention them. (Read More: Stark Differences in Ryan, Romney, Obama Tax Plans.)

He dwelled on debt to an extreme point. I don’t think discussing debt connects with people who are unemployed or marginally employed.

I think they want a good-paying job, and debt is almost an academic abstraction. When Republicans run on debt and deficits, they almost always lose. When Republicans run on growth, limited government, lower spending, lower tax rates, and deregulation—they win. Ryan’s speech was confusing on the growth issue, and that was disappointing; I don’t want to be confused and the American people shouldn’t be confused.

Total Cost: $58,065Tuition: $43,840Room & Board: $13,980Fees: $245Claremont McKenna, located near downtown Los Angeles, accepted only 12.4 percent of its applicants for the class of 2016, a rate that admissions counselor Brandon Gonzalez said ensures that students here will be going to school only with other top students.�The class of 2016 will be one of the most talented groups of students we have ever seen,�  The school will charge these students a tuition of $21,920 per semester, or $43,840 for the entire academic year, incurring a total cost of
Total Cost: $58,065Tuition: $43,840Room & Board: $13,980Fees: $245Claremont McKenna, located near downtown Los Angeles, accepted only 12.4 percent of its applicants for the class of 2016, a rate that admissions counselor Brandon Gonzalez said ensures that students here will be going to school only with other top students.�The class of 2016 will be one of the most talented groups of students we have ever seen,� The school will charge these students a tuition of $21,920 per semester, or $43,840 for the entire academic year, incurring a total cost of

It will be left to Mitt Romney on Thursday night to clarify his own growth policies. (Read More: Romney Faces His Defining Moment.)

I want growth, growth, growth. Wednesday night, I didn’t get growth, growth, growth; I heard debt, debt, debt.

-By CNBC’s Larry Kudlow
@larry_kudlow