Paul Ryan for VP — or, as Romney said in the press conference, “the next president of the United States”. I did say Galt/Gekko, not Gekko/Galt. 
 
 There is, I gather, lots of horse-race speculation: It’s a disaster! No, it changes the conversation away from Bain and those missing tax returns! I have no idea who’s right. 
 
 What I do know is that anyone who believes in Ryan’s carefully cultivated image as a brave, honest policy wonk has been snookered. Mark Thoma reviews selected pieces I’ve written about Ryan; he is, in fact, a big fraud, who doesn’t care at all about fiscal responsibility, and whose policy proposals are sloppy as well as dishonest. Of course, this means that he’ll fit in to the Romney campaign just fine. 
 
 As I said, I have no idea how this will play politically. But it does look like a move from weakness, rather than strength; Romney obviously felt he needed a VP who will get people to stop talking about him. 

 When these columns asked last week "Why Not Paul Ryan?", we had no idea that Mitt Romney would choose the Wisconsin Congressman as his running mate. So much the better if he had already made up his mind. In choosing the 42-year-old, Mr. Romney has embraced the GOP's reform wing and made it more likely that the election debate will be as substantial as America's current problems. 
 
 Related Video Editorial page editor Paul Gigot on the Paul Ryan veep selection. Photos: Getty Images 
 
 Vice Presidential choices rarely sway electoral outcomes, but they do reveal something about the men who make the choices. As Mr. Romney's first Presidential-level decision, the selection speaks well of his governing potential. He broke free of the stereotype that he is a cautious technocrat by picking Mr. Ryan, a man who has offered reforms that the country needs but are feared by the GOP's consultant class and much of his own party. 
 
 Mr. Romney is signaling that he realizes he needs a mandate if he is elected, which means putting his reform ideas before the American people for a clear endorsement. He is treating the public like grown-ups, in contrast to President Obama's focus on divisive and personal character attacks. 
 
 The Ryan choice also suggests that Mr. Romney understands that to defeat Mr. Obama he'll have to do more than highlight the President's economic failures. He must also show Americans that he has a tangible, specific reform agenda that will produce faster growth and rising incomes. 
 
 Mr. Ryan is well equipped to help him promote such an agenda. The seven-term Congressman grew up in the GOP's growth wing and supply-side ranks as a protege of Jack Kemp. Far from being a typical House Republican, he was a dissenter from the Tom DeLay do-little Congress in the last decade. He began talking about his reform blueprint in the George W. Bush years when everyone said he was committing political suicide. 
 
 Ignored in 2008, his agenda began to look prescient in 2010 as Mr. Obama's policies produced persistently high unemployment, the slowest recovery in decades, and exploding, unsustainable debt. In 2011, Mr. Ryan won the battle inside the House GOP to take on entitlements, including Medicare. The budget showed the courage of Republican reform convictions and helped smoke out Mr. Obama's insincerity on spending cuts and budget reform. 
 
 Democrats and media liberals also claim to be thrilled with the choice, boasting that they can now nationalize the election around the Ryan budget. But behind that bluster you can also detect some trepidation. In Mr. Ryan, they face a conservative advocate who knows the facts and philosophy of his arguments. He is well-liked and makes his case with a cheerful sincerity that can't easily be caricatured as extreme. He carries his swing Wisconsin district easily though it often supports Democrats for President. 
 
 This may be why, in his meetings with House Republicans, Mr. Obama has always shied away from directly debating Mr. Ryan on health care and spending. He changed the subject or moved on to someone else. The President knows that Mr. Ryan knows more about the budget and taxes than he does, and that the young Republican can argue the issues in equally moral terms. 
 
 Enlarge Image Close AFP/Getty Images Republican presidential candidate Mitt Romney and Republican Vice Presidential hopeful Paul Ryan 
 
 Democrats will nonetheless roll out their usual attack lines, and the Romney campaign will have to be more prepared for them than they were for the Bain Capital assault. There's no excuse in particular for letting the White House claim that Mr. Ryan would "end Medicare as we know it" because that is demonstrably false. 
 
 Late last year, Mr. Ryan joined Oregon Democratic Senator Ron Wyden in introducing a version of his reform that explicitly retains Medicare as we know it as a continuing option. The reform difference is that seniors would for the first time also have a choice of government-funded private insurance options. The Wyden-Ryan belief is that the choices resulting from private competition will be both cheaper and better. 
 
 This "premium-support" model has a long bipartisan pedigree and was endorsed by Democratic Senators John Breaux and Bob Kerrey as part of Bill Clinton's Medicare commission in 1999. Wyden-Ryan is roughly the version of reform that Mr. Romney endorsed earlier this year. 
 
 Our advice is that Mr. Romney go on offense on Medicare. He could hit Mr. Obama with ads in Florida and elsewhere for his $716 billion in Medicare cuts, and his plan to cut even more with an unelected rationing board whose decisions under ObamaCare have no legislative or judicial review. Then finish the ads with a positive pitch for the Romney-Ryan-Wyden reform for more patient and medical choice. 
 
 *** 
 
 In his remarks on Saturday in Norfolk, Mr. Ryan also hit on what is likely to be an emerging Romney theme: leadership that tells Americans the truth. "We will honor you, our fellow citizens, by giving you the right and opportunity to make the choice," he said. "What kind of country do we want to have? What kind of people do we want to be?" 
 
 The underlying assumption is that at this moment of declining real incomes and national self-doubt, Americans won't fall for the same old easy demagoguery. They want to hear serious ideas debated seriously. The contrast couldn't be greater with a President who won't run on his record and has offered not a single idea for a second term. 
 
 In choosing Mr. Ryan, Mr. Romney is betting that Americans know how much trouble their country is in, and that they will reward the candidate who pays them the compliment of offering solutions that match the magnitude of the problems.
– Last week, the Wall Street Journal called on Mitt Romney to pick Paul Ryan for his vice presidential runningmate. Now who's crowing about the pick? Why, the Wall Street Journal. The Journal isn't taking credit for the pick, but its editors do view it as a sign of Romney's seriousness at reforming government and his "governing potential." "In choosing the 42-year-old, Mr. Romney has embraced the GOP's reform wing and made it more likely that the election debate will be as substantial as America's current problems," the paper crows. The Journal also thinks that Ryan is the ideal pick for serious ideas and countering "the same old easy demagoguery." Not everyone is so overjoyed with Ryan, of course. Paul Krugman calls the Romney/Ryan ticket "Galt/Gekko" (as in the Ayn Rand hero and Wall Street villain). Ryan "is, in fact, a big fraud, who doesn’t care at all about fiscal responsibility, and whose policy proposals are sloppy as well as dishonest," writes Krugman in his blog at the New York Times. "Of course, this means that he’ll fit in to the Romney campaign just fine."