Well, it won't work to balance the budget, even after two generations. Paul Krugman:
What it would do is massively redistribute income upward, raising taxes and slashing benefits for most Americans, while providing huge tax breaks for the top 0.1 percent of the population.
Naturally, Ryan’s response to these revelations has been a hissy fit. The Center on Budget and Policy Priorities which has always, in my experience, been impeccably honest and careful in its work does the point by point rebuttal.
At some point, fiscally conservative Republicans, if there are any real ones left, are going to have to deal with raising taxes. Just call it following Reagan and Bush I, if you really can't bring yourself to give Clinton any credit.