MILWAUKEE - Janesville Republican Representative Paul Ryan heard the words of President Barack Obama in the House Chamber of the Capitol Building, and heard some things he liked.

"That's exactly the feeling I came with," said Ryan on 620WTMJ's Midday with Charlie Sykes.

"At least there was some uplift here. At least it's not walking around with our shoulders low, and he gave us some inspiration, some optimism. That was needed."

But what wasn't needed, in Ryan's mind, were Mr. Obama's economic plans.

"We had the right tone. We had the wrong substance," believed Ryan.

Ryan believes the nation is in for some major economic trouble.

"We are talking about the fact that we have a fiscal train wreck coming," said Ryan.

"I hate to be doom and gloom like that, but the fiscal problems in this country are going to be enormous. They are unprecedented. I am fearful that just in this year alone, we are going to be stacking the liabilities faster than we ever have before.

"They've added to the entitlements, they've added new entitlements in the stimulus bill. We've basically created two entitlements in health care alone, just this year, that are now into law. The health care entitlements before these bills passed were already the biggest economic problems we've had. They're $36 trillion in unfunded liability with just Medicare and Medicaid. Now we've created two new entitlements to add on top of that load.

"It's true he inherited a big deficit, but he's doing a really good job of adding to it.

"In 30 days, we've added about $300 billion just to the deficit. We're on a good start to cranking up the deficit.

"The idea of cutting it in half over the next four years sounds like it's sort of a fiscally conservative thing to say. If you just stand outside and do nothing, the deficit goes down in half by the baseline. It's kind of like going outside and claiming credit for the sun rising and falling. It's going to do that on its own.

"They're cranking up the deficit now. The way it's designed it already goes down. Actually, it would go down faster if it had not been the fact that they're plowing all this new spending out the door."

That spending includes, according to Ryan, a nationalization of 25% of the economy - health care and energy production.

"When you break apart the substance, which is what economic actors, investors, the market, everybody cares about, look at what we're talking about here.

"We're talking about an enormous expansion of government into the health care system, essentially nationalizing 17% of our economy. What they're talking about all they want to do, is done this year.

"Then, they're talking about effectively regulating another 8% of our economy, the energy sector.

"I just spent a week around my district in Wisconsin, asking for a show of hands in every crowd I was in about 'do you know what Cap and Trade is?' You cap carbon emission in America. You tax businesses who emit carbon in their production. That's not just the energy companies like We Energies. That's the manufacturers. It is a deathknell to the manufacturing industry in America.

"More to the point, the Chinese and the Indians have already told us there's no way they're going to do this to their economies.

"So we're going to raise the price of energy, raise the price of manufacturing, make us that less competitive, and basically push our jobs to these other economies that aren't going to do this. Any gains we think we will achieve with emitting carbons with this cap and tax system will be more than offset by more emissions from countries like China and India going through their versions of the Industrial Revolution, because they'll be taking our jobs.

"The parts of the country that get hit the most are manufacturing states and cold weather states where you've got to buy a lot of natural gas or home heating oil to keep yourself warm in the winter.

Then came Obama's tax policies, where he promised not to raise taxes on people with an income of less than $250,000.

"Then, when you get to the tax policy, class warfare, I'll admit, can make good politics," said Ryan.

"It's preying on people's emotions and envy. It's good politics, but it's not good economics. It's more ideology than economics.

"That sounded like a good idea, 'let's tax rich people.' Here's the problem: two-thirds of the folks who file in that tax bracket ($250,000+/year) aren't people like Brett Favre and Bill Gates. They're small businesses owners. They're people who have 50, 75, 100 employees that ring the industrial parks throughout Wisconsin. It's those small businesses who will now pay a higher tax rate than the largest corporations in America pay.

"When 70% of our jobs come from small businesses, when they're struggling from this recession, struggling to stay in this global economy, we're going to raise their taxes in the middle of a recession?"