It’s still the economy stupid.
In a run-up to Wednesday’s first Presidential debate
it’s important to keep this in mind. And equally important, the issue is not
the past but the future.
The core components of the economy issue are twofold
– economic growth to provide jobs and the reduction in Federal indebtedness.
The Democratic approach is essentially to increase
growth through expanded spending on infrastructure, education and social services
financed by the return to Clinton era tax levels on those earning more than $200,000
per year ($250,000 for families). Debt reduction is achieved through increased
tax revenues from increased income growth as well as elimination of prior
ongoing expenditures that are carry-overs from the Bush Administration such as
the unfunded wars in Iraq and Afghanistan and the Medicare drug expansion.
The Republican approach, hidebound by their pledge
never to increase taxes, is to claim that revenues can be increased by
additional reductions in taxes that will supposedly stimulate job creation
(despite 30 years of historical evidence to the contrary) while eliminating tax
loopholes and deductions, not one of which they have been willing to name.
The Romney/Ryan campaign’s lack of specificity was
starkly illustrated yesterday morning. The Republican budget guru and Vice-Presidential candidate, Representative Paul Ryan, appeared on Fox News
Sunday with Chris Wallace. Fox News can hardly be regarded as hostile territory
for the Republican candidates. Therefore, it is to Chris Wallace’s credit that
he refused to allow Rep. Ryan to escape with the constant evasiveness that has
characterized the Republican ticket on this issue.
Contrast that response to the following infographic
provided by the White House outlining the President's tax plan:
Infographic: President Obama's Tax Plan
Perhaps you should keep these differing
illustrations in mind as you watch the Presidential debate. They should also
bear on your thinking regarding your votes for members of the US House and
Senate that will determine the adoption of one plan or another. OR, God forbid, just more gridlock.
For
further perspective see the latest article by Tim
Dickinson in Rolling Stone.
A really clear, and simple, explanation of why the math of the Romney/Ryan tax plan doesn’t work is provided by the New York Times blog “Economix” in an article titled, The Math on the Romney-Ryan Tax Plan.
ReplyDeleteAccording to Robert Reich, a political economist, the Romney/Ryan Economic Plan would prove disastrous for America. Do watch this 2:55 minute video illustrating his reasons why:
ReplyDeletehttp://occupyamerica.crooksandliars.com/diane-sweet/5-reasons-romney-ryan-economic-plan-wo