About Us
Mission Statement
Rules of Conduct
 
Name:
Pswd:
Remember Me
Register
 

Deja Voodoo Economics
Author: BobR    Date: 09/19/2012 13:07:02

 
"Poor George, he can't help it. He was born with a silver foot in his mouth" - Ann Richards, TX Governer, on George W. Bush


This election has been characterized by President Obama as a referendum on whether the country wants to go back to the failed policies of the Bush administration, or move forward with new ideas. It's apparent as we get closer to election day that this is closer to reality than most people realize.

Sure there are all the foreign policy people on Mitt's team that came directly from the Bush presidency. Sure there's the regressive trickle-down tax ideas couched in the phrase "job creators". Sure there's the Laissez-faire approach to governmental oversight of business. Sure they were both born into comfortable family situations, which gave them a leg up on most others of their generations. Sure they are both prone to say things that come across as clumsy, awkward, and disconnected.

Based on the recently discovered video, however, Romney has proven himself to be so out of touch with average Americans, he only really feels comfortable talking with his peers - the very rich. THEY understand him, THEY don't need to see his tax returns. Romney doesn't need to play down his own personal wealth in front of them, and - per the video - feels comfortable about sharing his disdain for those who don't pay taxes and/or support President Obama.

What's interesting, of course, is that people like Romney - who earn most of their yearly income from capital gains - pay a lower tax rate than most working people, and have a multitude of deductions that lowers their effective income tax rate down to the level of those he dismisses as "government dependents": zero.

Romney's main campaign meme has been that he has run a business and knows how to create jobs (in China, but that's another story). He uses his experience as a hammer to pound out the message that he can fix the budget and create jobs. Republicans are very amped up about the budget deficits and government debt. They believe we should not be spending money we don't have, on the promise that future money will pay off the debt.

Which brings us to an interesting news story from yesterday. Apparently, an FEC report will show that the Romney campaign is in debt:
Campaign finance reports to be released later this week will show Republican presidential nominee Mitt Romney over $10 million in debt, the Romney campaign confirmed to CNN Tuesday, although the debt is a result of federal restrictions on when the campaign can spend its war chest.

Romney's campaign took out a loan of $20 million as it approached its party convention last month and saw accessible funds dwindling, sources said. While Romney has been raising general election funds for several months, he could not spend those funds until he officially accepted his party's nomination at the Republican convention.
[..]
The campaign used the general election funds as collateral for the loan, and said the FEC has previously allowed campaigns to use general election funds as collateral for loans. Prior campaigns have used as collateral their expected public matching funds, but Romney is not eligible for such funds.

What do Republicans say about spending money that's not in hand? What do they say about using funds allocated for one thing (say... Social Security) for other things?

Romney has made the claim that he is different, that he will approach the financial aspect of government the way he has in his personal and professional life. But the evidence shows that he will borrow money to achieve his goals (from his parents, from the Bain Capital fund to prop up fledgling business, from funds allocated to a specific campaign purpose), and he sometimes doesn't plan his spending very well. He KNOWS that sometimes debt is a good thing - he's used it.

Romney's "47%" comments, and his campaign finance mismanagement show a person who criticizes those who do the exact same things he does... and we all know what we call people like that...

Hypocrits.

Like Bush, Romney was borne into wealth, and has zero empathy for those struggling to get by (remember Bush's "uniquely American" comment when confronted by a woman who had to work 3 jobs to survive?). Like Bush, he has a tendency to say clumsy things. Like Bush, he thinks the rich can help the poor by making them richer. Like Bush, he destroyed jobs (in Bush's case through incompetence, in Romeny's case through avarice). He's actually worse than Bush, though, because he knows what he's doing.

Like Bush, Romney would be bad for this country. Let's not do this all over again.
 

92 comments (Latest Comment: 09/19/2012 23:55:43 by livingonli)
   Perma Link

Share This!

Furl it!
Spurl
NewsVine
Reddit
Technorati