Romney’s wrong on deficits

redistribution2

via Peoples World

 

According to Mitt Romney, the top economic priority is to put our fiscal house in order. If we don't do something almost immediately, he says, we will walk off a fiscal cliff beyond which is nothing but economic disaster. Our future will resemble Greece's present and worse.

So how does he propose to do this?

On the spending side, he would either ruthlessly cut or eliminate or privatize social programs like Medicare, Medicaid, and Social Security, while Obamacare, whose benefits are increasingly enjoyed by tens of millions of American people, would be overturned.

A chunk of the spending cuts would also come directly from programs that make life much easier for low and middle income Americans. Spending for infrastructure, education and research that are necessary for economic growth and restructuring would be slashed too. Romney's fiscal plan would place the responsibility of rising health care costs squarely on the shoulders of those least able to afford them.

The food stamp program that is essential for tens of millions in a stagnant economy would be drastically scaled back by a Romney presidency. Housing assistance and Pell Grants would meet a similar fate.

On the revenue side, the main element of his fiscal plan is not what you would logically think, that is, to increase taxes in order to enhance government revenues. Rather Romney would cut taxes of the 1 percent by a whooping $5 trillion (that's on top of the Bush era tax cuts), while increasing taxes on you know who - the 99 percent.

What is the upshot of all this? Do the numbers add up? Would it bring order to our fiscal books and jump-start the economy? Would it put people back to work?

By no means! Instead of reducing the deficit, most analysts say the Romney plan would result in bigger deficits as far into the future as the eye can see.

And instead of stimulating economic activity and creating jobs, his plan would further depress an already depressed economy.

All of which makes me (and many other people) conclude that the Romney plan has other objectives in mind than balancing the federal budget and rebooting the economy.

What interests him and his backers, in fact, is turning the current fiscal and economic crisis into an opportunity (never pass up a crisis) to roll back the social safety net, slash living standards, and radically redistribute income to the very top tiers of our society. Yes, he's a redistributionist!

Luckily, more and more people are seeing through the demagogic fog of Romney, Ryan, and right-wing extremism. The jig may not be quite up, but his defeat on November 6 will be not only send Romney back to Bain Capital - it will also give the people's movement leverage to battle austerity and reactionary redistributive politics in the post-election period.

Fiscal deficits at some point have to be addressed to be sure, but now is not the time. The main focus of public policy now should be on creating good paying jobs and stimulating an economy that remains in the doldrums.

Once people get back to work and once the economy recovers, then we can turn our attention to reeling in deficits, but along very different lines than proposed by Romney (and too many politicians on both sides of the aisle for that matter).

On the table must be cutting military spending, ending corporate subsidies, and increasing corporate taxes. This is a working-class as opposed to a corporate-class approach to our fiscal problems.

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  • If lying is a sin then Mitt Romney’s Magic Mormon Underpants are on FIRE! How can any intelligent American vote for a man clouded in secrecy who habitually bends the truth? Income inequality is endangering the Middle Class and making paupers of us all who don’t have those millions upon millions of dollars. Read more about the role of Romney’s riches in this election and the power of his sacred undergarments at http://dregstudiosart.blogspot.com/2012/05/mitt-romneys-magic-mormon-underwear.html The working class of our country can’t AFFORD to allow this election to be bought and sold!

    Posted by Brandt Hardin, 10/06/2012 2:29pm (5 years ago)

  • Excellent article. As a foreigner, I can't help but watch from a far in complete dismay as Mr. Romney continues to outright lie to the American public and get away with it.

    There are numerous independent sources that specifically point out his numerous and outrageous claims and yet there are still some Americans supporting him. I suppose it is because in difficult times people are desperate to hear words like "I will deliver 12, 000, 000" jobs, etc. But the truth is, every independent study has shown his plans will NOT do this. In fact, the most recent study showed that under a Romney admnistration there would be 72 million Americans without any healthcare coverage whatsoever by the year 2020. Now, that is scary.

    Further many of his American supporters seem hesitant to question why he is so evasive to discuss anything but the job rate, etc. Well, of course he is! With any research you learn that he voted *against women being paid at the same rate as men in the American work force...that he voted *against the work of Planned Parenthood (that provides cancer screenings, education, and birth control to at risk youth throught the U.S.) and that he opposes womens rights (whether it be a woman's right to choose or more specifically, he and Paul Ryan would hope to outlaw any form of IVF or fertility treatment options for all American women).

    Now, that is scary. I feel like if Americans actually knew his policies they would run, not walk, away from him. But he has done such a good job of being slick and evasive; of hiding his plans and postponing his "unveiling of policies until after the election" that many are falling into his very dangerous trap.

    Knowledge is power and hiding information or flip-flopping is not only an indicator of ill-character but of manipulation, deception, and fraud.

    Posted by Jonathan Saunders, 10/06/2012 12:04pm (5 years ago)

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