Monday, November 5, 2012

Reason 10--It doesn't add up

I simply do not believe that if Romney is elected, 12 million jobs will spring up like mushrooms after January 20.  If deregulation and tax cuts for the wealthy create jobs, where have they been since 2001?  The Great Recession and the painfully slow recovery occurred because of, not in spite of, tax cuts and deregulation.  If voodoo economics worked, the Recession would not have happened.  Foolish deregulation of the financial sector was a disaster that makes Sandy look like a summer shower.  How people make money--doing so fairly and in accordance with the expectations of society--matters a great deal.  Regulation is needed to prevent the "haves" from rigging the economy to favor themselves.  Regulation is needed because the natural man is an enemy to God, and has been since the beginning.  There are few more "natural men" than predatory plutocrats.

I also don't believe that taxes on investment income should be eliminated, nor that capital gains taxes should be eliminated.  Ronald Reagan said that taxes on earned income--wages and salaries--should not be taxes at a higher rate than capital gains or investment income.  He was right.  I'm not a fan of the estate tax and believe it should be eliminated for estates of $5MM or less, but in place for larger estates to prevent excessive concentration of wealth.

Finally, I don't believe that Romney cares about anyone other than "winners" like himself and his sneering running mate.  They don't even really care about the 53% Romney talked to his money men about.  They trot out phoney lines like "a rising tide raises all boats" and "we built that" to reassure people that they want the middle class to succeed, but the reality is, they view the middle class like Henry Potter in "It's a Wonderful Life" views the middle class.  Watch it some time and you'll see what I mean. 

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