Obama Administration Is Clueless on the Economy

 

What is the biggest rap against Mitt Romney? President Obama would say it is that he wants to cut taxes by $5 trillion. It is not true unless one accepts half-truths as truth.

President Obama repeatedly makes the claim that Romney wants to make this extraordinary cut without adding any revenue. Mitt Romney has clearly stated that he will make NO tax cuts that add to the deficit and will offset any cuts by closing loopholes, cutting deductions, cutting the size of government through attrition, et al.

Mitt Romney pledged to not raise taxes on the middle class or anyone in this economy.

Mitt Romney wants to simplify the tax code which is overly-complicated and costly to maneuver for businesses and individuals.

Mitt Romney believes his plan will put people back to work by promoting business, particularly small business. Small business creates half the jobs in the private sector.

Princeton economics professor Harvey Rosen believes Mitt Romney’s plan can work:

Romney’s plan would neither require a net tax hike on the middle class nor a tax reduction for the rich under “plausible” growth assumptions. “[T]he TPC model assumes that regardless of the tax rate, people work the same amount, save the same amount, and invest the same amount,” writes Rosen. But growth is the whole point of Romney’s plan. “[A] proposal along the lines suggested by Governor Romney can both be revenue neutral and keep the net tax burden on high-income individuals about the same,” Rosen writes. “That is, an increase in the tax burden on lower and middle income individuals is not required in order to make the overall plan revenue neutral.”

*What counts as plausible? Rosen notes that that’s in the eye of the beholder, but it wouldn’t be zero, as the Tax Policy Center assumes.

Rosen finds that Romney’s plan could work if tax reform causes the economy to grow 3 percentage points more over a given period of time than it would have grown without tax reform. [Weekly Standard]

The other side wants to raise taxes, especially on the “Super Wealthy.” The “Super Wealthy” includes everyone who makes $250,000. In many states, perhaps all, that is NOT “Super Wealthy.” It will kill small business who fall into this category.

Joe Biden admitted in a stump speech that he and Obama want to add a trillion dollars in taxes. Actually, if the Obama administration does what it claims, it will be 2 trillion.

This video shows Joe spilling the beans:

He thinks it is fairness to raise taxes on job creators and he is willing to let the tax cuts (in effect since 2001) expire on all of us.

Bernanke told us we were on a fiscal cliff and the situation is “grave.” Click here for taxmaggedon information – it is real. Yet nothing is done. The buck must stop with the president.

Also on the firing line is sequestration, which will devastate the military according to Secretary of Defense, Leon Panetta. Information here.

The WARN  Act requires defense contractors to notify employees of impending layoffs because of the cuts that will result from sequestration. The Obama administration has advised contractors that if they do not send out layoff notices, and if they are sued, the federal government will pick up the tab.

President Obama does not want his re-election chances affected by layoff notices and the law will not stand in his way. He claims he is not violating the law. He thinks he found a loophole, perhaps he has.

It is unsurprising because this is a lawless administration.

Senator Lindsey Graham warned contractors there will be legal consequences if they violate the WARN Act.

President Obama can blame the massive government problems on everyone else, including the stalled congress, but he is the one who is in charge and he is responsible for making it work.

Mitt Romney brought up a good point in the debate on October 3rd when he said that he worked with a legislature in Massachusetts that was 87% Democrat and he can work with both sides. He can make our government work again.

President Obama has proven he cannot work with anyone who does not agree with his extreme point of view on all issues.

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