The Second Presidential Debate…
Washington Post’s Wonkblog fact checked each of the assertions of this debate. I’ve yet to go through each of the policy differences as stated during this debate; however, I have followed the campaigns for the last two years so I feel confident as to which candidate has the higher road towards economic recovery and the rebuilding and renewal of our economy. But then I also agree with FDR in this now famous speech
This week Reinhart and Rogoff, the two outstanding economists who wrote the premier book on financial crisis, wrote in Bloomberg View that the US is not different when it comes to financially caused recessions. They wrote that while TARP and ARRA (aka the Stimulus package) stemmed the tide of job losses, prevented a deep depression such as the Great Depression, and lifted the US economy in late 2009 and 2010, the deep debt held in the private sector prevented faster growth as the private sector deleveraged. Plus, political infighting prevented further economic gains.
So, while Romney and Ryan argue that Obama has not done enough to spur growth and that their policies of tax cuts would spur faster growth, Reinhart and Rogoff argue that they are both wrong. Economic data shows that Romney-Ryan policies would lead to increased deficits and increased taxes on middle income earners while reducing the tax burden on the most wealthy.
Yet, the most wealthy in this country are the ones who rely most heavily on governmental services, from roads and transport systems to courts and trade policies. Nevertheless, these are the same people and companies that Romney-Ryan choose to protect from tax burdens. I’m not asking if their ideas are fair, I’m asking if their ideas are appropriate and moral.
Chrystia Freeland recently has written several essays – and a new book – on the rise of American oligarchy. She should know. She spent several years in Russia, covering the rise of rise of Russian oligarchies after the fall of the USSR. Frankly, I’ll admit to being a fan of Freeland.
But beyond my appreciation of Freeland is a belief that America needs new and different policies to deal with the challenges of a globalized 21st Century. The policies of Reagan no longer apply as Reagan’s Domestic policy adviser, Bruce Bartlett, has written on numerous occasions. Even David Stockman, Reagan’s OMB Director, says GOP policies are wrong…and this from the man who promoted supply-side economics. He even wrote a lengthy editorial taking down Romney’s so-called business experience.
Quite simply I do not believe that Romney and Ryan have the correct prescription for America, unless of course you belong to America’s oligarchy or are among the economically illiterate. Our nation faces numerous serious challenges going forward. Returning to 1890s policies will not resolve our global competitiveness challenges, rebuild the middle class or renew our nation.
While I do not believe that Democrats have all the answers, let along all the correct answers, I do believe that the modern conservative movement and neo-cons that now dominate the GOP would lead our beloved country down a path of less competitiveness as well as decreased social mobility and economic equity.
As a nation, we should and must do better than the last three decades in which Republican policies…and Wall St financialization…dominated our political sphere.
Plainly put, Romney and Ryan – along with Ryan’s budget proposals – are the wrong policies for America’s future. Economics and policy professionals all agree that Romney and Ryan are wrong!