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How Progressives Can Save California…And the Nation

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Californa State Flag

Conor Friedersdorf has a great editorial over at the Atlantic on California’s political and economic situation. As a Democrat (mostly because I’m too lazy to change my registration to Independent) and as someone who PEW described in a study as a liberal, I agree with most of what he wrote about California. Yet, for all that I enjoy Freidersdorf’s editorials, I think he fails because of his libertarian bent and his understanding of history.

As a few examples of why I agree with Friedersdorf’s editorial, I submit these examples:

Regarding the citizen approved non-partisan redistricting committee, I was absolutely outraged by Democratic party attempts to con, manipulate and impede the independent redistricting committee. It was wrong, immoral and highly unethical. I gather from later news reports that it failed; at least I hope so. No seat should be safe for a party or a legislator through redistricting. All people, regardless of partisan or political views, need to be represented fairly.

Moreover, I voted for Prop 5 and thus against the 3-strikes law for the reasons Freidserdorf stated: its economically wasteful as well as unreasonably harsh. Even Superior Court Judges have stated that the 3-strikes law forces penalties, in terms of prison sentences, that are excessive considering the crimes. But California’s prison system was mostly sold off private prison corporations. Thus, private profit motives nearly preclude any sensible changes like rehab, community monitoring, and ankle bracelet monitors for drug and minor infractions. If California enacted the same kind of reform that Texas did to save money, our prison costs would drop dramatically while leaving plenty of room in our prison system for hardened criminals. I have a few thoughts on them as well: like required real, prison fiscally sustaining work, job training and education rather than inmates spending time weight lifting and body building. For example…and this is my bias…ditch the gyms and create sustainable food gardens.

As for the pension funds, I’d like to see state employees given salaries comparable to private industry for that specific job and then have the employees make defined contributions to CALPers. I’d recommend, too, that CALPers investigate/study pulling the funds out of Wall St. firms to create it’s own investment bank where it loaned money to businesses and bought state infrastructure bonds for a reasonable return, a la ND’s state bank.

If state employees no longer need taxpayer funds, as a result of employee only investments and a CALPers investment bank, then taxpayers would be off the hook for employee pension funds, which would make CALPers and state employees more responsible for their own retirement management.

I also believe state workers should not receive retirement benefits until they meet the Social Security retirement age. My brother, who worked really hard and rarely had a day off for the State as a Budget Analyst, retired at 50 with a really good retirement pension as well as a large payout for all the accumulative vacation time he never took. He’s not worked a day since he retired because he didn’t have to…and he’s living quite comfortably as are all retired state workers who retired long before Social Security retirement ages. That’s absurd.

California’s public employee retirement benefits should match the Social Security retirement age. Another point of my agreement with Friedersdorf is teacher tenure. I hate it.

I had a couple of those bad teachers who ended up being a wasting my time and taught me nothing. I’d scrape tenure altogether along with the entire Civil Service System. Both systems exist because of outdated and disproved social psychology thinking from many decades ago (the 30s or 40s?) in which it was believed that if employees didn’t have to worry about being fired, they would do a better job. We now that is wrong.

The fear of being fired provides the additional incentive to work harder and be more productive while complete protection encourages laziness.

California should lead the nation in determining best practices based on recent research, private industry models and what are the best incentives for employees. Research is needed and should be done but in the short term both tenure and Civil Service guarantees should be eliminated. No more working hard until tenure or civil service employment guarantees occur to then become lazy workers as my mother discovered amongst many of her coworkers after she went to work for the State. All workers should be held to private industry best practices standards. Period.

Where is disagree with Friedersdorf are those areas which he exhibits a seemingly youthful naiveté.

Unlike Friedersdorf, I unfortunately don’t have much faith in California Republicans either to deal with California’s real problems of fiscal solvency and rebuilding the state back to the vibrant, thriving state I remember it being when my family returned to CA in 1959.

Admittedly, the state’s proposition ability has made fiscal constraint and budgeting sense much harder, allowing emotional appeals on spending while leading citizens to believe there is no financial penalty to that spending. In the very same election year, I’ve seen propositions approved by citizens that both increased spending while at the same time demanding higher restraints on taxes.

Californians, like the rest of nation over the last 30 some years, came to believe that spending and taxes were disconnected; deficits didn’t matter and a magical belief in growth (i.e., dynamic scoring) would solve all fiscal problems.

Does any company determine its spending based upon what might happen in a year or three or five years? No, they take a hard look at their market and, if they’re smart, make a strategic decision on where to spend their money. They don’t make fiscal decisions based on magical market predictions, which is exactly what Republicans across the country, and most specifically in Congress, now demand. Dynamic scoring, which the GOP pushes, is a lie based on an unproven economic myth of unknown growth. Yes, budgeting for an entire year is hard to do when no one knows what the future will bring which is why the most accurate numbers and predictions must be available.

That is why the California proposition system must to be reformed to bring some reality to it. Overall, the idea that you can get something for nothing, based on magical growth numbers, has caused much of the state’s fiscal problems. And very liberal Democrats have added to this fantasy along with their Republican fellows who said tax cuts were all that was needed to fix the state’s fiscal woes. Hidden accounts or lock boxed accounts no longer make any fiscal sense. Our Legislature must be free, regardless of voter propositions, to make economically fiscal sense of all money flowing into the state and end those that no longer are fiscally appropriate or feasible or necessary.

Right now, I’m praying the State’s Democratic majority will become more fiscally responsible and demand real, true accounting and be willing to say to the citizens that if voters want more spending, it’s going to mean higher taxes. But I don’t have much hope.

As a result of term limits, few if any legislators understand the budget or the budget process which means that few if any candidates understand the budget and all the hidden accounts. As has been noted in numerous news accounts, legislators now rely upon bureaucrats and lobbyists to teach them about the budget and often to write budget legislation. Our California legislators no longer have the knowledge they need to perform their job, and just about the time they begin to understand it, they’re termed limited out for another neophyte. Nevertheless, California citizens seem to getting that message…slowly.

As studies have begun to show, Californians are beginning to realize that our enormous number of propositions and gerrymandered districts caused legislative problems that have accumulated over the last 30 some years which led our state’s fiscal problems.

But California will never be able to resolve its fiscal problems until the state – and by extension the entire country – ends its reliance on special interest election funding, whether that funding comes from teacher and prison guard unions or from corporations or from other groups whose ideology has been totally debunked by mainstream economics. Citizens United and the whole notion of SuperPacs and lobbying dollars for all special interest groups must be overturned and made illegal.

TR described in his autobiography how a system of campaign financing, which closely resembles that which now exists, corrupted the political system during his early political career and before. He described it quite eloquently in his autobiography and showed examples of how it corrupted the public good. Right now, we are right back to where TR looked onto the political system and saw massive corruption on both sides of the political aisle. Nothing can be accomplished to reform our political process nationally or within California until well-funded special interests are barred from elections and lobbying.

Perhaps Freidersdorf fails to understand the special interest money that historically has led to the state’s fiscal dysfunction, but I’m old enough to have learned the history of it…and it ain’t pretty regardless of whichever side of the aisle you choose.

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America’s CEOs Say Fix the Debt…As Long As We’re Exempt

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Having watched the last episode of the History Channel’s “The Men Who Built America”, I get the feeling I’m seeing history repeat itself again.

At the end of the 19th C and beginning of the 20th C, America’s richest CEOs pooled their money to buy the presidency for their favored candidate, Wm McKinley, who would allow them to business as usual regardless of the devastating price paid by labor, farmers and merchants. Their concerns were to keep their monopolies and their extraordinary wealth, regardless of the effects on rest of the populace.

After McKinley was killed shortly after his 2nd inauguration, Teddy Roosevelt, who was hated by those captains of industry, became president and began the progressive era, breaking up the industrial and banking monopolies as well as ushering in an era that protected labor, farmers, and merchants. These changes led to a vast improvement in working conditions and higher wages which eventually led to the great expansion of the middle class.

The times may be different, but the arguments from huge businesses remain the same.

‘Fix The Debt’ CEOs Underfund Employee Retirement, Demand Cuts For Elderly

A group of high-profile corporate CEOs are lobbying Capitol Hill this week to put Social Security and Medicare cuts at the forefront of deficit reduction negotiations. Their own retirement funds, however, are secure: The coalition includes 54 CEOs who have amassed combined pension assets of more than $649 million from their companies’ executive retirement plans, according to a new report from the Institute for Policy Studies, titled “A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts.”

The CEOs’ employees are much less secure in their retirement than the CEOs. According to the report, less than 60 percent of the 71 public companies offer pension plans for their employees. Of the 41 companies that do, 39 of them haven’t contributed enough to their workers’ pension funds to enable the plans to pay out their anticipated obligations. Among the companies with employee pension funds in the red, these deficits exceed $100 billion.

The CEOs are among 71 chief executives of publicly traded companies who belong to the Fiscal Leadership Council of the influential Campaign to Fix the Debt, a group which has raised more than $60 million to lobby for a debt deal driven by cuts to “entitlements.” The coalition will meet Wednesday morning with congressional leaders, according to sources familiar with the group’s lobbying activities. The group, funded in part by former private equity magnate Peter G. Peterson’s foundation, has pledged to push for austerity during the lame duck congressional session, and beyond. Peterson has spent nearly half a billion dollars in recent years pushing his austerity agenda.

As the debate heats up over whether to cut Medicare, Social Security or Medicaid in order to maintain federal spending and corporate tax breaks, companies with well-compensated CEOs who preside over underfunded employee pension funds invite a new round of questions about the motives, and methods, of the CEOs pressuring Congress and the White House to cut programs for the middle class.

The companies in arrears on their pension funds include defense giant Boeing, which paid CEO Jim McNerney $23 million last year; Honeywell, where CEO Dave Cote earned more than $55 million in compensation in 2011; and AT&T, which docked CEO Randall Stephenson’s pay by $2 million last year after he orchestrated a failed takeover of T-Mobile. The $2 million penalty meant that Stephenson made only $22 million total that year, as opposed to the $24 million he would otherwise have been paid.

Boeing, Honeywell, and AT&T represent just three of the dozen companies who are cited in the IPS report as having CEOs with individual retirement assets totaling more than $20 million each, despite the fact that their companies have underfunded pension funds for their employees.

If each of these 12 CEOs were to convert his retirement accounts into annuities at age 65, the report shows each would receive a monthly check for at least $110,000 for life. By contrast, the average monthly Social Security payment was $1,237 in October. Still, the CEOs argue that Social Security benefits are too generous.

Written by Valerie Curl

November 27, 2012 at 8:32 PM

McConnell Busted on Research Report Suppression

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Senate Minority Leader Mitch McConnell (R-KY)In September, the Library of Congress’ Congressional Research Service released a study to Congress which showed there was little discernible growth affects from low taxes. Mitch McConnell and the GOP objected to the report and, for reasons yet unknown, the report was removed from the non-partisan CRS website. (Report pdf)

The study, though, is important as the nation continues to discuss tax rates and how they affect growth.

Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90%; today it is 35%. Additionally, the top capital gains tax rate was 25% in the 1950s and 1960s, 35% in the 1970s; today it is 15%. The real GDP growth rate averaged 4.2% and real per capita GDP increased annually by 2.4% in the 1950s. In the 2000s, the average real GDP growth rate was 1.7% and real per capita GDP increased annually by less than 1%.

There is not conclusive evidence, however, to substantiate a clear relationship between the 65-year steady reduction in the top tax rates and economic growth. Analysis of such data suggests the reduction in the top tax rates have had little association with saving, investment, or productivity growth.

However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution. The share of income accruing to the top 0.1% of U.S. families increased from 4.2% in 1945 to 12.3% by 2007 before falling to 9.2% due to the 2007-2009 recession. The evidence does not suggest necessarily a relationship between tax policy with regard to the top tax rates and the size of the economic pie, but there may be a relationship to how the economic pie is sliced.

Timothy Noah, of The New Republic, adds this to the discussion:

The New York Times reports that on September 28 the Library of Congress’s nonpartisan Congressional Research Service withdrew, under pressure from Senate Majority Leader Mitch McConnell, R.-Ky., and other Senate Republicans, a widely-circulated study concluding that since 1945 tax cuts have had no measurable impact on economic growth. […]

Please note that Hungerford’s study didn’t say there is no relationship between tax cuts and economic growth. It said there is no discernible relationship. He is hardly the first academic researcher to make this observation. The conservative economist Martin Feldstein went fishing for such a relationship in a 1989 paper about economic growth under Ronald Reagan. Feldstein’s paper, coauthored by Douglas Elmendorf, current director of the Congressional Budget Office, reached pretty much the same conclusion (though Feldstein and Elmendorf did suggest that tax cuts could effect the “composition” of economic growth). “We really don’t have any evidence that [personal income tax rates have] any effect on growth,” Berkeley economist Alan Auerbach told Business Week in September. “A lot of the research showing otherwise is based on theoretical calculations.” There isn’t even any discernible evidence that capital gains rates affect economic growth. Hungerford made that observation in a 2010 CRS report, but others have said so, too.

If you can’t find any evidence that tax cuts foster economic growth, then any belief that they do must be based purely on faith. The CRS report’s true offense is to question the religion that favors tax cuts to cure any and all problems. For any congressional agency to venture an opinion about such doctrine violates the Constitutional separation between church and state.

Senate Democrats have demanded a hearing to learn why the report was taken down at the behest of McConnell and other GOP senators. As a nation locked in discussions over effective marginal tax rates and national debt, this information from the CRS would affect the discussion. The public needed this information in order to make an informed decision about the country’s future. McConnell was wrong to demand that it be pulled from the CRS website.

Written by Valerie Curl

November 2, 2012 at 8:01 AM

Preventing National Decline

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Presidential Candidates Romney and Obama

I’ll be honest, I want Obama to win. Not because he’s a great president. We would need another TR or FDR for that. But campaign costs and the way campaigns are funded, along with Citizens United, make a real reformer president unlikely at present. Look what happened to Obama. He told Wall St during the ’08 campaign that he would raise their taxes and reform the financial system; when he actually tried they revolted to the tune of half a billion dollars in negative ads and lobbying.

Nevertheless, Romney will be a disaster as president.

This afternoon, I spent time reading some of my favorite financial and economics blogs: Simon Johnson and James Kwak’s Baseline Scenario and Jesse’s Café Americain. Through their blogs, I clicked over to a blog by Judge Richard Posner, appointed by Reagan, who now sounds more liberal than modern conservative Republican; then onto an interview with Glen Hubbard, Romney’s leading economics adviser (ugh, what a arrogant sleeze!); and then found a new blog, Capitalism Without Failure.

In each blog, I became more firmly convinced that if Romney is elected, Wall St and the uber wealthy will win; that we average people, like you and me, not only don’t count in their considerations, we’re irrelevant; and that any chance to reform the financial system into becoming a system that provides capital to businesses rather than a high stakes, high risk gambling casino will fail. Most of all, if the nation continues to celebrate the “greed is good” and “me first and only” ideology that has been fostered over the last 30 years, the nation will see another devastating depression within a few years. It will be far worse than the Great Recession and would likely spark violent revolutions worldwide.

Yesterday, I read a Business Week Charlie Rose interview with Jeremy Grantham who owns a highly successful equity fund business. He, too, is sincerely worried about coming events that the GOP ignores or has convinced its base is irrelevant or misleading (pdf). He told Charlie the U.S. is in for a major fall if it doesn’t wake up to what is going on worldwide and here at home.

Over and over again, I read the hazards that await the country if this nation doesn’t change paths. Obama, I believe, is attempting to change those paths if not well, considering the legacy of monied forces arrayed against him and his innate desire to cut a deal rather than being the progressive reformer TR was.

Romney, on the other hand, is a continuation of GW Bush on steroids, and the GOP Congress is worse. In Bloomberg View, Jonathan Alter writes that if Romney is elected, not only will we not know which Romney shows up at any particular moment, he’ll be constantly looking over his shoulder to the GOP Congress to see how he should act and what he should say. He’ll be led along by Norquist, DeMint, and Blackrock’s Schwartzman to name a few. Ryan will probably control the budget, just as Cheney controlled energy and national security.

Our nation is already suffering OECD ratings losses in a variety of competitive areas, from education to equity and mobility to loss of new business start ups to income security to health care to governmental ability to resolve problems and issues. Given the Romney-Ryan budget plans, neo-con national security advisers, and the whole far right wing conservative movement of the GOP, I cannot conceive of a Romney administration increasing the nation’s OECD competitive ratings…or even Harvard’s Business School Review’s competitive rankings.

It’s hard for me to believe that so many people have been conned by Romney. He’s a chameleon whose only beliefs are his destiny to become president (fulfilling Daddy’s dream?) and that the wealthy are superior beings. The US cannot be run as if it’s an LBO in the making. Or at least it should not be. As John Winthrop told his small community of colonists back in the early 1600s, the community needed to needed to take care of each other as Jesus required. And only in ensuring the economic viability and equitable opportunity of every colonist would that community become the “shining city on the hill” – the light of Jesus.

Yet, now, nearly one half of the nation would choose to elect a man, and a party, who choose to negate everything Winthrop told his Puritan parishioners and which that colony worked so diligently to achieve in terms of equity and opportunity, from free schools to physical and monetary care for the poor and disabled to income taxation based on ability to pay without causing family harm for the general needs of the commonweal.

There are plenty of things about which dislike the Obama Administration. But a Romney administration would be even worse – not by any stretch of the imagination better. Romney would lead the nation down the path of Depression and aggressive selfishness.

Money, Power & The American Dream

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Hat tip to one of my Facebook friends, Bruce Bartlett who advised Presidents Reagan and GHW Bush on tax policy, including Reagan’s tax reform of ’86, for letting me know about this video documentary.

The first 20 minutes or so describe the lives and luxury of the uber wealthy. But don’t be deceived into thinking this video is a rant against the wealthy. It’s not.

This video is an expose on how politics and wealth intersect…and how that intersection affects middle and working income and poor families.

This hour-long video needs to be seen by every voter of conscience, from whatever party, before casting their votes. It shows quite clearly how our system is broken, why it’s broken and how beloved nation has begun to fail to live up to its potential. Neither party is spared judgement.

I urge everyone to put aside everything else and take the time to watch the entire video documentary and to think about our nation, her well-being, and all her people before the election.

The US is not, nor has it ever been, pre-Revolutionary France or Russia wherein a few very wealthy held all the power and opportunity while everyone else struggled to survive, thrive and paid all the national bills.

John Winthrop and his Massachusetts colonists created the first free schools because the colonists knew education was vital to economic health, demanded that everyone help those who suffered hardships because doing so was the message of Jesus, and required each family pay a income proportional tax so the colony could pay for its needs and wants. Winthrop believed that only through building a strong, cohesive, educated community could the colony become the shining city on the hill that Reagan and many other politicians have cited rhetorically.

As you can see in this documentary, Winthrop’s dream of a shining city – Jesus’ shining city – is not just under attack but is threatened with having its lights extinguished. Yes, the political system is broken because of money in politics and the wealth that can be made through the use of and manipulation of political power. But much worse is erosion of the traditional social values of social cohesion, caring for the poor, and education of which Winthrop spoke and this nation held for over 300 years.

Extra! Extra!

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Mitt RomneyStill think Romney is better on taxes and economy? Maybe you should think again.

Romney has been touting a 2006 tax plan that he says proves his plan will work, according to a report in Roll Call.

According to the study (pdf), tax reform that eliminates deductions and loopholes and reduces income tax rates will slightly increase economic growth over a decade. But the study assumes that nearly all middle class tax breaks — including those for children, mortgages, and employer contributions for health care — are repealed in their entirety:

Under the proposal, all personal exemptions, itemized deductions, personal credits except for the earned income credit, and all above-the-line adjustments to income except for retirement savings deductions and the deduction for self employment taxes would be repealed. The largest categories of deductions repealed are present-law deductions for home mortgage interest expenses, State and local taxes, and charitable contributions. In addition, the exclusions for certain employee fringe benefits, such as employer contributions for health and life insurance, would be repealed. The standard deduction would remain.

The study also found that such a plan would result in the “redistribution” of income tax liability from high-income earners to the middle class. In other words, the tax liability of high income earners would go down while middle income earners tax liability would go up, thus causing a greater transfer of wealth to high income earners. In addition, the promised job growth is only between 1 and 2 percent over ten years (one to two million jobs), while Romney promises that his tax plan will create seven million jobs over four years.

Personally, I still haven’t figured out how he (or the GOP) plans to deal with the following issues when they want to reduce tax rates and maintain revenue neutrality at 20% of GDP:

1) Over the next 10 years the Boomer generation will retire, requiring the federal government to expend up to 24% of GDP and causing either more borrowing or an increase in revenues;

2) We have a huge deficit and debt that needs to be paid down requiring even more revenues than currently exists or the average historic 20% of GDP;

3) Although Romney has not said as much, it’s not an impossible assumption that he agrees with the House GOP that most government functions and programs should be eliminated and dramatically reduced, including product, financial, food and consumer safety; criminal enforcement and policing; transportation and transport safety; health and health research; education; weather prediction, and basic research. The only way for Romney to accomplish revenue neutrality at 20% is to reduce government spending by approximately $5 trillion over ten years. Doing so means eliminating or dramatically cutting back most everyday services we all rely upon that most people don’t even realize are a result of government spending.

Certainly, no one wants to pay more in taxes, but we do have serious fiscal issues with which to deal…and lowering revenues with more tax breaks won’t solve those fiscal issues.

Nevertheless, remember is quote from the legendary political philosopher Adam Smith, in 1776: “The subjects of every state ought to contribute towards the support of the government, as nearly a possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.” – The Wealth of Nations, Adam Smith, 1776.

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If you, as Dems and Independents, care about our country and our people as a whole, then you need to vote in this election. Don’t let this election be bought and don’t let it be given away to special interests because of your apathy. VOTE your ethics and moral beliefs.

Written by Valerie Curl

October 20, 2012 at 9:24 AM

Next Presidential Debate: A Question for Candidate Romney

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Presidential Debate Govenor Romney and President ObamaObviously, my question will never be asked, let alone answered. But if I could ask Candidate Romney a single question, this one would be the question I asked.

Governor Romney, here is what you have said:

1) You want to reduce tax rates by 20% and maintain revenue neutrality by eliminating unspecified deductions, even though we’ve a large deficit to reduce that requires even more revenues. Your own adviser, economist Martin Feldstein, says that to accomplish revenue neutrality requires eliminating all deductions for everyone making over $100k. Essentially, he says, your plan will raise taxes on those making those making between $100K and $250K even while reducing taxes on the top 1% and even more on the top 0.01%.

2) You assert you want government revenues at their historic 20% of GDP as an approximate 19 million Boomers retire over the next decade. The best economic estimates state that government revenues need to increase to approximately 24% of GDP to pay for the Boomers’ retirement without decimating the federal government’s many other responsibilities that the American people have come to expect, from air and port safety to consumer and product safety to weather predictions to transportation and broadband improvements to NASA to court funding.

3) Moreover, you want to increase defense spending from 3% of GDP to 4% of GDP, or up to a trillion dollars per year. That means that, according to your ideal federal revenues, 16% of GDP will be allotted to all the many other functions the governments provides. Currently, government revenues are 17% of GDP with 3% for defense, leaving 14% for the rest of government. Your economic ideal increases the rest of the government’s share for everything else the government does by 2%, and that 2% will inevitably be taken up by Boomer retirements.

4) You said you want revenue neutrality from your tax cuts even as costs from Boomer retirement over the next decade increase, taking up even more of the federal budget, and you want to spend additional $200 billion per year on defense; yet, you want to reduce federal spending without hurting the nation’s economic competitiveness to reduce the deficit even as costs to the federal government incease.

Given that economic expansion over the last couple of decades never grew more than about 3%, and is much more likely to stay around 2% barring any future bubbles, how do you plan to decrease the deficit, manage the increased spending required by Boomer retirement, maintain vital functions the government does for the people and industries to increase national competitiveness, increase the defense budget, and reduce tax rates by 20%?

Sound confusing? Well, it is. That’s because Governor Romney’s economic plan is confusing. How can he meet the additional expenses of a retiring Boomer generation, increase defense spending by nearly $200 billion/yr, maintain vital government services needed for industry and US competitiveness now and in the future, provide product and consumer safety and the many other vital services and protections the government provides to the country, and reduce revenues via a 20% tax cut on top of making the Bush tax cuts permanent, and at the same time decrease the deficit and reduce borrowing?

Sure, he says the magical growth fairy, as Krugman calls it, will make it all work out. But the last couple of decades proves GOP and Romney assertions on growth to be overly optimistic. I prefer with start with the average predicted growth baseline of 2% and see where the numbers fall. As Clinton said, it’s arithmetic!

Frankly, I just don’t see Romney’s arithmetic adding up. But I’d love to see him to run the numbers for me.

Written by Valerie Curl

October 10, 2012 at 9:45 AM

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