Obama and Romney Have No Economic Plan – Just Talking Points

Barack Obama and Mitt Romney have one thing in common.

Neither of them has a Plan to “Fix the American Economy” .

Plans document the detailed steps needed to achieve a stated objective –

In the case of the US Government – the objectives were established in the preamble to the  Constitution –

  • Provide for the Common Defense
  • Promote the General Welfare
  • And Secure the Blessings of Liberty.

Since 1789, Presidents and Congresses have argued over the changing definition of these goals as circumstances and society, itself, have changed.

  • Social Security, Medicare, Food Stamps and Pell Grants are assumed to be an expression of the General Welfare –

The key word being “assume”.

Plans are built on assumptions.

  • Assumptions are expected outcomes used as input into the development of an executable document.
    • And its those pesky assumptions that our Presidential candidates are so reluctant to talk about –

If the planner assumes that the economy will grow at 3 or 4% a year – enough to actually reduce the rate of unemployment, then two things become true —

  • First, existing tax policy will generate enough revenue to pay for budgeted expenses including
    • Medicare and Social Security
    • Plus Pell Grants and Food Stamps but at reduced levels
      • because there will be fewer eligible citizens.
  • Second,  pigs can fly

If the planner assumes that the economy will grow at a rate of 2% or less – enough to maintain the unemployment rate at +/-  8.5%, then two things are true.

  • First, raising taxes only slightly on the upper 5% of income earners will generate enough revenue to pay for budgeted expenses including
    • Medicare and Social Security
    • Plus increased funding for Pell Grants and Food Stamps
      • to support the increased number of eligible citizens.
  • Second, pigs can fly.

One thing that Democrat, Republican and Independent voters agree on is that pigs can’t fly.

And that means that neither President Obama’s or the Romney-Ryan Plan can, either.

But that’s not keeping them from wallowing in the mud while they try to convince us they can teach those pigs to fly!

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