Romney’s Economy: For Rich Insiders


Former Mass. Gov. Mitt Romney, often called a Republican front-runner, should not, on issues regarding the economy, receive the vote of most Americans, because: 1) his tax policies would favor rich individuals and corporations; 2) his Free Trade policies would kill more manufacturing and U.S. jobs; 3) his promise to eliminate Public Broadcasting would reduce the flow of reliable and objective information; 4) his financial policies would save only the big banks and Wall Street; 5) his housing policies would do nothing for underwater homeowners; 6) his energy plans would ignore wind and solar, but would promote oil, gas, and nuclear special interests; and 7) his health insurance mandate idea will yield private insurance windfalls at the expense of taxpayers.

TAXES: While Romney said he wants to repeal tax breaks, he would in fact give more of them to the rich, by eliminating taxes on dividends, interest, and capital gains. He also wants to lower the corporate income tax rate from 35% to 25%. He appeared willing to tax the poor, when he said everyone should pay, regardless of income, though he did oppose Cain’s 9% national sales tax, which would have hurt the poor the most. Although Romney favors an expanded military role abroad, he opposes raising revenue to pay for it, because he thinks more taxes would only kill jobs. While he has said he wants to cut spending, he would run up even more debt, by staying in our unfunded War in Afghanistan. Although he said we should not pass massive debt on to the next generation, he was not sincere, since he will not stop wasting money on foreign military entanglements.

TRADE: Although Romney promised to issue an Executive Order identifying China as a currency manipulator, because they let the prices of their goods fall below market levels, and he pledged to sue them in the Dispute Resolution Body (DSB) of the World Trade Organization, to win the right to selectively impose tariffs, he has no intention of turning back the clock on Free Trade, or the WTO policies that have led to the death of many U.S. industries.

AUTO: Romney said the government should not have loaned money to GM or Chrysler, even though the act successfully saved thousands of American jobs. He would have let them go bankrupt.

JOBS: When Romney was asked to explain why people were laid off from the companies he acquired, he had little to say. He was however clear about his desire to fight unions, and his criticism of the National Labor Relations Board, for taking action against big business. He called corporate profits good, as he believes they trigger new hiring. He called Wall Street protesters people engaged in: “dangerous class warfare.”

FIRST AMENDMENT: While little harm would be done if Romney succeeded in abolishing the Endowment for the Arts, his desire to eliminate Public Broadcasting is a serious threat to the free flow of information, and an affront to those who respect the First Amendment. Those who routinely follow the PBS News Hour and BBC America, searching for reliable news from objective sources, find his desire a real threat to democracy, since we need PBS and the BBC to be informed citizens. As to faith, he correctly said the Founders appreciated the Freedom of Religion, and wrote a Constitution that respected all beliefs.

BANK CRISIS: While Romney said Fed chair Bernanke pumped too much money in the economy, he would not remove Fed power to do so, as he does not want Congress in charge of the currency. He defended President Bush for taking action to keep the banks open, adding we must prevent another contagion. When asked what he would do if the economies of the entire world were collapsing, he promised to take action.

HOUSING: Romney said the housing crisis was caused by Fannie Mae and Freddie Mac, as they gave loans to people who could not afford them. He said slowing down the foreclosure process, buying up troubled homes, or giving a couple thousand towards the purchase of a new home, won’t solve the problem. He predicted home prices will not return, until the free market works.

ENERGY: Romney suggested developing our own oil, gas, and nuclear energy, to achieve energy independence. He said little about putting a new emphasis on solar, wind, or clean energy.

HEALTH CARE: Romney has been the greatest lobbyist the health insurance industry has ever had. He said a problem arose in his state, where 8% of the people had no health insurance, and they sought emergency room care, which shifted costs to taxpayers. He argued everyone has a personal obligation to buy health insurance, an idea he said he got from Newt Gingrich. He enacted a personal mandate and forced everyone to purchase coverage from private carriers. Although subsidies were provided for those who could not afford it, the Mass. plan did not create a more efficient government-run health care plan, like the single-payer system used in Canada. As to the U.S., Romney said Americans were not and are not satisfied with the status quo, because premiums are out of control. Many of Romney’s critics called the new National Health Care law signed by Obama, basically the same as Romney’s state plan. Romney tried, but failed miserably to convince them they were different. He argued the Mass plan was for one state, while the President’s, one-size-fits-all plan was for the entire nation. He argued Obama’s plan raises taxes and spends trillions. He promised a repeal of what has been called Obamacare, claiming we could save 95 billion a year. In a contradictory statement, he offered only to give the states waivers, so they could opt out. He also took both sides of the individual mandate issue, by first saying everyone should buy insurance, but then by arguing mandates are unconstitutional. In the event Obama’s law is repealed, or declared unconstitutional, the question arose as to what to do next. He acknowledged health care costs are disconnected from patient awareness, and people need to have a stake in the cost of health care. He accused the government of having too heavy a role. He advocated co-insurance for patients, but sounded like he did not realize most Americans already had that. Romney said he would turn Medicaid and Medicare over to the states and let them run health care.

SOCIAL SECURITY: Romney called the Social Security retirement program essential, and said it must be saved, not abolished. He called the use of trust fund money for other purposes criminal, and agreed to make the system sound. As to the unfunded prescription drug program, started by President George W. Bush, Romney would not repeal it.

IMMIGRATION: Romney wants no amnesty for illegal immigrants, a fence with agents to secure it, and an elimination of the magnet caused by states that give tuition breaks, and employers who hire illegal aliens. He would implement the federal E-Verify program. He said 4.5 million want to come here legally. He would admit those with degrees in math or science.

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