Both Romney and his running-mate have repeatedly stated that their intent is to cut taxes 20% for everybody who pays federal income tax. The cost of such a cut over a ten-year period is approximately $5 trillion, yet Romney now denies having ever said anything about this tax cut.
Both Romney and Ryan say that these cuts would be deficit neutral because, at the same time, their plan would eliminate certain unspecified loopholes and write-offs currently in the tax code. The problem is, even if they eliminated every single write-off, including charitable donations and home mortgage interest, it still wouldn’t come close to covering the cost of the $5 trillion tax cut.
HOWEVER, they also say that they would increase revenue by “broadening the tax base”. The only way to interpret this is that they intend to tax low and middle income families who, until now, have no earned enough to qualify for paying federal income tax. Therefore, their stated intent is to cut taxes on the wealthiest Americans and raise taxes on the middle class. You can’t get around that.
By the way, cutting taxes does NOT stimulate economic growth. In fact, quite the opposite is true. Low taxes encourage profit-taking. Periods of higher tax rates show more re-investment. Business owners take less profit out of their companies if they know they’re going to pay higher taxes on that income. In any case, the last eleven years has provided ample proof that tax cuts boost nothing but the wealth of the top 1% of the population. 93% of all gains in the economy over the last two years have accrued to that small group of highly fortunate people.
Romney has also stated numerous times that he wants to increase defense spending by a $1 trillion over the next ten years and $2 trillion over the next 20 years. He would also add more than 100,000 more personnel to the armed forces. He has vowed to do this despite the fact that the Pentagon has said it doesn’t need the additional people or extra money. Romney just wants to be seen as a pro-military leader by his right-wing base. It is a completely disingenuous position.
All that said, I also have doubts about President Obama’s debating skills (although I don’t know what that has to do with being President of the United States). I wish he had been more energetic and assertive in the debate. I also wish that he called Romney on all of his lies and half-truths. That was a major mistake.
Ryan’s speech was a well-written, well-executed pack of lies. This is the same guy who voted FOR every single one of George W. Bush’s big spending policies — both unfunded wars, all of the unpaid for tax cuts, the Medicare Part D boondoggle for Big Pharma, and TARP. Yet HE’S calling Obama a big government spender. (By the way, all of these policy decisions continue to contribute billions to the national debt every year. They didn’t just go away when George W. Bush left office).
Ryan stated that Obama took $716B out of Medicare and gave it “too someone else”. Two responses: First, Obama SAVED $716B in Medicare by eliminating waste and fraud, and discontinuing the tax-payer funded subsidies to private insurance companies that were “administering” the Medicare Advantage program; Second, Obama used that savings to close the drug “donut hole” for seniors and having wellness visits covered. Mr. Ryan’s plan also cuts $716B out of Medicare, but he uses that money to help pay for tax cuts for the wealthy.
Ryan’s plan, which Mitt Romney has embraced, gives seniors the “option” of using “premium support” (vouchers) to go out and buy their own insurance from private insurance companies. This assumes that seniors could even find an insurance company that would be willing to give them coverage when they are older and more likely to become ill or injured. If they could find such a company, it would cost them an average of $6500 out-of-pocket to get coverage equal to what they currently have with Medicare. Of course, just by offering this option, Ryan strangles an already threatened Medicare program by taking people out of the mandated system. The obvious objective here is to end Medicare for EVERYBODY.
Ryan also took a shot at Obama for walking away from the Simpson Bowles Commission. This remark was the height of hypocrisy as Ryan himself turned his back on the commission’s recommendation to reduce the debt in a balanced fashion by cutting spending AND increasing revenue by raising taxes. Obama walked away from it because he knew the House would NEVER pass it. Subsequently, Obama asked congressional leaders to form the Super Committee, which the Republicans in Congress agreed to follow and which they are now threatening to back out on.
Ryan’s entire speech was riddled with falsehoods and half-truths and it made me sick every time that audience cheered what it was hearing. These people are supposed to be well-educated, moderately well-informed adults, yet they were jubilant about the load of garbage Ryan was feeding them.
“A downgraded America.” Ryan blamed the president for the nation’s credit downgrade in August 2011 after Republicans threatened to allow the government to default on its debt for the first time in history. But the ratings agency explicitly blamed “Republicans saying that they refuse to accept any tax increases as part of a larger deal.”
“More debt than any other president before him, and more than all the troubled governments of Europe combined.” Romney has made the almost identical claim, that Obama has amassed more debt “as almost all of the other presidents combined.” But their mathdoesn’t add up: when Obama took office, the national debt was $10.626 trillion. It has increased to slightly above $15 trillion.
Shuttered General Motors plant is “one more broken promise.” Ryan described a GM plant that closed down in his hometown, Janesville, Wisconsin, and blamed Obama for breaking his promise to keep the plant open when he visited during his campaign. But Obama never made that promise, and the plant shut down in December 2008, before Obama even took office.
“The greatest of all responsibilities is that of the strong to protect the weak.” Ryan closed the speech with an invocation of social responsibility, saying, “The truest measure of any society is how it treats those who cannot defend or care for themselves.” However, numerous clergy members have condemned Ryan’s budget plan as “cruel,” and “an immoral disaster” because of its devastating cuts in social programs the poor and sick rely on. Meanwhile, Ryan would giveultra-rich individuals and corporations $3 trillion in tax breaks.
Finally, the recent ad being run by the Romney/Ryan campaign asserts that President Obama took the job requirement out of the welfare reform law that was passed during the Clinton administration. It has been debunked by every fact checking organization on the net and several major newspapers, yet the RNC has doubled down and continues to run the TV spot. Clearly, the decision has been made by the RNC that lying is perfectly acceptable as long as it works. Unfortunately, it does appear to be working in a couple of crucial swing states. Again, this demonstrates a willingness by some people to believe any lie that is spoken against this president, no matter how blatant or disproven by facts.
Obama 2012 — Because the alternative is unthinkable.