To be a bit more analytical about it but, still making the same point: President Obama all sizzle and no steak.
President Bush had a budget that spent 20% of GDP. Although, the government only took in about 18% of GDP as income, it was obvious to an anlalytical thinker Bush’s goal was to get that income up to 20% of GDP to match spending...which was a difficult task that he never accomplished.
Enter President Obama. He immediately increased the budget to 25% of GDP and once Obamacare gets fully implemeneted, the federal budget will undoubtedly increase to somewhere near 30% of GDP. Like Bush, though, the income for the federal budget remained near 18% of GDP (and in some years it’s been as low as 16% of GDP)....and this is the crux of our economic conundrum.
Romney and Paul Ryan have made many good arguments about how they can reach the goal of getting income to 20% of GDP into the Federal Government. They’ve also put some reasonable plans together about lowering spending to 20% of GDP as well but, they make no claims of being miracle workers.
Obama, on the other hand, has not even mentioned his balooning budget is actually going to increase even more in his second term and has offered only ‘taxing the rich’ as a new source of income. Never mind that ‘taxing rich will’ brings in a paultry some of new income should it be enacted, it smacks of a person throwing speghetti on the wall in hopes of it sticking ‘politically’ rather than it being a well thought out agenda.
I make these points as an analytical thinker, not as a partisan. If Obama is re-elected there is no way he won’t be coming to get more money from everyone (small and big business, lower, middle, and upper income folks, investots..everyone) for at least 30% more in income taxes for the Feds. It’s the only way he can come close to getiing the 30% of GDP to support his spending. Period.
The ruinous tax and spending trend by the libs has been obvious for decades now but, the Public Debt was just too abstract to worry people for the most part. But, now with trillion dollar deficits and a 16 trillion dollar debt an actual argument has begun in our country over how to deal with it....The dems are not used to having to break out the calculator to defend themselves and they resent it very much as Obama’s rhetoric clearly indicates.
In any case, we’re very close to a tipping point in this country. We either drive fill speed ahead into fiancial ruin or we start cutting up the credit cards.
I’m not sure if Romney/Ryan have all the answers but, I’m absolutely certain that President Obama does not.
I’m voting for Romney. You should, too.
Great post. Thank you.