Mitt Romney gave the American people a dose of voodoo economics in his interview on Meet the Press this past Sunday.
He wants to lower taxes for everybody, thereby stimulating the economy. This same trickle-down theory has not grown the economy since invented. He wants defense spending at 4 percent of GDP yet he told the VFW that he wants to increase it by $1.2 trillion over the next 10 years. Then he said that he would eliminate the deficit by the end of his second term. These are contradictory goals.
Federal revenues account for about 32 percent of federal expenditures, one of the lowest in the developed world. The Romney tax plan and the Romney-Ryan focus on deficit reduction can’t strip out sufficient cash without reducing government to skin and bones.
How? Eliminate the Earned Income Tax Credit for working families. Cut Social Security payments, veterans’ disability payments, food stamps, Medicare and Medicaid, highway subsidies, cancer and other basic research, national parks, farm aid, small business loans and educational assistance. De-fund Planned Parenthood.
Trickle-down economics is a discredited theory. Increases in defense spending are unneeded. The U.S. spends more on its military than the next 20 largest military spenders combined. Killing government programs that millions depend on takes money away from the only people whose spending can stimulate the economy.
Everyone wants full employment, a growing middle class, a safe and secure country and a manageable national debt. Unfortunately, with his voodoo economics, Mitt Romney can’t get us there.