Sunday, August 12, 2012

Letter to Candidate Mitt Romney - Are You Serious?

From; Dan Reed, American Citizen

Dear Mr. Romney,

I carefully read and outlined your letter to President Obama, titled; Romney issues Ohio Challenge, published on 5-4-2012, in the Cleveland Plain Dealer. Upon grasping your main points, I couldn’t help asking myself: Mr. Romney are you serious, were you asleep the past thirty-one years?

Click image to view Romney letter
First, you asked: where are the jobs? As you know, beginning in 2006 and continuing through early 2009, millions of U.S. jobs were outsourced too low wage countries! Workers in these slave wage countries have no freedoms, and are paid about $12.00 for a twelve-hour workday. U.S. Workers are free to collectively bargain for higher wages, and are paid about $150.00 for a twelve-hour workday. Furthermore, products produced in these slave wage countries are imported into the U.S. Market, free of tariff taxes. Net Profits of multinational corporate importers are taxed at an actual paid rate of 0% to 16%, while their wealthy stockholders dividends are taxed at the carried interest loophole rate of 15%. That’s where the jobs are!

Second, you claim to recognize Obama inherited an economic crisis. However, without describing the severity of the economic crisis, you assert that Obama had three years to turn around an economic crisis, which required eight years to create! Then, without explaining your understanding of the economic crisis, you allege that Obama’s policies have failed!

Compared to What?

1. In January 1981, Ronald Reagan became America’s 40th U.S. President. Upon his inauguration, Reagan began a three-part assault on the U.S. economic system! First, in 1981, Reagan initiated the largest tax cut in U.S. history! Second, Reagan initiated his supply side economic policies, which reduced regulations on business. Third, in 1986, Reagan gutted the fifteen-bracket tax structure that had funded America’s amazing economic growth for 73 years! During the past thirty-one years, Reagan’s supply side economic policies have lowered U.S. tax rates by over 50%! Meanwhile, the U.S. population has increased 35% from 228 to 308 million people.

2. President Clinton modified Reagan’s supply side economic policies by increasing tax rates and cutting defense spending. Clinton’s policies unleashed a significant period of economic growth from 1993 until 2001. 

3. In January 2001, George Bush became America’s 43rd President. Upon his inauguration, Bush-43 inherited:

  • A large annual budget surplus,
  • A balanced budget,
  • A declining national debt of $5.2 trillion,
  • The U.S. unemployment rate was below 5%,
  • There were no wars, and the annual defense budget was around $400 billion. 
President Bush-43 immediately reinstated conservative supply side-trickle down economic policies: huge tax cuts, huge military spending, and limited enforcement of business regulations! 
4. In January 2009, Barack Obama became America's 44th President. Upon his inauguration, Obama inherited:

    • A $10.5 trillion national debt,
    • A new $1.3 trillion spending law Bush-43 signed on 10-3-2008 (Public Law 110-343),
    • A 10% unemployment rate on December 31, 2008,
    • U.S. Corporations were eliminating 700,000 jobs a month, which accumulated to eight million job losses from June 2006 through June 2009,
    • The U.S. Automotive industry was on the verge of bankruptcy,
    • Unregulated Wall Street Banks had collapsed, requiring $800 billion in tax payer bailouts,
    • The banking crisis shut off credit to consumers and small businesses,
    • The stock market had plunged from 12,000 to 8,000 and was still dropping,
    • The Bank crisis triggered the worst home foreclosure crisis since the great depression,
    • Two unfunded wars in Iraq and Afghanistan doubled defense spending to $700 billion,
    • A huge unfunded Medicare prescription drug law,
    • The U.S. Treasury was starving from devastating reductions in annual tax receipts.

    SO WHY ARE THE ABOVE COMPARISONS IMPORTANT? They’re important because you and other Republicans refuse to accept responsibility for the miserable failure of your supply side economic policies! When President Obama and other Democrat’s attempt to describe the severity of the economic crisis, which Obama inherited, you and other Republicans whine that Obama is blaming everything on Bush-43!

    Third, you claim your business experience has better prepared you to be President! So, please explain how directing orders to subordinates has prepared you to deal with: different world leaders, 50 state governors, 535 individually elected members of congress, and nine supreme court justices?


    Fourth, I visited your website to learn more about your proposed changes to America’s economic direction. I learned your solutions look very similar to the supply side economic policies of the past thirty-one years: cutting taxes, reducing business regulations, and shrinking government!

    Cutting Taxes – means permanently extending the Bush-43 tax cuts, further reducing tax rates on corporations, further reducing income tax rates on the super wealthy, and repealing the estate tax!

    Reducing Business Regulations – means repealing the Dodd-Frank banking regulations, revoking the Sarbanes-Oxley law, which requires corporate CEO’s to assure the accuracy of their corporate financial statements, rescinding clean air and clean water regulations, reducing regulations on transporting atomic waste, reducing regulations on toxic waste disposal, and eliminating laws regulating drilling and or fracking on government owned land, etc.…

    Shrinking Government – means dramatically reducing “prepaid” government obligations to seniors retirement programs: Social Security and Medicare! In addition, turning welfare programs over to the states, so each state can eliminate welfare.

    Therefore Mr. Romney, please help everyone understand the severity of the economic crisis Obama inherited. Then explain how Obama’s policies have failed, and why you think they will continue to fail! Moreover, please explain how your path forward represents a change in direction from the economic policies of Bush-43, and why your economic policies will succeed where similar policies have clearly failed!


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