It won’t be easy for President Obama to do big things in his second term, with Congress still divided. Yet one legacy-caliber goal is easily within reach: Obama can restore fiscal balance without deep spending cuts by doing, well, nothing. By simply letting the Bush tax cuts expire at the end of this year, for everyone, and vetoing all future tax cuts, the president would leave office in four years with America’s fiscal house largely in order while ensuring a strong federal government for years to come.
The Great Debate
Even though politicians don’t control the weather, voters punish them for the damage it causes. But analyzing all county-level election results for incumbent governors and presidents from 1970 to 2006 also shows that this punishment is dwarfed by the reward for taking action.
This essay was submitted through the Romney campaign as a response to Lawrence Summers’ most recent column, “This election, Obama is the wiser economic choice.”
Some of the most acrimonious moments of Monday’s presidential debate occurred during the candidates’ discussions of China, with Barack Obama attacking Mitt Romney for his investments in Chinese companies, and Romney demanding that we adopt a tougher line on the Chinese counterfeiting of American products. Romney was particularly shocked to discover that counterfeit valves –bearing fake serial numbers – were “being sold into our market and around the world” as though they’d been made by the U.S. competitor. “This can’t go on,” he insisted, as if this were a fraud being perpetrated for the first time during Obama’s presidency. While Romney’s outrage may make for good politics, history shows that Chinese counterfeiting is almost as old as America itself.
It can be hard to find areas of agreement between the presidential candidates on economic or domestic policy. Tuesday night’s debate, though, revealed one exception: energy policy. Alas, what it also revealed is that both President Obama and Governor Romney are making their policies based on a false premise, and they are pandering to Americans’ ignorance instead of telling them the truth.
Mark Twain labeled the late 19th century the Gilded Age – its glittering surface masking the rot within. This term applies today for the same reasons: The rich get richer; most everyone else gets poorer. And the public thinks corruption rules.