It comes as no surprise to me that many of our fellow citizens believe that the upcoming 2012 Presidential election will be the most important election in our lifetimes because of its possible impact on the economic future of our country.
Never before has the issue of individual freedom versus big government been such a focal point of a national election. And never before has our entire free market economy become a campaign issue.
Barrack Obama does not believe in the type of capitalism on which our country was founded. He has said publicly many times that our free market economy does not work. And he has said many times that our nation’s wealth needs to be more fairly distributed regardless of whose risk creates that wealth.
I believe that there is great danger that a second Obama presidency will be devastating for our economy, for our savings, and for our standard of living. If he wins a second term, he will hold nothing back and will again go down the path his Democratic allies took our country before the Republicans overwhelmed them in the 2010 Congressional elections.
Let’s take a look at several federal efforts which Obama considers beneficial for our economy:
• Affordable Care Act (Obamacare) which has already had unintended economic consequences requiring nearly 2,000 waivers so businesses could keep their own current affordable healthcare plans
•Dodd-Frank financial overhaul bill which has already increased the cost of your checking, savings, and credit card accounts and threatens to ruin small community banks throughout the country
•American Recovery and Investment Act (the $ 1,000,000,000,000 – trillion – dollar stimulus plan) which even President Obama admitted was not the shovel ready plan he had sold the American public. Instead he wasted billions of taxpayer money on bankrupt alternative energy companies and funding public union jobs
So given President Obama’s failed track record in managing our economy to date, he and his Occupy Wall Street pals are now trying to attack the probable Republican nominee, Mitt Romney, for his successes in actually creating private sector jobs during his years at Bain Capital, and for his years governing Massachusetts against the challenge of a unified Democratic legislature working against him.
What it comes down to is Obama does not understand, or believe, in the reality of how a free market works. He does not understand that more than 60% of new businesses fail by their fifth year and that new technologies and products will always result in creative destruction of successful firms. Or that high labor costs and heavy regulators can stifle or kill a business as they nearly did to General Motors and Chrysler before Obama used nearly $ 82 billion of borrowed Chinese money to restructure those companies, to punish their private investor bondholders, and to give managing control to his union buddies.
But what can you expect from an individual who never owned a business, never had to worry about meeting a payroll, and whose mentors preached the ills of capitalism to him for most of his formative years. If he wins another four years in the White House, Barack Obama will use his “If Congress won’t act, I will” mentality to have his Cabinet agencies remake our economy to his socialist liking.
On the other hand, Mitt Romney has an Economic Plan which will quickly turn around our economy with his proposed:
• American Competitiveness Act which will eliminate the advantage our foreign competitors have with lower corporate income taxes by lowering our country’s rates as well to bring back jobs to American from these foreign havens. Mitt Romney will also push for fair trade agreements and help open new markets for American industries.
•Domestic Energy Act which will unleash America’s potential to be more energy independent of Arab and unstable Latin American sources. Mitt Romney will push for the Keystone Oil Pipeline and various sources of shale and offshore oil in our boundaries in an environmentally sound manner
• Empower American Businesses And Workers Order to reverse tens of thousands of expensive and oppressive rules and regulations issued by the Obama administration these past three years. And Mitt Romney said all new regulations will need to be cost justified. And he will make sure the National Labor Relations Board is not a union front for promoting unions at the expense of American businesses.
I believe that the Republican nominee – most likely Mitt Romney – has an obligation to keep Obama on the defensive during the Presidential campaign by making Obama explain what he means in his stump speeches that more needs to be done to restore this country’s economy. Because the type of successful economy which Obama wants is not the type on which this country was founded and which I believe a majority of voters want to ensure financial security and a bright future for their children.
