caigal, In his 2010 book Seeds of Destruction, Glenn Hubbard, a top economic adviser to Romney, summarizes the entrepreneurial spirit underlying Romney’s approach. “First and foremost, it will mean putting unemployed Americans back to work. Second, it will mean stabilizing the housing market and housing prices. Third, it will mean increasing the productivity of the American worker and making U.S. industry more competitive in international markets so that wage and economic growth can once again boost purchasing power. Fourth, it will mean reducing America’s dependence on increasingly expensive oil. Finally, it will mean creating a strong and stable dollar so that our import bill remains manageable.”
On this last point, Romney has criticized the Greenspan-Bernanke Fed—the ultimate cause of the stock market bubble of the 1990s and the subsequent crash and recession (2000-2002); the ultimate cause also of the real estate bubble, its collapse, and the Great Recession (2007-2009). Romney argues in almost every economic speech that Obama’s stimulus policies are poorly planned and ineffective, and that Obama has been AWOL on major legislation, defaulting to a pork barrel Democratic congressional majority on economic and health care policy in 2009-2010, when he had a majority in both the Senate and the House.
How, is Romney going to do the above, while reducing interest rates and without increasing the debt? It appears to me that he is going to pass another stimulus budget for infrastructure, create another war to keep or put soldiers to work. But, were is he going to get the money to continue the resources while financing the Social entitlements, education or training we need for the "truly," poor and needy," many who are retired and have to chose food, medication, transportation or utilities let alone paying for assisted living homes. |
