By Babu G. Ranganathan
Republican presidential candidate Mitt Romney says that he knows how to create jobs, and he's right. Romney has created tons of jobs overseas. Mitt Romney took away jobs from Americans and made huge money for himself by showing American companies and businesses how and where they can cut their workers and staff and ship their jobs overseas. Don't be fooled. Mitt Romney is a great businessman but that doesn't mean anything, nada, for Americans!
Romney was a poor Governor of the state of Massachusetts. Everybody knows this. Mitt Romney, like his fellow Republicans, only care for giving huge tax breaks and advantages to the very wealthy. Millions of Americans have been deceived into thinking that huge, unfair tax breaks for the wealthy will trickle down to create jobs for everybody else.
The simple fact, however, is that the wealthy won't create jobs in society if the middle class doesn't have money to spend. Why would a wealthy person hire someone to make something that people don't have the money to buy? Not only does fairness require that the wealthy pay their fair share in taxes in proportion to their wealth, but also relieving the middle class of its increasingly unaffordable heavy tax burden will mean that the middle class will have more money to spend for products and services which creates jobs to provide those products and services.
As billionaire Warren Buffet himself has said, it's not fair that the government allows him to pay less in percentage of taxes than what his secretary pays in percentage of taxes.
The middle class, because of its sheer size, is the economic engine of any society. The wealthy are very few and can only consume and spend so much on themselves. The middle class can and does spend and consume a lot more.
President Obama didn't make Medicare law, but because Medicare already is the law the government has an obligation to finance it. The wealthy need to pay their share of taxes that they once used to do to keep Medicare solvent. A major reason for the U.S. budget deficit and why the government doesn't have money now is because the wealthy have not been paying their fair share of taxes over the years, especially since the time the Bush tax cuts had went into effect. The American middle class cannot afford any more tax burden to keep Medicare and other government obligations solvent. These are among the reasons why President Obama is seeking to shift more tax burden on the wealthy, not because he's against people being rich and successful.
Obama wants government to spend more in order to grow more jobs. When government spends, then that spending creates jobs because people need to be hired to provide government what it wants. When people are hired, they make money and spend the money, which creates even more jobs. When there are enough people working, then government can tax the people reasonably to make back the money that government had borrowed and spent.
President Obama's stimulus money to the states was not all spent wisely by the states, but it did help greatly in preventing the Republican caused economic collapse and Great Recession from becoming a Great Depression. Not enough Americans are humble, thankful, grateful, and intelligent enough to appreciate President Obama saving the nation from going into a far deeper hole.
Business owners know that you have to borrow and spend and go into deep debt before a business can make a profit. The same principle is true when government spends. In a down economy government needs to spend a lot (wisely) to generate a lot of jobs!
The far right wants no controls and regulations on the economy, and that's what got us in the mess we're in. Without legitimate financial controls and regulations, the greedy in our financial world were able to amass fortunes at the peril of society's survival. If not for government intervention into the banking system the entire nation may have collapsed into economic ruin. Government keeps rescuing rugged individualists and capitalism! Capitalism is good and fine but it must be regulated (have financial safety valves) or otherwise capitalism will be destroyed by the dishonest and greedy. Regulations and controls keep greed in check and can prevent the few who, because of greed, would abuse capitalism at society's expense.
President Obama hasn't done everything right, and neither is he right on every issue, but Obama has accomplished much in saving the U.S. economy from total collapse and in helping establish financial controls and regulations in Wall Street.
Unfortunately, Republicans in Congress have done whatever they could to resist and stall President Obama in his attempts to provide adequate levels of control and regulation on Wall Street.
President Obama said that there are situations, which can be managed with less government, and there are situations requiring more government. That's a realistic statement.
If so many Americans don't like big government then why are these same Americans expecting big government to create jobs and solve our economic problems? Americans want their cake and eat it too!
The author, Babu G. Ranganathan, is a freelance writer and has been recognized for his writings in the 24th edition of Marquis "Who's Who In The East."
In a weary world of endless US military interventions, sanctions, trade tariffs and chaos, let’s pause and take stock of the shining house on the hill