The Faulty Arithmetic behind the Economic Plan of Mitt Romney

Provided to you by the Barefoot Accountant

Chris Matthews:  Let me finish tonight with this.  People keep wondering why Mitt Romney won’t say what he’d do in simple terms to cut the debt.  You know, the vision thing.   Just lay it out there. His big vision on how to attack what he keeps insisting is the country’s big problem. The reason we haven’t moved with a faster recovery, he says.

Well, it’s really quite understandable. It’s called arithmetic. If you want to cut the debt, really cut it, you have to cut spending big time. You have to chop off government programs big time.

What’s he’s going to chop off? Defense? Are you kidding? He attacks Obama for shrinking defense spending.

Chop off federal interest payments on the debt? Can’t do that. It’s called default. Default is what we’re afraid is going to happen in Europe.

What do you mean we can’t pay what we owe? Okay, eliminate social security and medicare benefits. Can’t do that. The government owes that money. And nobody is going to refuse to pay it. Nobody. Certainly not a Republican given that party’s record on social security.

So what’s Romney talking about? Wwhat’s he talking about right now? Earmarks.  And other Mickey Mouse stuff.  Again, why doesn’t he come out with a big plan to cut the debt? Because he doesn’t want to.

In fact, he’s ready to go the other way and add to the debt. Look at him last night.

Last night he went on television after the primary results to say he wants to eliminate what Republicans call the death tax.  He also wants to get rid of the alternative minimum tax.  Get that out of rich people’s hair.

He wants to bump a 20% across-the-board cut in the tax rates to boot.  That’s also for the rich people.  You know what that is?  It’s offering a sop to the big money people he wants to start ponying up to his campaign.

Did you notice how he laid out all of that right before he read out the name of his website for campaign contributions.  Get it?  It was a business deal.  Give a few thousand bucks to get him in office and he’s going to save you millions in taxes.

But didn’t he say the big problem was the rising debt?  Well, last night he went the opposite direction.  He pandered to the big boys to get campaign money to smother his opponents next week.  The debt Mitt Romney is really worried about is the one his campaign might leave him stuck with.

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About Connecticut Politics

William Brighenti is a Certified Public Accountant and Certified QuickBooks ProAdvisor, who operates a public accounting firm, Accountants CPA Hartford, Connecticut, LLC. Bill began his career in public accounting over thirty years ago. He provides a variety of accounting, tax, and QuickBooks consulting services to individuals and business across a wide spectrum of industries. Bill writes an accounting, tax, and QuickBooks blog under the penname, "The Barefoot Accountant". William Brighenti created the blog, Connecticut Politics, because of the need for a voice to cry out loud--Vox Clamantis--explaining the reasons for the terrible state of the economy in the United States as well as urging change and reform before the United States becomes a third world country.
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