Like many Americans who wanted change in 2008, I and many others wanted change in 2012. It is obvious now that we will not receive that change.
Now, before some readers start the stereotypical nonsense of racial comments, let me clear the air on several issues that were laid before us in 2008 and again this year.
First, we as a nation have a struggling economy that is not even out of intensive care at this point. I might even go further to say that our economy is on life support. By this, I mean to say that it (the economy) is partially, if not fully, on a slow increase, but it may be artificial.
Just like the human body when it is fighting off an infection, keeping a positive attitude and healthy emotions are two key components which have been proven to stave off further infection. It works, but this does not mean that it is a real treatment. It only works as long as the attitude and emotions stay positive. Likewise, our economy has been on an ever-decreasing incline (I feel), regardless of the courageous but naive efforts of business owners, employed citizens and investors.
Take away our hope for a better tomorrow and the prognosis will likely change. That is a scientific fact which is what I feel has happened to us. To all of us. Not just the rich but to the middle-class and poor, all the same. Not just the business owners but the current or potential employees.
Many Obama supporters would argue that we will likely be pleased with his second term versus the outcome of the first. However, there is still a lack of discussion as to how the economy is supposed to survive (on life support) if the only real issues that the current administration seems to be content with pursuing are strictly social ones.
Second, with any struggling economy, taxes are paramount. Following historical trends of recessions through our nation and others, in almost every instance where taxes were lowered, a short recession followed by an economic boom. This is likely because that with lower taxes typically comes more hiring and less firing. More hiring means more jobs are being created.
It is impossible to generate the sort of tax revenue needed to fix our economy by simply raising the taxes on the wealthy. Even if you taxed the top 1 percent of earners 100 percent of their annual incomes, it wouldn’t surpass $80 billion, which is less than 10 percent of Obama’s 2012 deficit. If these numbers stay the same, other reforms are pushed through and welfare is expanded even more, then we will see deficits higher than the annual budget as of 2007.
No economy will grow by fixing social issues first and worrying about the economic issues later. No amount of taxation will close the gap of our current deficits.