A person with special skills, knowledge, or judgment about a given subject is said to have expertise in that field, and it is a simple matter to determine, based on their record, if they are an expert. It can be fairly stated that Republicans have no expertise in economics after their lone economic tactic of giving more tax cuts to the wealthy have benefitted no-one except the rich and leaves the rest of the population in a struggle to survive. Presumptive presidential candidate Willard Mitt Romney campaigns on his business acumen and success in private equity while he headed Bain Capital, and by all accounts he was very successful making money for himself and wealthy investors. However, Romney, like all Republicans, appears to lack rudimentary understanding of economics on a national scale and his promise to institute severe austerity measures for the country while gifting trillions in tax cuts for the wealthy, besides being a proven failure, portends his ignorance and contempt the economic health of this country.
Over the past few days, Romney has assailed President Obama for his comments that private sector job growth is moving forward while the public sector suffered over 800,000 jobs lost through budget cutting austerity measures. First, the President was correct that 4.3 million jobs were created in the private sector in the past 27 months, and although it is not nearly enough to bring the economy roaring back, it is a step in the right direction and President Obama made that perfectly clear in his comments. President Obama also was correct that the loss of good, middle class public sector jobs is a drag on the economy and it inspired Romney to propose getting rid of more police officers, firefighters, and teachers as well as cutting back on government spending on infrastructure and construction jobs that drive economic growth and downstream private-sector jobs. Romney’s proposal proves that although he knows how to create wealth for investors, he lacks rudimentary knowledge about the economy, and particularly job creation because it is contrary to his private equity expertise.
Since President Obama turned around the economy after Bush-Republicans sent it into free fall, corporate profits have never been higher, rental real estate income is at record levels, the private sector has been adding jobs steadily, and equipment and software investment is at all-time highs demonstrating that Romney’s claim that the economy is worse today than when the President took office is patently false. However, total government employment is down drastically from where it was when Obama began his term, and the decline in public sector employment is even more severe. In fact, the reason local public employment is going down is because state and local government spending is at the lowest levels ever, and as federal government assistance has declined after the President’s stimulus runs out, localities are facing painful cuts that exacerbate job and economic growth. This is where Romney is out of his element, and it either demonstrates his lack of understanding of basic economics, or that his only concern is creating wealth for the richest Americans and their corporations.
The nation’s economic growth is not because the wealthy are on a hiring binge or because Republicans are preserving their tax cuts, but because the federal government injected money into the economy in the form of President Obama’s economic stimulus. As teachers, construction workers, police officers, firefighters, and auto workers kept their jobs, they spent on homes, cars, groceries, durable goods, and in turn, manufacturers, service providers, and all manner of businesses were able to add jobs and invest in expansion and capital improvements that spurred more growth. The government cannot possibly create full employment, but it is the only entity that directly impacts hiring or retention of employees that create more jobs and economic growth. It worked for Franklin D. Roosevelt, Dwight D. Eisenhower, Bill Clinton, and now President Obama who faces a hostile group of Republicans who sole purpose is obstructing economic growth and job creation they planned on Inauguration Day in 2009.
Romney’s job at Bain was cutting expenses, downsizing, and slashing jobs through layoffs and outsourcing to increase profits and reward investors. It was never in his job description to increase hiring or raise the living standard of the workforce because it is anathema to increased profits and investment returns. The United States is not a business and there are no wealthy investors who profit from cutting police, firefighter, construction, or teaching jobs unless one considers taking the savings and handing them to the wealthy in the form of more tax cuts which is precisely what Romney and Republicans propose if they control the government. To make matters worse, the so-called job creator, investor class of wealthy Americans continues avoiding investing in America with every measure to prevent them from paying their fair share in taxes.
It would be simplistic to claim Romney is stupid when it comes to economic theory, because he knows his proposals will not create jobs or grow the economy. He will, though, create more wealth for the richest Americans and their corporations with $10.7 trillion in tax cuts, but his intention to slash government programs, spending, and the workforce will damage the economy and increase the deficit as public workers lose the ability to pay taxes, their mortgages, buy durable goods, and inject money into the economy. Willard Romney is not stupid, he is mean. He comprehends that killing police, teacher, construction worker, and firefighter jobs will cost more downstream jobs, and as spending comes to a halt, so will economic growth. However, that is Romney’s field of expertise and just because it works creating wealth for investors, it is devastating American’s jobs and the slow-growing economy.
The truth is that Romney’s expertise will create a peasant class to enrich the wealthy and that is his success story. He avoids touting his experience as Massachusetts’ governor because it reveals that creating wealth for himself and Bain’s investors did not translate into success at governing or creating jobs. President Obama, by contrast, has created jobs and improved the economy despite Republicans’ obstruction and refusal to pass jobs bills, and it was because he took advice from economic experts who understand the path to economic and job growth is putting money into the economy and not in offshore bank accounts. Small business owners cited the stimulus as the reason they were able to add employees, and they denied that taxes, regulations, or attacks on capitalism prevented them from hiring or growing prior to the stimulus.
Romney has yet to offer any solutions to help the American people who are struggling because of Bush-era policies Willard promises to implement if he is elected president. One might be inclined to say Romney is a fool for promoting Bush’s failed economic policy that sent Americans into unemployment lines and nearly crashed the economy, but it is more that Romney could not care less about the American people. In fact, Willard has made it clear that he intends on creating hardship for the poor, elderly, Veterans, gays, women, and the middle class with his Draconian cuts to critical social safety nets, and the severity of his policies are only matched by his promise to eliminate unionized public sector jobs because they are earn more than $19,000 annually.
If Americans really want to know what a Romney presidency will look like, then look at his real field of expertise as a vulture capitalist. He earned millions shuttering businesses, relocating companies overseas, and eliminating jobs to increase profits for himself and Bain Capital, and although it worked out well for the rich, it was devastating to American workers who lost their jobs, retirement, healthcare, and their homes. America needs a leader who looks out for and cares about every American regardless of their socio-economic status, and Willard Romney is not that leader because it is not his focus or area of expertise.
Willard Romney’s focus is attacking President Obama for telling the American people the truth about the economy, and running away from his area of expertise which is creating wealth for a privileged few while eliminating jobs. It is interesting that President Obama does not tout himself as an acclaimed economist like Romney, but his policies saved America’s economy. There is a reason Romney wants to be president and it has nothing to do with helping the American people or growing the economy, and he is using his expertise as a liar to convince voters that eliminating police and firefighter jobs, giving more tax cuts to the wealthy, and portraying the government as destructive is a sound economic policy. The only thing voters need to know about Romney is that he is not an economic guru. He is a wealthy investor who earned millions killing jobs, bankrupting companies, and shipping businesses overseas that qualifies him to be a vulture capitalist, but not the president.