Some Anti-Romney Points To UseSubmitted by kevink on Wed, 04/25/2012 - 01:12
I had a debate w/ a co-worker who is a Romney supporter. He tried to argue that Romney will cut spending and that he'll feel pressure from guys like Paul Ryan to make sure he actually does cut spending. I made the point that Paul Ryan wants to cut $1 trillion over 10 years. That's $100 billion per year. Right now our budget deficit is somewhere between $1.3 to $1.6 trillion per year. Let's go with the low end number ($1.3 trillion). Is having a budget deficit of $1.2 trillion really going to make a difference? Basically all Romney does is decrease the rate of increase in spending. But he's still increasing the spending!
Right now if interest rates go up even 1%, it's an increase of about $150 billion. Considering we take in roughly $2.2 trillion per year, that would be a big jump. If interest rates rise to 5%, it will crush us. Are we going to have the Federal Reserve print up the difference?? That will cause a tidal wave of price inflation that will wipe out the middle and lower classes. And if China and Japan lose faith in the dollar then they'll take their trillion plus in reserves and spend it as quickly as possible, further driving up prices. After that wave is over, we'll be a wreck of a country.