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Patriotic Millionaires Unmasked

- Peter Schiff - Euro Pacific Capital

Mr. Schiff has graced us with some third rate analysis here as a result of the ideological blinders he has chosen to voluntarily don.

Mr. Obama did not win the election because of what he promised to middle class voters as alleged. Rather, the Republicans lost the election because of the deeply flawed candidate they put forward. Mr. Romney ran a campaign that proudly proclaimed that it was not going to allow fact checkers to interfer with how the campaign was run. And with Mr. Romney at the head of the ticket, the Republicans had for a candidate a man who happily changed his position to please each new crowd that he spoke in front of; a candidate who refused to give speifics on the changes he would implement and a candidate who seemed to know almost as much as a third grader about foreign affairs. And let us not forget that Mr. Romney, who went around baptising dead Jews, could not have been a very desireable choice for the "religious right" or for the Jews in Florida either, for that matter.

But that aside, let us examine what is really at the heart of this article. Mr. Schiff's contentions that lowering the tax rate leads to job creation and that the government only knows how to waste money. If what Mr. Schiff alleged was actually true, the Bush II tax cuts should have led to massive investment and job creation in America. Clearly that did not happen. As for the latter, i would suggest that building the Grand Coulee Dam made it possible for the aircraft industry to exist in Washington state, to say nothing of the myriad other benefits that accrued as a result of that government make-work project.

What Mr. Schiff does not understand because of the ideological blinders he wears is that there are times within the business cycle that it is a good thing for governments to go into defecit. The alternative is that we allow amoral market forces to dictate to us when it is that we should be forced from our homes. Let us face it, corporations do not have human values even though Mr. Romney told us that "Corporations are people my friends." Their only value is the bottom line. Humans have other values and that is why governments do have a role to play.

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Début de l'article :Despite the breathless post-election "think pieces" that have drawn sweeping and deeply considered conclusions about the political drift of the country, at its core President Obama's re-election is easy to understand. He essentially promised millions of middle and working class voters that if he were to be re-elected, they would receive benefits paid for by the rich... Lire la suite

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