The results of the French election show that there is a popular backlash against fiscal responsibility in Europe. Center-right governments are falling when they acknowledge that budget deficits have become too great and promised benefits have outstripped the state’s ability to pay by taxing the few. Yet voters don’t want to be bothered with math or the necessity of budget cuts. They want their benefits!
If this sentiment has crept to America, it will help President Obama. Obama’s farcical budgets promise more and more spending, which breeds more and more dependency. His revenue plans for taxing the rich are gimmicks. Note: If you confiscated 100 percent of the taxable income for everyone making more than $380,000, it would total $938 billion, which is only 70.6 percent of the 2012 enacted deficit of $1.3 trillion.
The angry dependents in Europe are having their say. There is no appetite for the truth or a day of reckoning. So what should Mitt Romney and the Republicans learn from all this, and what should they do? Truth and the reality of the math seem to enrage rather than enlighten. Carter says there is no left-wing economic point of view in America; I disagree. I believe the left wing has just learned to make promises of benefits in order to win votes, offer a slogan about taxing the rich to pay for it all and never reconcile the realities of the Treasury’s income and outflow.
Our debts must be paid by someone. To pretend otherwise is to ignore financial cancer. This is a simple truth and not a ploy by “the markets” to enrich the few. You heard it here first, and you won’t hear it repeated because Romney has learned his lesson, but the truth is markets are people. And the American people, this generation or the next, will pay our debt.