S&P downgraded U.S. government debt yesterday from AAA to AA+. You can read the full S&P statement on the downgrade of U.S. Government Debt here.
Now, let's be honest with each other here. We knew it was coming. This is hardly a surprise. Dagong Global already downgraded U.S. government debt. It's a bad scene getting worse. Yet in light of all this, Mitt Romney continues to lead the GOP pack of presidential hopefuls.
What? Do you really want more of the same?
Because that's what you'll get with Mitt Romney - Bush/Obama 2.0.
There is no genuine grassroots movement behind him. His campaign is nothing more than an Establishment-owned, top-down run political machine. His strategy is to lie about everything he's ever done in the past, and to convince the mundanes of his inevitability. Romney is after all, the "next in line."
Socialized Health Care
Not long ago, conservatives protested en masse, proclaiming Obamacare to be "tyrannical in the way it mandates penalties, forces you to purchase insurance and commandeers state employees, to be sure, but it also constitutes a massive increase in taxation."
Meanwhile, leading GOP candidate Mitt Romney, enacted his own socialized health care scheme as governor of Massachusetts - RomneyCare - the original model on which ObamaCare was based.
MIT professor Jonathan Gruber, who advised Mitt Romney when developing health care legislation in Massachusetts, told Jennifer Rubin that [Romney's health care plan] "gave birth to one of the greatest pieces of social legislation in our history," namely President Obama's 2010 health-care reform legislation.
Despite Romney's recent attempts to rewrite history, Gruber insisted that Romney "championed the individual mandate, overriding concerns about personal freedom" and that the Massachusetts plan today "is pretty much the same as what Romney signed into law."
If you actually think the guy who established ObamaCare's prototype is going to repeal it, I've got a nice bridge to sell you. The truth is that all you're going to get with Romney is more of the same.
Progressive Economic Policy
Do you think President Obama's economic agenda is a raving success? Are you convinced that circuses, spending cuts, unicorns and the mere appearance of wealth is the right way to go? Are you enjoying our "yellow fever economy?" If so, then you'll love Mitt Romney!
Romney even hired Harvard professor and textbook hustler, Greg Mankiw, as his economic advisor. Here's a peek into Mankiw's mind.
If you were going to turn to only one economist to understand the problems facing the economy, there is little doubt that the economist would be John Maynard Keynes. Although Keynes died more than a half-century ago, his diagnosis of recessions and depressions remains the foundation of modern macroeconomics. His insights go a long way toward explaining the challenges we now confront.
According to Keynes, the root cause of economic downturns is insufficient aggregate demand. When the total demand for goods and services declines, businesses throughout the economy see their sales fall off. Lower sales induce firms to cut back production and to lay off workers. Rising unemployment and declining profits further depress demand, leading to a feedback loop with a very unhappy ending.
That leaves the government as the demander of last resort. Calls for increased infrastructure spending fit well with Keynesian theory. In principle, every dollar spent by the government could cause national income to increase by more than a dollar if it leads to a more vibrant economy and stimulates spending by consumers and companies. By all reports, that is precisely the plan that the incoming Obama administration has in mind.
Yes. That's Mitt Romney's economic advisor glorifying "precisely the plan" that the Obama administration enacted. Just like Obama, Romney is a Keynesian too.
The ideas in John Maynard Keynes' The General Theory form the foundation of modern macro-economics, which is the basis for the modern practice of central banking, monetary policy, and government economic policy in general. Most of Keynes theories are based on paradoxes - the absurd becomes true. Keynesian economics in a nutshell is "Spend More, Save Less, and Grow Wealthy!"
To understand how completely nuts the theory behind government "stimulus" is, here's Keynes explaining it himself:
If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coal mines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing.
No one should trust a theory based on such quackery as burying cash in the ground to be dug up as an economic boon, let alone public officials. Yet this is what we currently have with President Obama, had with President Bush before him, and will get more of if Mitt Romney is elected.
Even after the Federal Reserve was caught red-handed in the center of the worst financial disaster in history, Romney continues to support the failed idea of "centralization of credit in the hands of the state by means of a national bank with state capital and an exclusive monopoly."
Remember TARP? Romney claimed it "was the right thing to do," so let's take a look.
More than half of lending under the Federal Reserve's largest auction facility went to foreign banks. Libya, one of the many countries we're currently at war with, got lots of American taxpayer dollars via the Federal Reserve too. Arab Banking Corp., a lender part-owned by the Central Bank of Libya, got "tens of billions of dollars" from the Fed.
But Romney refuses to spend his time focusing on the Fed, and thinks Ben Bernanke is doing a fantastic job. His economic advisor Greg Mankiw jumped to the defense of Bernanke's mad money manipulations too: "Mr. Bernanke has worked tirelessly to shepherd the economy through the worst financial crisis since the Great Depression, and yet, for all his efforts, seems vastly underappreciated."
Shepherd. Meaning you are the sheep. You'll get more of the same with Mitt Romney.
Mitt Romney loves socialized healthcare, Keynesian economics, and loves him some tax hikes too. But if that doesn't quite fill your need for more of the same, he's hired 63 lawyers, including former U.S. Homeland Security Secretary Michael Chertoff.
Yeah, that Chertoff, the guy behind the airport pornonscanner machines.
Romney also hired Bush administration torture lawyer Steven Bradbury, the guy who told congressional investigators that "The President is always right."
You'll get more of the same arbitrary police state violence with Mitt Romney too.
You'll get more of the same with Mitt Romney!
Economic decline, higher taxes, war and an abusive police state is all that Romney has to offer. That he's leading in the polls ... may be the single most depressing commentary on American society during my lifetime. Apparently, the children of pioneers would prefer to be chained.