Pippa Malmgren on the Republican Presidential Debate
Former George W. Bush official Pippa Malmgren does a good analysis for Bloomberg of the issues important to voters and how they will play in this year’s presidential election. She says populist anger at income inequality will be a big issue. She also feels that Midwestern voters will swing the election, and that, given the distrust of government in the US, third party-style candidates will have an unusual amount of influence on voters. While Malmgren says politicians are two steps behind the facts on the ground regarding manufacturing moving back to the US from China, I still believe as she does that pro-protectionist will win voters.
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I cannot see how Herman Cains 9-9-9 plan will actually work. It will decimate the state, because all the cuts will be in non defence. The deficit will rise immensely but I can see currency revulsion of the dollar becoming a certainty under such a plan.
The NYTimes wrote on this in an editorial today, commenting:
https://www.nytimes.com/2011/10/13/opinion/no-jobs-bill-and-no-ideas.html
“Their lack of serious ideas was on full display in both the Senate and the presidential debate on Tuesday night in New Hampshire. The debate was ostensibly about the economy, but when the freshest and most-talked-about idea is Herman Cain’s ridiculous “9-9-9” tax plan, it is clear that the economy they were debating is not the one Americans are forced to live in. Mr. Cain — whose rise in the polls says everything you need to know about the amateur-hour decline of his party — wants to replace all federal taxes with a 9 percent levy on corporate income, personal income and sales. As Bruce Bartlett, an economist who has worked in Republican administrations, recently wrote in The Times, it is a formula designed to cut taxes for the rich and increase them for the poor, raising the deficit and doing nothing for growth.”
I saw mention of the 9-9-9 plan so hunted details down. Yes it might be fabulous for the rich who get their capital gains tax cut from 15% to 9% but I guess that it will mean that most people who currently pay no federal tax because their pay is so low would become tax payers. As you said the deficit would climb.
He became a joke when he said this “Don’t blame Wall Street, don’t blame the big banks, if you don’t have a job and you’re not rich, blame yourself. It is not someone’s fault if they succeeded, it is someone’s fault if they failed,” the ex-Godfather’s Pizza CEO declared.
The fact that 49% of the population, who are not super rich will go out and vote for these charlatans makes me think that America is its own worst enemy.